The Non-Negotiable Letter of Credit is a crucial trade finance instrument used in Malaysian and international trade transactions where the beneficiary's identity is paramount and transfer of rights is not permitted. This document is particularly relevant when the applicant (buyer) wants to ensure that only the named beneficiary (seller) can claim payment, providing additional security in the transaction. Governed by Malaysian law, particularly the Financial Services Act 2013, and international banking practices (UCP 600), it includes detailed specifications of required documents, payment terms, and conditions that must be met for payment. The non-negotiable nature makes it especially suitable for direct trade relationships where middlemen or intermediary traders are not desired, offering enhanced control over the transaction path.
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1. Letter Header: Bank's letterhead, reference number, and date of issuance
2. Beneficiary Details: Full name and address of the beneficiary
3. Credit Number: Unique identification number of the Letter of Credit
4. Applicant Details: Full name and address of the applicant (buyer)
5. Currency and Amount: Specification of the credit amount and currency
6. Availability and Expiry: How and where the credit is available, and expiry date
7. Shipment Terms: Latest shipment date and shipment details
8. Document Requirements: List of required documents for presentation
9. Goods Description: Brief description of goods or services covered
10. Payment Terms: Specific conditions and timing of payment
11. Governing Law: Statement of applicable law (Malaysian law)
12. Authentication: Bank's authorized signatures and authentication
1. Transferability Clause: Statement explicitly confirming non-transferability, used when extra clarity is needed
2. Partial Shipments: Whether partial shipments are allowed or prohibited
3. Transhipment: Whether transhipment is allowed or prohibited
4. Special Payment Conditions: Any special requirements or conditions for payment
5. Additional Security Requirements: Any extra security measures required by the bank
6. Force Majeure Provisions: Specific provisions for unforeseen circumstances
7. Amendment Procedures: Specific procedures for amending the LC if needed
1. Schedule A - Required Documents Checklist: Detailed checklist of all required documents and their specifications
2. Schedule B - Standard Banking Forms: Collection of relevant banking forms required for the LC process
3. Schedule C - Fee Schedule: Detailed breakdown of all applicable banking fees and charges
4. Appendix 1 - UCP 600 Reference: Relevant articles of UCP 600 applicable to this LC
5. Appendix 2 - Special Instructions: Any special instructions for document preparation or presentation
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Agriculture
Oil and Gas
Construction
Textiles
Electronics
Mining
Shipping and Logistics
Relevant Teams
Trade Finance
International Banking
Credit Operations
Treasury
Risk Management
Compliance
Legal
Corporate Banking
Trade Operations
Documentary Credits
Financial Control
Supply Chain
Procurement
Relevant Roles
Trade Finance Manager
International Trade Specialist
Letter of Credit Officer
Credit Manager
Treasury Manager
Import/Export Manager
Trade Operations Officer
Compliance Officer
Banking Relationship Manager
Chief Financial Officer
Finance Director
Documentary Credits Specialist
Supply Chain Manager
Procurement Manager
Financial Controller
Risk Management Officer
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