The SBLC At Sight is a crucial financial instrument used in Malaysian and international business transactions where parties seek a reliable payment security mechanism. This document type serves as a bank's irrevocable undertaking to pay the beneficiary upon compliant presentation of specified documents, providing a robust form of financial security in commercial transactions. Under Malaysian jurisdiction, the SBLC must comply with the Financial Services Act 2013 and Bank Negara Malaysia's guidelines, while also adhering to international banking practices. The document is particularly valuable in cross-border transactions, large-scale projects, and trade finance arrangements where parties require a dependable payment guarantee backed by a banking institution.
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1. Letter Reference Number and Date: Unique identifier for the SBLC and issuance date
2. Issuing Bank Details: Complete name, address, and contact information of the issuing bank
3. Beneficiary Details: Full name and address of the party in whose favor the SBLC is issued
4. Applicant Details: Full name and address of the party requesting the SBLC
5. SBLC Amount and Currency: Precise statement of the maximum drawable amount and currency
6. Expiry Date and Place: Clear statement of when and where the SBLC expires
7. Drawing Terms: Specific conditions and documentation required for drawing under the SBLC
8. Payment Terms: Specification that payment is to be made at sight upon compliant presentation
9. Presentation Location: Where documents must be presented for payment
10. Governing Law and Jurisdiction: Statement that Malaysian law governs and reference to UCP 600/ISP98
11. Authentication: Official bank signatures and authentication details
1. Transferability Clause: Include when the SBLC needs to be transferable to another beneficiary
2. Partial Drawings Clause: Include when multiple partial drawings are to be permitted
3. Assignment of Proceeds: Include when rights to proceeds may be assigned to third parties
4. Automatic Extension Clause: Include when the SBLC should automatically extend under certain conditions
5. Multiple Banking Facility Reference: Include when the SBLC is part of a larger banking facility
6. Force Majeure Clause: Include when specific force majeure provisions are required beyond standard bank practices
1. Specimen Demand Format: Standard format for making a compliant demand under the SBLC
2. Required Supporting Documents List: Detailed list of documents required for presentation
3. Bank Authorization Evidence: Proof of authority of bank signatories
4. Specimen Signatures: Authorized signatures for verification purposes
5. Form of Transfer Request: Standard format for requesting transfer of the SBLC if transferable
6. Form of Assignment Notice: Standard format for notifying assignment of proceeds if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Construction
Energy
Infrastructure
Real Estate
Telecommunications
Mining and Resources
Oil and Gas
Shipping and Logistics
Import/Export
Wholesale and Distribution
Relevant Teams
Legal
Treasury
Trade Finance
Corporate Banking
Risk Management
Compliance
International Banking
Credit Administration
Operations
Documentary Credits
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
Treasury Manager
Credit Risk Officer
Financial Controller
Import/Export Manager
Compliance Officer
Legal Counsel
Chief Financial Officer
Banking Operations Manager
Documentary Credits Specialist
International Trade Specialist
Senior Credit Analyst
Banking Relationship Manager
Transaction Banking Officer
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