The Domestic LC serves as a fundamental trade finance instrument in Malaysia, providing payment security for transactions between parties located within the country. When a buyer and seller within Malaysia require a secure payment mechanism, a Domestic LC can be utilized to facilitate the transaction while ensuring both parties' interests are protected. The document includes detailed terms regarding payment conditions, required documentation, delivery specifications, and compliance requirements. Being governed by Malaysian law and regulated by Bank Negara Malaysia, the Domestic LC differs from international LCs in terms of applicable regulations and currency considerations. This document type is particularly useful when parties seek to mitigate credit risk in significant domestic commercial transactions while maintaining compliance with local banking regulations.
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1. Issuing Bank Details: Complete details of the bank issuing the LC including registration number and address
2. Reference Number: Unique LC identification number and date of issuance
3. Applicant Details: Full details of the party requesting the LC including business registration number and address
4. Beneficiary Details: Complete information of the party in whose favor the LC is issued
5. Currency and Amount: Specific amount of the LC in numbers and words, and currency denomination
6. Form of Credit: Specification that this is a domestic irrevocable LC
7. Expiry Details: Expiry date and place of the LC
8. Payment Terms: Conditions and timing of payment, including whether it's sight, deferred payment, or acceptance
9. Required Documents: List of documents required for presentation
10. Shipment Terms: Details of goods, delivery location, and latest shipment date
11. Special Conditions: Any specific conditions or requirements unique to this LC
1. Partial Shipments: Include when specifying whether partial shipments are allowed or prohibited
2. Transhipment: Include when specifying whether transhipment is allowed or prohibited
3. Insurance Coverage: Include when the LC requires specific insurance arrangements
4. Transfer Provisions: Include when the LC is transferable
5. Back-to-Back Provisions: Include when the LC can be used as collateral for another LC
6. Confirmation Instructions: Include when confirmation from another bank is required
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of goods or services covered by the LC
3. Schedule C - Payment Schedule: If applicable, detailed payment terms and installment schedule
4. Appendix 1 - Bank's Standard Terms: Standard terms and conditions of the issuing bank for domestic LCs
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Trading
Retail
Construction
Agriculture
Energy
Telecommunications
Mining and Resources
Automotive
Textiles
Electronics
Relevant Teams
Finance
Treasury
Trade Operations
Risk Management
Compliance
Legal
Commercial Banking
Credit Administration
Documentary Credits
Transaction Banking
Procurement
Supply Chain
Relevant Roles
Trade Finance Manager
Credit Manager
Treasury Manager
Finance Director
Commercial Banking Officer
Trade Operations Officer
Risk Manager
Compliance Officer
Documentary Credits Specialist
Chief Financial Officer
Banking Relationship Manager
Supply Chain Manager
Procurement Manager
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