The Letter of Credit Guarantee is a critical instrument in international trade finance, particularly within the Malaysian banking framework. It is used when an issuing bank requires additional security or when a beneficiary seeks extra assurance of payment under a letter of credit. This document becomes necessary in various scenarios, such as when dealing with banks in certain jurisdictions, handling large transaction values, or when required by regulatory policies. The guarantee, governed by Malaysian law, includes specific details about the underlying letter of credit, guarantee amount, validity period, and claim procedures. It must comply with both local regulations (including Bank Negara Malaysia guidelines) and international banking practices. The document typically involves multiple banks and may need to accommodate both conventional and Islamic banking requirements, reflecting Malaysia's dual banking system.
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1. Letterhead and Date: Bank's official letterhead and date of issuance of the guarantee
2. Reference Number: Unique identification number for the guarantee
3. Beneficiary Details: Full name and address of the party in whose favor the guarantee is issued
4. Letter of Credit Reference: Details of the original Letter of Credit being guaranteed, including LC number, issuing bank, and date
5. Guarantee Amount: Maximum amount of the guarantee expressed in figures and words
6. Guarantee Terms: Specific terms and conditions under which the guarantee can be called upon
7. Duration and Expiry: Validity period of the guarantee and expiry conditions
8. Governing Law: Statement that the guarantee is governed by Malaysian law
9. Claim Procedure: Process and requirements for making a claim under the guarantee
10. Bank's Undertaking: Formal declaration of the bank's commitment to honor the guarantee
11. Authorized Signatures: Space for authorized bank officials' signatures
1. Counter-Guarantee Reference: Required when there is a counter-guarantee from another bank involved in the transaction
2. Force Majeure Clause: Optional clause defining circumstances beyond control that may affect the guarantee
3. Assignment Clause: Include when the right to receive payment under the guarantee may need to be assigned
4. Language Declaration: Required when the guarantee is issued in multiple languages
5. Shariah Compliance Statement: Required for Islamic banking institutions or when the guarantee needs to be Shariah-compliant
6. Stamp Duty Declaration: Required when Malaysian stamp duty requirements need to be explicitly stated
1. Schedule A - Original Letter of Credit: Copy or details of the original Letter of Credit being guaranteed
2. Schedule B - Claim Format: Prescribed format for submitting claims under the guarantee
3. Schedule C - Supporting Documents: List of required supporting documents for claim verification
4. Appendix 1 - Bank Authorization: Evidence of authority of bank officials signing the guarantee
5. Appendix 2 - Communication Details: Contact information and communication protocols for all parties
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