Import Letters of Credit (Import LC) are essential financial instruments used in international trade transactions under Malaysian jurisdiction. They are typically used when a Malaysian company needs to import goods from overseas suppliers and wants to provide a secure payment method. The Import LC serves as a bank's guarantee to pay the foreign seller, subject to the presentation of specified documents that comply with the LC terms. This document type is governed by Malaysian banking regulations, particularly the Financial Services Act 2013, and follows international standards set by UCP 600. It includes crucial details such as payment terms, shipping requirements, document requirements, and compliance conditions, while ensuring adherence to Malaysian foreign exchange controls and import regulations.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Form of Documentary Credit: Specification that this is an irrevocable import letter of credit
3. Applicant Details: Full name and address of the importer/buyer requesting the LC
4. Beneficiary Details: Full name and address of the exporter/seller in whose favor the LC is issued
5. Issuing Bank Details: Name and address of the bank issuing the LC
6. Amount and Currency: Credit amount and currency, including any tolerance levels
7. Expiry Date and Place: Valid until date and location where documents must be presented
8. Available With/By: Specification of how and with which bank the credit is available
9. Partial Shipments: Whether partial shipments are allowed or prohibited
10. Transhipment: Whether transhipment is allowed or prohibited
11. Loading/Dispatch From: Port of loading or place of dispatch
12. Port of Discharge: Final destination port or place
13. Latest Date of Shipment: Final date by which shipment must be made
14. Documents Required: List of all required documents for LC negotiation
15. Description of Goods: Detailed description of merchandise being traded
16. Terms of Trade: Incoterms rule and other trade terms
17. Banking Charges: Specification of which party bears which banking charges
1. Advising Bank: Details of the advising bank when LC is advised through a specific bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Transferability Clause: Include when the LC needs to be transferable
4. Red Clause: Include when advance payment to beneficiary is permitted
5. Special Payment Conditions: Any special conditions regarding payment timing or method
6. Reimbursement Instructions: Include when specific reimbursement arrangements are required
7. Insurance Coverage: Special insurance requirements beyond standard coverage
8. Pre-shipment Inspection: When inspection before shipment is required
9. Additional Conditions: Any special conditions or requirements specific to the transaction
1. Schedule A - Commercial Invoice Requirements: Detailed requirements for format and content of commercial invoices
2. Schedule B - Packing List Requirements: Specific requirements for packing lists and packaging details
3. Schedule C - Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Schedule D - Product Specifications: Detailed technical specifications of the goods
5. Schedule E - Required Certificates: List and format of required certificates (origin, inspection, etc.)
6. Appendix 1 - Bank Forms: Standard forms required by the issuing bank
7. Appendix 2 - Document Presentation Checklist: Checklist for beneficiary to ensure complete document presentation
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Lading
Certificate of Origin
Commercial Invoice
Complying Presentation
Credit
Documentary Credit
Documents
Draft
Expiry Date
Goods
Incoterms
Insurance Certificate
Issuing Bank
Letter of Credit
Negotiating Bank
Packing List
Partial Shipment
Port of Discharge
Port of Loading
Presentation
Purchase Order
Reimbursing Bank
Shipping Documents
Sight Draft
Transhipment
UCP 600
Applicant
Banking Day
Beneficiary
Bill of Lading
Certificate of Origin
Commercial Invoice
Complying Presentation
Credit
Documentary Credit
Documents
Draft
Expiry Date
Goods
Incoterms
Insurance Certificate
Issuing Bank
Letter of Credit
Negotiating Bank
Packing List
Partial Shipment
Port of Discharge
Port of Loading
Presentation
Purchase Order
Reimbursing Bank
Shipping Documents
Sight Draft
Transhipment
UCP 600
Clauses
Documentary Requirements
Payment Terms
Expiry and Presentation
Bank Charges
Shipping Terms
Force Majeure
Amendment Conditions
Governing Law
Document Examination
Discrepancy Handling
Transfer Rights
Reimbursement
Liability Limitation
Applicant Obligations
Beneficiary Rights
Documentation Standards
Compliance Requirements
Notice Requirements
Default Provisions
Dispute Resolution
Confidentiality
Banking Instructions
Currency Provisions
Insurance Requirements
Payment Terms
Expiry and Presentation
Bank Charges
Shipping Terms
Force Majeure
Amendment Conditions
Governing Law
Document Examination
Discrepancy Handling
Transfer Rights
Reimbursement
Liability Limitation
Applicant Obligations
Beneficiary Rights
Documentation Standards
Compliance Requirements
Notice Requirements
Default Provisions
Dispute Resolution
Confidentiality
Banking Instructions
Currency Provisions
Insurance Requirements
Relevant Industries
Manufacturing
International Trade
Retail
Agriculture
Mining
Electronics
Textiles
Automotive
Oil and Gas
Chemical Industry
Consumer Goods
Construction Materials
Food and Beverage
Pharmaceutical
Relevant Teams
Finance
International Trade
Procurement
Treasury
Legal
Compliance
Risk Management
Supply Chain
Operations
Trade Documentation
Relevant Roles
Trade Finance Manager
Import Manager
Procurement Director
Chief Financial Officer
Treasury Manager
International Trade Specialist
Documentary Credits Specialist
Supply Chain Manager
Banking Relationship Manager
Compliance Officer
Finance Director
Purchase Manager
Legal Counsel
Risk Manager
Operations Manager
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