Import And Export Letters of Credit are essential banking instruments used in international trade transactions where trust between parties needs to be established and payment security is paramount. This document is particularly relevant in the Malaysian context, where it must comply with local banking regulations while adhering to international standards like UCP 600. It serves as a guarantee from a bank to pay the seller upon presentation of specified documents, typically including bills of lading, commercial invoices, and inspection certificates. The document's structure reflects Malaysian legal requirements while incorporating international best practices in trade finance, making it suitable for both domestic Malaysian companies engaging in international trade and foreign entities doing business with Malaysian counterparts.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Issuing Bank Details: Complete name, address, and contact information of the bank issuing the LC
3. Applicant Details: Complete name, address, and contact information of the importer/buyer
4. Beneficiary Details: Complete name, address, and contact information of the exporter/seller
5. Currency and Amount: Specified currency and amount of the Letter of Credit
6. Expiry Date and Place: Last date for presentation of documents and location where documents must be presented
7. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
8. Required Documents: List of documents required for presentation (commercial invoice, transport documents, etc.)
9. Payment Terms: Conditions and timing of payment, including sight or usance period
10. Governing Law: Specification of Malaysian law as governing law and UCP 600 application
1. Advising Bank Details: Details of the intermediary bank, used when LC is advised through a local bank in beneficiary's country
2. Confirmation Instructions: Instructions regarding confirmation of LC by another bank, if required
3. Transfer Conditions: Terms for transferring the LC to second beneficiaries, if transferable
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Back-to-Back LC Terms: Terms for back-to-back LC arrangements, if applicable
1. Schedule A - Document Requirements: Detailed list and specifications of all required documents
2. Schedule B - Goods Description: Detailed description of goods, including quantity, unit price, and specifications
3. Schedule C - Banking Instructions: Specific instructions for handling documents and payments
4. Appendix 1 - Shipping Terms: Detailed shipping instructions and Incoterms
5. Appendix 2 - Form of Documents: Templates or formats for required documents
Relevant legal definitions
Letter of Credit
Issuing Bank
Applicant
Beneficiary
Advising Bank
Negotiating Bank
Commercial Invoice
Bill of Lading
Shipping Documents
Documents Against Payment
Draft
Sight Payment
Usance Payment
Clean Collection
Documentary Collection
Port of Loading
Port of Discharge
Incoterms
Force Majeure
Banking Day
Presentation
Complying Presentation
Credit
Confirmation
Transport Document
Insurance Document
Notice of Default
Discrepancy
Expiry Date
Latest Shipment Date
Issuing Bank
Applicant
Beneficiary
Advising Bank
Negotiating Bank
Commercial Invoice
Bill of Lading
Shipping Documents
Documents Against Payment
Draft
Sight Payment
Usance Payment
Clean Collection
Documentary Collection
Port of Loading
Port of Discharge
Incoterms
Force Majeure
Banking Day
Presentation
Complying Presentation
Credit
Confirmation
Transport Document
Insurance Document
Notice of Default
Discrepancy
Expiry Date
Latest Shipment Date
Clauses
Letter of Credit Terms
Payment Conditions
Document Requirements
Shipping Terms
Expiry and Presentation
Bank Obligations
Amendment Provisions
Force Majeure
Governing Law
Dispute Resolution
Documentation Compliance
Bank Charges
Currency Provisions
Transfer Rights
Notice Requirements
Default Provisions
Insurance Requirements
Discrepancy Handling
Document Examination
Confidentiality
Payment Conditions
Document Requirements
Shipping Terms
Expiry and Presentation
Bank Obligations
Amendment Provisions
Force Majeure
Governing Law
Dispute Resolution
Documentation Compliance
Bank Charges
Currency Provisions
Transfer Rights
Notice Requirements
Default Provisions
Insurance Requirements
Discrepancy Handling
Document Examination
Confidentiality
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture
Commodities
Retail
Technology
Automotive
Textiles
Electronics
Energy
Chemical Industries
Relevant Teams
Finance
International Trade Operations
Treasury
Procurement
Supply Chain
Legal
Risk Management
Documentary Credits
Banking Operations
Trade Compliance
Relevant Roles
Trade Finance Manager
Import/Export Coordinator
Documentary Credit Specialist
International Trade Compliance Officer
Finance Director
Treasury Manager
Procurement Manager
Supply Chain Manager
Banking Operations Manager
Credit Risk Officer
Commercial Banking Officer
International Business Development Manager
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