A Fixed Letter of Credit serves as a crucial financial instrument in international trade transactions within the Malaysian jurisdiction. This document is typically used when businesses need a secure payment method for international trade, providing certainty to sellers while offering buyers a structured payment arrangement. The Fixed Letter of Credit specifies an exact payment amount that cannot be modified without all parties' consent, operating under Malaysian banking laws, including the Financial Services Act 2013 and Islamic Financial Services Act 2013 where applicable. It incorporates international standards such as UCP 600 while adhering to Bank Negara Malaysia's guidelines, making it particularly suitable for Malaysian entities engaged in international commerce where payment security is paramount.
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1. Letter Reference Number: Unique identification number for the Letter of Credit
2. Date of Issuance: The official date when the Letter of Credit is issued
3. Applicant Details: Full name and address of the party requesting the Letter of Credit (typically the buyer)
4. Beneficiary Details: Full name and address of the party in whose favor the Letter of Credit is issued (typically the seller)
5. Issuing Bank Details: Name and address of the bank issuing the Letter of Credit
6. Amount and Currency: The fixed amount and currency of the Letter of Credit
7. Expiry Date: The date until which the Letter of Credit remains valid
8. Place of Expiry: Location where the Letter of Credit expires
9. Payment Terms: Specific conditions and timing of payment
10. Required Documents: List of documents that must be presented for payment
11. Shipment Terms: Details of shipment including latest shipment date and destination
12. Presentation Period: Time period within which documents must be presented after shipment
1. Advising Bank Details: Details of the bank that will advise the credit to the beneficiary, used when there's an intermediary bank
2. Confirmation Instructions: Instructions regarding confirmation of the LC by another bank, included when confirmation is requested
3. Transhipment Conditions: Specific conditions regarding transhipment, included when relevant to the shipment route
4. Partial Shipment Terms: Whether partial shipments are allowed or prohibited, included when relevant to the transaction
5. Insurance Requirements: Specific insurance requirements, included when insurance is required as part of the transaction
6. Special Conditions: Any additional terms or conditions specific to the transaction
1. Commercial Invoice Template: Standard format for the commercial invoice required for payment
2. Transport Document Requirements: Detailed specifications for required transport documents
3. Insurance Document Requirements: Specifications for required insurance documents if applicable
4. Certificate of Origin Requirements: Format and requirements for Certificate of Origin if required
5. Inspection Certificate Requirements: Requirements for inspection certificates if needed
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Certificate of Origin
Commercial Invoice
Complying Presentation
Credit Amount
Documentary Credit
Expiry Date
Inspection Certificate
Issuing Bank
Letter of Credit
Negotiating Bank
Packing List
Place of Expiry
Presentation
Reimbursing Bank
Shipping Documents
Sight Draft
Transport Document
UCP 600
Underlying Contract
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Certificate of Origin
Commercial Invoice
Complying Presentation
Credit Amount
Documentary Credit
Expiry Date
Inspection Certificate
Issuing Bank
Letter of Credit
Negotiating Bank
Packing List
Place of Expiry
Presentation
Reimbursing Bank
Shipping Documents
Sight Draft
Transport Document
UCP 600
Underlying Contract
Clauses
Credit Amount and Currency
Payment Terms
Documentary Requirements
Expiry Conditions
Document Presentation
Bank Obligations
Shipment Terms
Force Majeure
Applicable Law
Bank Charges
Document Examination
Disclaimers
Amendment Conditions
Non-Transferability
Compliance Requirements
Anti-Money Laundering
Document Discrepancy
Reimbursement Terms
Notice Requirements
Documentary Compliance
Shipping Conditions
Bank Authorization
Governing Law
Dispute Resolution
Payment Terms
Documentary Requirements
Expiry Conditions
Document Presentation
Bank Obligations
Shipment Terms
Force Majeure
Applicable Law
Bank Charges
Document Examination
Disclaimers
Amendment Conditions
Non-Transferability
Compliance Requirements
Anti-Money Laundering
Document Discrepancy
Reimbursement Terms
Notice Requirements
Documentary Compliance
Shipping Conditions
Bank Authorization
Governing Law
Dispute Resolution
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Shipping and Logistics
Agriculture
Oil and Gas
Construction
Textiles
Electronics
Relevant Teams
Finance
International Trade Operations
Treasury
Legal
Compliance
Risk Management
Trade Documentation
Banking Operations
Corporate Banking
Credit Administration
International Business
Trade Finance
Relevant Roles
Trade Finance Manager
International Trade Specialist
Finance Director
Treasury Manager
Credit Manager
Import/Export Manager
Documentary Credits Specialist
Compliance Officer
Banking Operations Manager
Chief Financial Officer
Trade Operations Officer
Risk Manager
Letter of Credit Specialist
Corporate Banking Manager
International Business Development Manager
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