An Irrevocable Non-Transferable Letter of Credit is a crucial financial instrument used in international trade transactions under Malaysian jurisdiction. It serves as a secure payment mechanism where a bank provides an irrevocable undertaking to pay the seller/exporter (beneficiary) upon presentation of specified documents that comply with the credit terms. The document is particularly important in situations where parties seek payment security in cross-border transactions, combining the reliability of bank guarantees with specific documentary requirements. Governed by Malaysian law, particularly the Financial Services Act 2013, and international banking practices (UCP 600), it provides detailed instructions for document presentation, payment terms, and shipping requirements. The non-transferable nature ensures that only the named beneficiary can claim payment, adding an extra layer of security to the transaction.
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1. Letter Reference Number: Unique identification number of the Letter of Credit
2. Date of Issuance: Date when the Letter of Credit is issued
3. Issuing Bank Details: Complete name and address of the issuing bank
4. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
5. Applicant Details: Full name and address of the applicant (buyer/importer)
6. Amount and Currency: Credit amount and currency, including any tolerance if applicable
7. Type and Form: Specification that it is an Irrevocable and Non-Transferable Letter of Credit
8. Expiry Date and Place: Final date and location for presentation of documents
9. Documentary Requirements: Detailed list of required documents for presentation
10. Shipment Terms: Latest shipment date and shipment details
11. Presentation Period: Time period within which documents must be presented after shipment
12. Reimbursement Instructions: Instructions for bank-to-bank reimbursement
1. Advising Bank Details: Details of the advising bank, used when the LC is advised through another bank
2. Confirmation Instructions: Instructions regarding confirmation, used when confirmation is requested from another bank
3. Partial Shipments: Whether partial shipments are allowed or prohibited
4. Transhipment: Whether transhipment is allowed or prohibited
5. Special Conditions: Any additional terms or conditions specific to the transaction
6. Description of Goods: Detailed description of the goods when required for specific transactions
7. Insurance Coverage: Special insurance requirements if applicable
8. Additional Banking Instructions: Any specific instructions for banking operations
1. Schedule A - Documentary Requirements: Detailed list of required documents and their specific format requirements
2. Schedule B - Goods Description: Detailed technical specifications or description of goods when extensive
3. Schedule C - Special Payment Conditions: Details of any special payment terms or conditions
4. Appendix 1 - Form of Commercial Invoice: Prescribed format for the commercial invoice if required
5. Appendix 2 - Form of Transport Document: Prescribed format for transport documents if required
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Expiry Date
Goods
Insurance Certificate
Issuing Bank
Letter of Credit
Negotiation
Nominated Bank
Packing List
Presentation
Reimbursing Bank
Shipment
Sight Payment
SWIFT
Transport Document
UCP 600
Applicant
Banking Day
Beneficiary
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Expiry Date
Goods
Insurance Certificate
Issuing Bank
Letter of Credit
Negotiation
Nominated Bank
Packing List
Presentation
Reimbursing Bank
Shipment
Sight Payment
SWIFT
Transport Document
UCP 600
Clauses
Credit Amount
Availability
Expiry
Documentary Requirements
Payment Terms
Shipment Terms
Document Presentation
Bank Obligations
Reimbursement
Force Majeure
Governing Law
Documentation Compliance
Bank Communications
Charges and Fees
Amendments
Notice Requirements
Document Examination
Discrepancy Handling
Transfer Restrictions
Dispute Resolution
Partial Shipments
Insurance Coverage
Banking Hours
Document Release
Availability
Expiry
Documentary Requirements
Payment Terms
Shipment Terms
Document Presentation
Bank Obligations
Reimbursement
Force Majeure
Governing Law
Documentation Compliance
Bank Communications
Charges and Fees
Amendments
Notice Requirements
Document Examination
Discrepancy Handling
Transfer Restrictions
Dispute Resolution
Partial Shipments
Insurance Coverage
Banking Hours
Document Release
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Food
Oil and Gas
Mining and Minerals
Textiles and Garments
Electronics and Technology
Construction and Infrastructure
Automotive
Chemical Industry
Commodities Trading
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Risk Management
Compliance
Treasury
Documentary Credits
Global Operations
International Sales
Supply Chain
Finance
Legal
Credit Administration
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Documentary Credits Specialist
Trade Operations Officer
Compliance Officer
Treasury Manager
Credit Risk Manager
Finance Director
Commercial Banking Officer
International Sales Manager
Supply Chain Manager
Chief Financial Officer
Banking Relationship Manager
Global Trade Finance Specialist
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