The Deferred LC is a crucial trade finance instrument used when buyers require extended payment terms while ensuring sellers receive a bank's payment commitment. This document, governed by Malaysian law and international banking practices, is particularly relevant in scenarios where importers seek to optimize cash flow while maintaining supplier relationships. The Deferred LC contains specific terms regarding payment timing, typically 30 to 180 days after document presentation, and includes detailed requirements for document presentation, examination procedures, and payment execution. It incorporates provisions from Malaysian banking regulations, international trade practices, and typically references UCP 600 guidelines, making it a comprehensive trade finance solution for businesses engaged in international commerce.
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1. Parties: Identification of all parties: Applicant, Beneficiary, Issuing Bank, and any Advising/Confirming Banks
2. Background: Context of the transaction and purpose of the Deferred LC
3. Definitions: Key terms used in the agreement including specific banking and trade finance terminology
4. LC Details: Fundamental details including LC number, type, amount, and currency
5. Payment Terms: Specific terms of the deferred payment including maturity date and calculation method
6. Documentary Requirements: List of required documents for LC presentation and their specifications
7. Presentation Period: Timeframe and conditions for document presentation
8. Examination and Payment Conditions: Terms for document examination and payment execution
9. Bank Charges and Fees: Breakdown of all applicable fees, charges, and commission
10. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution
1. Transferability Clause: Include when the LC needs to be transferable to a second beneficiary
2. Revolving Terms: Required if the LC is revolving rather than single-use
3. Partial Shipment/Drawing Terms: Include when partial shipments or drawings are permitted
4. Red Clause Provisions: Include when advance payment facilities are required
5. Force Majeure: Detailed force majeure provisions for high-risk transactions
6. Insurance Requirements: Specific insurance requirements for the underlying transaction
7. Amendment Procedures: Include when specific amendment procedures are needed
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for commercial invoice presentation
2. Schedule B - Transport Document Requirements: Specifications for bills of lading or other transport documents
3. Schedule C - Payment Schedule: Detailed payment timeline and calculation method
4. Schedule D - Document Checklist: Comprehensive checklist of required documents
5. Schedule E - Fee Structure: Detailed breakdown of all fees and charges
6. Appendix 1 - Standard Forms: Templates for amendment requests and other standard forms
7. Appendix 2 - Bank Communications: Format and requirements for bank-to-bank communications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities
Agriculture
Automotive
Electronics
Textiles
Relevant Teams
Finance
International Trade
Treasury
Legal
Risk Management
Compliance
Trade Operations
Supply Chain
Procurement
Credit Administration
Relevant Roles
Trade Finance Manager
International Business Manager
Treasury Manager
Finance Director
Import/Export Manager
Credit Manager
Documentary Credits Specialist
Trade Operations Officer
Risk Management Officer
Compliance Officer
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
Trade Finance Analyst
International Trade Specialist
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