The LC In Shipping document is essential for international trade transactions where secure payment and documentation are critical. This instrument, governed by Malaysian law, is typically used when businesses engage in cross-border trade requiring formal bank-mediated payment assurance. The document details the conditions for payment, typically including specific shipping documents like bills of lading, commercial invoices, and insurance certificates. It follows both Malaysian banking regulations and international standards (UCP 600), making it particularly suitable for Malaysian companies engaged in international trade or foreign companies trading with Malaysian entities. The LC serves as a crucial risk mitigation tool, ensuring sellers receive payment and buyers receive their goods as specified.
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1. LC Number and Date: Unique identification number of the LC and issuance date
2. Applicant Details: Full name and address of the buyer/importer requesting the LC
3. Beneficiary Details: Full name and address of the seller/exporter who will receive payment
4. Issuing Bank Details: Name and address of the bank issuing the LC
5. Amount and Currency: The credit amount and currency specification
6. Expiry Date and Place: When and where the LC expires for presentation of documents
7. Shipment Terms: Latest shipment date, port of loading/discharge, and partial shipment/transshipment permissions
8. Required Documents: List of all required shipping and commercial documents
9. Payment Terms: Specification of when and how payment will be made
10. Description of Goods: Detailed description of the goods being traded
1. Advising Bank Details: Include when an advising bank is used in the beneficiary's country
2. Confirming Bank Details: Include when additional confirmation is required by a confirming bank
3. Transfer Conditions: Include if the LC is transferable to other beneficiaries
4. Special Conditions: Any additional terms or conditions specific to the transaction
5. Insurance Requirements: Include when specific insurance requirements need to be detailed
6. Reimbursement Instructions: Include when specific reimbursement arrangements between banks need to be detailed
1. Documentary Requirements Checklist: Detailed checklist of all required documents and their specifications
2. Shipping Schedule: Detailed timeline for shipping milestones and deadlines
3. Commercial Invoice Format: Template or specifications for the required format of commercial invoices
4. Bank Charges Schedule: Breakdown of all applicable bank charges and responsible parties
5. UCP 600 Incorporation Reference: Specific articles of UCP 600 applicable to this LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Shipping and Maritime
Logistics and Supply Chain
Import/Export
Manufacturing
Commodities Trading
Retail
Agriculture
Energy and Resources
Relevant Teams
Trade Finance
International Banking
Shipping Operations
Documentary Credits
Legal & Compliance
Treasury
Supply Chain
Logistics
Risk Management
Commercial Banking
International Trade Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Shipping Manager
Documentary Credit Officer
Commercial Banking Officer
Export Manager
Import Manager
Trade Operations Manager
Compliance Officer
Supply Chain Manager
Chief Financial Officer
Treasury Manager
Logistics Coordinator
Trade Documentation Specialist
Risk Management Officer
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