The Usance LC is a vital trade finance instrument used in international commerce under Malaysian jurisdiction, particularly suitable for transactions requiring deferred payment terms. It serves as a bank-issued guarantee of payment to a seller/exporter while providing the buyer/importer with extended credit terms, typically ranging from 30 to 180 days. This document type is essential when businesses need to balance their cash flow requirements with trading obligations. The Usance LC incorporates specific provisions under Malaysian law, including compliance with the Financial Services Act 2013 and international standards like UCP 600, making it a secure and standardized instrument for international trade. It's particularly relevant in Malaysia's trading environment, where it facilitates significant import-export activities across various sectors while providing legal certainty and financial security to all parties involved.
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1. LC Number and Type: Unique identification number and clear indication that this is a Usance Letter of Credit
2. Date and Place of Issue: Issuance date and location of the issuing bank
3. Applicant Details: Full name, address, and contact information of the buyer/importer
4. Beneficiary Details: Full name, address, and contact information of the seller/exporter
5. Issuing Bank Details: Complete details of the issuing bank including SWIFT code
6. Advising Bank Details: Complete details of the advising bank including SWIFT code
7. Credit Amount and Currency: Maximum amount and currency of the LC
8. Usance Period: Specific payment terms and maturity period (e.g., 60 days from bill of lading date)
9. Available With/By: Specification of where and how the credit is available
10. Required Documents: Detailed list of all required shipping and commercial documents
11. Shipment Terms: Including latest shipment date, partial shipments, transhipment permissions
12. Goods Description: Detailed description of goods, quantity, unit price, and trade terms
13. Expiry Date and Place: Validity period and location where LC expires
14. Settlement Terms: Payment execution details and banking instructions
1. Transferability Clause: Include when the LC needs to be transferable to a third party
2. Confirmation Instructions: Include when confirmation from another bank is required
3. Back-to-Back LC Provisions: Include for back-to-back LC arrangements
4. Red Clause Provisions: Include if advance payment facilities are required
5. Special Conditions: Include any additional terms specific to the transaction
6. Revolving Credit Terms: Include if the LC is to be revolving
7. Islamic Banking Compliance: Include when the LC needs to comply with Shariah principles
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods
3. Schedule C - Banking Instructions: Specific instructions for document handling and payment processing
4. Appendix 1 - UCP 600 Incorporation: Specific UCP 600 articles applicable to this LC
5. Appendix 2 - Format of Documents: Templates or formats for required documents
6. Appendix 3 - Shipping Schedule: Detailed shipping timeline and requirements if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agricultural Products
Commodities Trading
Oil and Gas
Electronics and Technology
Textile and Apparel
Automotive
Construction Materials
Chemical Industry
Food and Beverage
Mining and Minerals
Pharmaceutical
Relevant Teams
Trade Finance
International Banking
Treasury
Legal
Risk Management
Operations
Commercial Banking
Documentary Credits
Procurement
Supply Chain
Credit Administration
Compliance
Finance
Relevant Roles
Trade Finance Manager
International Trade Specialist
Finance Director
Treasury Manager
Credit Manager
Import/Export Manager
Documentary Credits Specialist
Risk Management Officer
Commercial Banking Officer
Trade Operations Manager
Chief Financial Officer
Banking Relationship Manager
Supply Chain Manager
Procurement Manager
International Business Development Manager
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