The Commercial Letter of Credit is a fundamental trade finance instrument used extensively in Malaysian international trade transactions. It provides a secure payment mechanism where the issuing bank commits to pay the beneficiary upon presentation of compliant documents, effectively bridging the trust gap between international trading partners. This document type is governed by Malaysian law, particularly the Financial Services Act 2013 and related banking regulations, while also incorporating international standards such as the UCP 600. Commercial Letters of Credit are especially crucial in large-value international trades where parties seek payment security and documentary assurance. The document includes detailed specifications of payment terms, required documents, shipping conditions, and compliance requirements, making it an essential tool for managing international trade risks and ensuring smooth cross-border transactions.
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1. Issuing Bank Details: Full name and address of the issuing bank
2. Letter of Credit Number: Unique reference number for the L/C
3. Date of Issue: Date when the L/C is issued
4. Applicant Details: Full name and address of the buyer/importer requesting the L/C
5. Beneficiary Details: Full name and address of the seller/exporter who will receive payment
6. Currency and Amount: Specified currency and maximum amount of the credit
7. Expiry Date: Date and place of expiry for document presentation
8. Payment Terms: Specification of when and how payment will be made (sight, deferred, etc.)
9. Required Documents: Detailed list of documents required for presentation
10. Shipment Terms: Latest shipment date and shipment details including Incoterms
11. Presentation Period: Time period within which documents must be presented after shipment
12. Description of Goods: Detailed description of the goods being traded
1. Transferability Clause: Include when the L/C needs to be transferable to another beneficiary
2. Revolving Credit Terms: Include for revolving L/Cs that automatically renew
3. Red Clause: Include when advance payment to beneficiary is permitted
4. Green Clause: Include when storage of goods is involved with advance payment
5. Back-to-Back Provisions: Include when the L/C supports a back-to-back credit arrangement
6. Confirmation Instructions: Include when confirmation by another bank is required
7. Partial Shipment Terms: Include when specifying whether partial shipments are allowed or prohibited
8. Transhipment Terms: Include when specifying whether transhipment is allowed or prohibited
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Specification: Detailed technical specifications of the goods
3. Schedule C - Special Payment Conditions: Any special conditions or terms relating to payment
4. Appendix 1 - UCP 600 Compliance Declaration: Statement of compliance with UCP 600 rules
5. Appendix 2 - Bank Instructions: Specific instructions for handling and processing the L/C
6. Appendix 3 - Amendment Format: Standard format for any future amendments to the L/C
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