Letters of Credit (LC) are fundamental instruments in international trade finance, providing security to both buyers and sellers in cross-border transactions. The LC 60 Days format is specifically designed for transactions where payment is deferred for 60 days after document presentation, allowing buyers additional time to manage their cash flow while providing sellers with a bank-backed payment guarantee. This document type is commonly used in Malaysian trade operations and must comply with Malaysian banking regulations, including the Financial Services Act 2013 and Bank Negara Malaysia guidelines, as well as international standards such as UCP 600. It's particularly valuable in situations where parties seek a balance between immediate shipment needs and extended payment terms, while maintaining the security of a bank-guaranteed transaction.
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1. LC Number and Type: Unique identification number and specification that this is a 60-day LC
2. Issuing Bank Details: Complete name and address of the bank issuing the LC
3. Date of Issue: Date when the LC is issued
4. Applicant Details: Full name and address of the buyer/importer requesting the LC
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 LC
7. Expiry Date and Place: Final date and location for presentation of documents
8. Payment Terms: Specification of 60-day payment terms and when this period begins
9. Required Documents: List of all documents required for LC payment
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments status
11. Goods Description: Detailed description of goods being traded
12. Incoterms: Specified international commercial terms
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Red Clause: Include when advance payment to the beneficiary is allowed
3. Special Instructions: Include when there are additional bank-to-bank instructions
4. Islamic Banking Compliance: Include when the LC needs to comply with Shariah principles
5. Back-to-Back LC Terms: Include when the LC is part of a back-to-back LC arrangement
6. Revolving Terms: Include when the LC is revolving in value or time
1. Schedule A - Document Requirements: Detailed list and format of all required documents including commercial invoice, transport documents, insurance documents, and certificates
2. Schedule B - Goods Specification: Detailed technical specifications of goods, including quantity, quality standards, and packaging requirements
3. Schedule C - Bank Charges Schedule: Breakdown of all applicable bank charges and party responsible for payment
4. Appendix 1 - UCP 600 Disclaimers: Standard disclaimers and force majeure clauses as per UCP 600
5. Appendix 2 - Presentation Instructions: Specific instructions for document presentation and examination
Relevant legal definitions
Advising Bank
Applicant
Beneficiary
Bill of Lading
Commercial Invoice
Confirmation
Credit
Documents
Draft
Expiry Date
Issuing Bank
Letter of Credit
Maturity Date
Negotiation
Packing List
Payment Terms
Presentation
Reimbursing Bank
Shipment
Sight Draft
Time Draft
Transport Document
UCP 600
Usance Period
Applicant
Beneficiary
Bill of Lading
Commercial Invoice
Confirmation
Credit
Documents
Draft
Expiry Date
Issuing Bank
Letter of Credit
Maturity Date
Negotiation
Packing List
Payment Terms
Presentation
Reimbursing Bank
Shipment
Sight Draft
Time Draft
Transport Document
UCP 600
Usance Period
Clauses
Credit Amount
Payment Terms
Document Requirements
Expiry and Presentation
Bank Obligations
Shipping Terms
Documentation Compliance
Force Majeure
Governing Law
Jurisdiction
Amendment
Bank Charges
Discrepancy Handling
Credit Availability
Document Examination
Transfer Rights
Notice Requirements
Reimbursement Terms
Default Provisions
Sanctions Compliance
Payment Terms
Document Requirements
Expiry and Presentation
Bank Obligations
Shipping Terms
Documentation Compliance
Force Majeure
Governing Law
Jurisdiction
Amendment
Bank Charges
Discrepancy Handling
Credit Availability
Document Examination
Transfer Rights
Notice Requirements
Reimbursement Terms
Default Provisions
Sanctions Compliance
Relevant Industries
International Trade
Manufacturing
Agriculture
Mining
Textiles
Electronics
Automotive
Oil and Gas
Commodities Trading
Retail
Construction
Chemical Industry
Heavy Equipment
Consumer Goods
Relevant Teams
Finance
International Trade
Treasury
Legal
Compliance
Risk Management
Supply Chain
Procurement
Sales
Banking Operations
Documentation
Trade Operations
Relevant Roles
Trade Finance Manager
Import Manager
Export Manager
Credit Controller
Financial Controller
Treasury Manager
Trade Operations Officer
Documentation Specialist
Compliance Officer
Risk Manager
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
International Sales Director
Procurement Manager
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