Letters of Credit Without Recourse are essential banking instruments in international trade finance, particularly relevant under Malaysian banking and commercial law. This type of document is specifically used when the beneficiary (typically the seller/exporter) requires absolute payment security and wants to be free from future liability once the compliant documents are presented and accepted. The LC Without Recourse explicitly states that neither the issuing bank nor any subsequent holders of the documents can seek recourse against the beneficiary in case of default by the applicant. This document type is governed by Malaysian Financial Services Act 2013, complemented by international banking practices (UCP 600), and is particularly valuable in high-value international trade transactions where the beneficiary wants to eliminate post-payment risks.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Issuing Bank Details: Complete name, address, and contact information of the issuing bank
3. Beneficiary Information: Full name, address, and contact details of the beneficiary (seller/exporter)
4. Applicant Information: Full name, address, and contact details of the applicant (buyer/importer)
5. Amount and Currency: The credit amount and currency, stating both in figures and words
6. Type and Nature: Clear statement that this is an irrevocable LC without recourse
7. Expiry Date and Place: Specific date and location where the LC expires
8. Payment Terms: Specification of when and how payment will be made
9. Required Documents: Detailed list of documents required for presentation
10. Shipment Terms: Details of shipment including latest shipment date and partial shipments
11. Non-Recourse Declaration: Explicit statement of the without recourse nature and its implications
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Red Clause Provisions: Include when advance payment facilities are required
3. Islamic Banking Compliance: Include when the LC needs to comply with Shariah principles
4. Revolving Terms: Include for LCs that automatically renew under specified conditions
5. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement
6. Special Instructions: Include when there are unique requirements or conditions
1. Document Requirements Schedule: Detailed specifications for each required document
2. Commercial Invoice Template: Prescribed format for commercial invoice presentation
3. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
4. Insurance Document Requirements: Requirements for insurance certificates or policies
5. Bank Authorization Forms: Standard forms for bank processing and authorization
6. Compliance Checklist: Checklist ensuring compliance with UCP 600 and local regulations
Relevant legal definitions
Advising Bank
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Draft
Expiry Date
Financial Services Act
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Non-Recourse
Presentation
Reimbursing Bank
Shipment
Transport Document
UCP 600
Without Recourse
Applicant
Banking Day
Beneficiary
Bill of Exchange
Bill of Lading
Commercial Invoice
Complying Presentation
Confirmation
Credit
Documents
Draft
Expiry Date
Financial Services Act
Issuing Bank
Letter of Credit
Negotiating Bank
Negotiation
Non-Recourse
Presentation
Reimbursing Bank
Shipment
Transport Document
UCP 600
Without Recourse
Clauses
Document Presentation
Payment Terms
Expiry and Validity
Bank Obligations
Non-Recourse Provisions
Document Examination
Transfer Rights
Governing Law
Force Majeure
Disclaimers
Bank Charges
Amendments
Compliance Requirements
Notice Requirements
Dispute Resolution
Shipping Terms
Document Requirements
Bank Communications
Currency Provisions
Reimbursement Terms
Payment Terms
Expiry and Validity
Bank Obligations
Non-Recourse Provisions
Document Examination
Transfer Rights
Governing Law
Force Majeure
Disclaimers
Bank Charges
Amendments
Compliance Requirements
Notice Requirements
Dispute Resolution
Shipping Terms
Document Requirements
Bank Communications
Currency Provisions
Reimbursement Terms
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Oil and Gas
Mining
Textiles
Electronics
Automotive
Relevant Teams
Trade Finance
International Banking
Credit Risk
Treasury
Documentary Credits
Trade Operations
Compliance
Financial Control
Import/Export
Legal
Documentary Collections
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Risk Officer
Treasury Manager
Documentary Credits Specialist
Trade Operations Manager
Compliance Officer
Financial Controller
Import/Export Manager
Chief Financial Officer
Documentary Collections Officer
International Trade Specialist
Banking Relationship Manager
Senior Credit Analyst
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