A Release Letter of Credit is a crucial document in Malaysian banking and international trade transactions, used when parties need to formally terminate or modify their obligations under an existing Letter of Credit. This document becomes necessary in various scenarios, such as when the underlying transaction has been completed, when there's a need to cancel unused credit, or when modifications to the original LC terms are required. The release letter must comply with Malaysian banking regulations, particularly the Financial Services Act 2013, while also adhering to international banking standards like the UCP 600. It typically includes specific details about the original LC, the nature of the release, and any conditions attached to it. The document provides legal protection for all parties involved and ensures proper documentation of the release process in accordance with both Malaysian and international banking practices.
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1. Letter Header: Bank's letterhead, date, reference number, and addressing details of the beneficiary
2. LC Reference: Clear identification of the Letter of Credit being released, including LC number, date of issuance, and amount
3. Release Declaration: Explicit statement of release of the Letter of Credit and the terms of such release
4. Original LC Status: Statement regarding the status and return of the original Letter of Credit document
5. Bank Authorization: Clear statement of the bank's authority to process the release
6. Acknowledgment Request: Request for acknowledgment of receipt and acceptance of the release
7. Signature Block: Authorized signatories from the bank and space for beneficiary acknowledgment
1. Partial Release Terms: Used when only a portion of the LC amount is being released, specifying the released amount and remaining balance
2. Multiple Beneficiary Provisions: Required when the LC has multiple beneficiaries and specifying which beneficiary's interest is being released
3. Conditional Release Clauses: Used when the release is subject to specific conditions that must be met
4. Foreign Currency Provisions: Required for LCs in foreign currencies, including relevant exchange rate considerations
5. Related Documents Reference: Used when release is connected to other relevant documents or agreements
1. Original LC Copy: Copy of the original Letter of Credit being released
2. Release Calculation Schedule: For partial releases, detailed calculation of released and remaining amounts
3. Supporting Documents List: Schedule listing all supporting documents submitted for the release
4. Authorization Evidence: Copies of corporate authorizations or power of attorney if required
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Wholesale
Commodities Trading
Construction
Agriculture
Energy
Shipping and Logistics
Relevant Teams
Trade Finance
Documentary Credits
International Banking
Operations
Legal
Compliance
Risk Management
Treasury
Financial Control
Trade Operations
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
Banking Operations Manager
International Trade Specialist
Credit Operations Officer
Treasury Manager
Finance Director
Compliance Officer
Risk Management Officer
Import/Export Manager
Chief Financial Officer
Banking Relationship Manager
Trade Operations Supervisor
Letter of Credit Specialist
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