The Negotiable Letter of Credit is a critical financial instrument in international trade, particularly relevant under Malaysian law where it serves as a secure payment mechanism in cross-border transactions. It is typically used when there is a need for a guaranteed payment method between parties who may not have established business relationships or are operating in different jurisdictions. The document includes detailed specifications of the payment conditions, required documentation, and compliance requirements, all structured within Malaysia's comprehensive financial services framework. This instrument is governed by the Financial Services Act 2013 and typically incorporates UCP 600 guidelines, providing a standardized approach to documentary credits while ensuring compliance with local banking regulations. The negotiable nature of the instrument allows for additional flexibility in financing arrangements, making it particularly valuable for complex international trade transactions.
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1. Issuing Bank Details: Complete details of the issuing bank including name, address, SWIFT code, and reference numbers
2. Letter of Credit Number: Unique identification number of the L/C
3. Date of Issue: Date when the L/C is issued
4. Beneficiary Details: Complete name and address of the party receiving payment
5. Applicant Details: Complete name and address of the party requesting the L/C
6. Currency and Amount: Specified currency and amount of the L/C in both figures and words
7. Expiry Date and Place: Clear statement of expiry date and location where documents must be presented
8. Available With/By: Specification of where and how the credit is available (e.g., by sight payment, deferred payment)
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment is allowed or prohibited
10. Required Documents: Detailed list of all required documents for presentation
11. Shipment Terms: Details of shipment including latest shipment date and destination
12. Description of Goods/Services: Precise description of the goods or services covered by the L/C
1. Transferability Clause: Section to be included if the L/C is transferable to another beneficiary
2. Red Clause: To be included if advance payment to the beneficiary is authorized
3. Green Clause: To be included if storage of goods is required with advance payment
4. Revolving Credit Terms: Include when the L/C is revolving in value or time
5. Back-to-Back Provisions: Include when the L/C can be used as collateral for another L/C
6. Insurance Requirements: Additional insurance requirements beyond standard coverage
7. Special Payment Conditions: Any special conditions or requirements for payment
8. Force Majeure Provisions: Additional provisions for force majeure circumstances
1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the format and content of commercial invoices
2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents
3. Schedule C - Insurance Document Requirements: Requirements for insurance certificates or policies
4. Schedule D - Additional Document Requirements: Requirements for any additional documents such as certificates of origin
5. Appendix 1 - Bank's Standard L/C Terms: Standard terms and conditions of the issuing bank
6. Appendix 2 - UCP 600 Reference: Relevant articles of UCP 600 specifically applicable to this L/C
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Wholesale
Shipping & Logistics
Agriculture
Energy & Resources
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Risk Management
Compliance
Treasury
Banking Operations
Credit Administration
Legal
Customer Relations
Trade Operations
Relevant Roles
Trade Finance Manager
International Banking Officer
Documentary Credits Specialist
Export Finance Manager
Import Finance Manager
Trade Operations Officer
Credit Risk Manager
Compliance Officer
Chief Financial Officer
Treasury Manager
Banking Relationship Manager
Trade Finance Analyst
Letters of Credit Specialist
International Trade Specialist
Banking Operations Manager
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