The Irrevocable Letter of Credit is a fundamental instrument in international trade finance, particularly crucial in the Malaysian market where cross-border transactions form a significant part of the economy. This document is typically used when businesses need a secure payment method in international trade transactions, providing assurance to sellers that they will receive payment and to buyers that payment will only be made when specified conditions are met. The document must comply with both international standards (UCP 600) and Malaysian regulations, including the Financial Services Act 2013 and, where applicable, the Islamic Financial Services Act 2013. It contains detailed specifications about the transaction, including payment terms, shipping requirements, and document presentation conditions. The irrevocable nature means that once issued, the terms cannot be modified or cancelled without the agreement of all parties involved, providing maximum security for international trade transactions.
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1. Letter Reference Number: Unique identification number assigned by the issuing bank
2. Date of Issuance: Date when the Letter of Credit is issued
3. Type of Credit: Specification that this is an Irrevocable Letter of Credit
4. Applicant Details: Full name and address of the party requesting the Letter of Credit (usually the buyer)
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (usually the seller)
6. Issuing Bank Details: Name and address of the bank issuing the Letter of Credit
7. Amount and Currency: The credit amount and currency, stated in both figures and words
8. Expiry Date: Date and place of expiry of the Letter of Credit
9. Payment Terms: Specific conditions and timing of payment
10. Required Documents: List of documents that must be presented for payment
11. Shipment Terms: Details of shipment including latest shipment date and partial shipments if applicable
12. Description of Goods/Services: Detailed description of the goods or services covered by the LC
13. Bank Undertaking: Formal commitment by the issuing bank to honor the credit
1. Advising Bank Details: Details of the bank advising the credit to the beneficiary, used when there's an intermediary bank
2. Confirming Bank Details: Details of the bank adding its confirmation to the credit, used when additional bank guarantee is required
3. Transferability Clause: Statement regarding whether the LC can be transferred to another beneficiary
4. Islamic Banking Compliance: Specific clauses ensuring compliance with Shariah principles, used for Islamic Letters of Credit
5. Red Clause: Special clause allowing for advance payment to the beneficiary, used in specific trade situations
6. Green Clause: Clause allowing for advance payment against storage of goods, used in specific trade situations
7. Revolving Credit Clause: Terms for automatic reinstatement of the credit, used for ongoing trade relationships
1. Schedule A - Commercial Invoice Requirements: Detailed specifications for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Details of required insurance coverage and documentation
4. Appendix 1 - Goods Specification: Detailed technical specifications of the goods
5. Appendix 2 - Document Presentation Schedule: Timeline and process for document presentation
6. Appendix 3 - Special Instructions: Any special handling or processing instructions
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