An Outstanding Letter of Credit serves as a crucial financial instrument in international trade, providing security and payment assurance to parties involved in cross-border transactions. This document, governed by Malaysian law and regulated by Bank Negara Malaysia, represents a bank's irrevocable commitment to pay a specified amount upon presentation of compliant documents. The Outstanding Letter of Credit is particularly valuable when parties are in different jurisdictions or unfamiliar with each other's business practices. It includes detailed terms regarding payment conditions, required documentation, shipping requirements, and compliance standards, while adhering to both local Malaysian banking regulations and international UCP 600 guidelines.
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1. Bank Reference Details: Letter of Credit number, date, and issuing bank details
2. Beneficiary Information: Complete details of the party in whose favor the LC is issued
3. Applicant Information: Complete details of the party requesting the LC
4. Currency and Amount: The specified currency and amount of the Letter of Credit, both in figures and words
5. Expiry Details: Expiry date and place of the Letter of Credit
6. Form of Presentation: Specification of whether the credit is available by sight payment, deferred payment, acceptance, or negotiation
7. Required Documents: Detailed list of documents required for presentation
8. Shipment Terms: Details of goods, shipment dates, partial shipment/transhipment permissions
9. Special Conditions: Any specific conditions or requirements unique to this LC
10. Bank Confirmations: Details about whether the LC is confirmed or unconfirmed
11. Authorized Signatures: Space for required bank signatures and stamps
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
2. Back-to-Back Provisions: Include when the LC may be used as collateral for another LC
3. Red Clause Provisions: Include when advance payment facilities are to be provided to the beneficiary
4. Revolving Credit Terms: Include when the LC is intended to be automatically renewed under specified conditions
5. Secondary Beneficiary Details: Include when there are multiple beneficiaries or transfer rights
6. Standby Provisions: Include when the LC serves as a standby guarantee rather than a payment mechanism
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Description: Detailed description of the goods or services covered by the LC
3. Schedule C - Payment Terms: Detailed breakdown of payment terms, calculations, and conditions
4. Appendix 1 - UCP 600 References: Specific articles of UCP 600 applicable to this LC
5. Appendix 2 - Bank's Standard Terms: Standard terms and conditions of the issuing bank
6. Appendix 3 - Shipping Schedule: If applicable, detailed shipping requirements and timeline
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Shipping and Logistics
Agriculture
Mining and Resources
Textiles
Electronics
Construction
Energy
Relevant Teams
Trade Finance
International Banking
Corporate Banking
Risk Management
Compliance
Treasury
Supply Chain
Procurement
Finance
Legal
Operations
Documentary Credits
International Sales
Global Markets
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Finance Director
Treasury Manager
Documentary Credits Specialist
Trade Operations Officer
Compliance Officer
Risk Manager
Credit Controller
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
International Sales Manager
Procurement Manager
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