A Letter of Credit 30 Days is a crucial trade finance instrument commonly used in Malaysian international trade transactions where payment certainty is essential. This document is particularly relevant when sellers require a bank-guaranteed payment mechanism but are willing to extend a 30-day credit period after document presentation. The document operates under Malaysian banking regulations, particularly the Financial Services Act 2013, while incorporating international UCP 600 standards. It's typically used in situations where the transaction value is significant, the parties may be new to each other, or when regulatory requirements mandate formal banking channels for international payments. The document includes detailed specifications about the transaction, required documentation, and specific conditions that must be met before payment is released.
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1. Letter Reference and Date: Unique reference number and date of the Letter of Credit issuance
2. Advising Bank Details: Complete details of the bank that will advise the beneficiary of the credit
3. Applicant Details: Full name and address of the party requesting the Letter of Credit (usually the buyer)
4. Beneficiary Details: Full name and address of the party in whose favor the Letter of Credit is issued (usually the seller)
5. Amount and Currency: The credit amount and currency of payment
6. Credit Type and Payment Terms: Specification of 30-day payment terms and type of credit (e.g., irrevocable)
7. Document Requirements: List of required documents for presentation (e.g., commercial invoice, transport documents)
8. Shipment Terms: Details of shipment including latest shipment date and partial shipments status
9. Expiry Date and Place: The date and location where the credit expires
10. Presentation Period: Time period within which documents must be presented after shipment
1. Transferability Clause: Include when the Letter of Credit needs to be transferable to another beneficiary
2. Confirmation Instructions: Include when confirmation by another bank is required or prohibited
3. Red Clause: Include when advance payment to the beneficiary is permitted
4. Green Clause: Include when warehouse storage-related advances are permitted
5. Special Payment Conditions: Include when there are specific conditions for payment beyond standard terms
6. Back-to-Back Provisions: Include when the L/C will be used as collateral for another L/C
1. Schedule A - Document Checklist: Detailed checklist of all required documents and their specifications
2. Schedule B - Goods Description: Detailed description of goods including specifications, quantity, and unit price
3. Schedule C - Banking Instructions: Specific instructions for processing and handling by banks
4. Appendix 1 - Standard Terms: Standard terms and conditions applicable to the Letter of Credit
5. Appendix 2 - UCP 600 Incorporation: Specific UCP 600 articles incorporated into the Letter of Credit
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Agriculture
Shipping and Logistics
Industrial Equipment
Relevant Teams
Trade Finance
International Banking
Treasury
Compliance
Risk Management
Finance
Legal
Supply Chain
Operations
Credit Administration
Relevant Roles
Trade Finance Manager
Import/Export Manager
Treasury Manager
Financial Controller
Banking Relationship Manager
Documentary Credits Specialist
International Trade Specialist
Compliance Officer
Credit Risk Manager
Supply Chain Manager
Chief Financial Officer
Banking Operations Manager
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