The 180 Days Usance Letter of Credit is a crucial financial instrument in international trade, particularly relevant under Malaysian jurisdiction where it must comply with the Financial Services Act 2013 and other local banking regulations. This type of LC is specifically designed for transactions where buyers require extended payment terms, providing sellers with a bank-backed guarantee of payment after a 180-day period. The document is commonly used in trade scenarios involving capital goods, large industrial equipment, or situations where longer production or shipping cycles necessitate extended payment terms. The LC must incorporate both local Malaysian legal requirements and international banking practices (UCP 600), making it a complex but essential tool for facilitating international trade while managing credit risks and ensuring regulatory compliance.
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1. LC Number and Bank Details: Unique LC identification number and issuing bank's complete details
2. Date of Issue: The date when the LC is issued and becomes effective
3. Applicant Details: Complete name, address, and contact information of the party requesting the LC (usually the buyer)
4. Beneficiary Details: Complete name, address, and contact information of the party in whose favor the LC is issued (usually the seller)
5. Currency and Amount: The currency and maximum amount for which the LC is issued, in both figures and words
6. Expiry Date and Place: The final date and location where documents must be presented
7. Payment Terms: Specification of the 180 days usance period, starting point of the usance period, and payment execution details
8. Required Documents: List of all documents required for presentation under the LC
9. Shipment Terms: Details of shipment including latest shipment date, partial shipment, and transhipment conditions
10. Goods Description: Detailed description of the goods being traded, including quantity and unit price
1. Transfer Conditions: Include when the LC needs to be transferable to another beneficiary
2. Special Instructions: Any additional conditions or requirements specific to the transaction
3. Insurance Requirements: Specific insurance requirements when required beyond standard coverage
4. Pre-shipment Inspection: When specific inspection requirements need to be met before shipment
5. Confirmation Instructions: When confirmation by another bank is required or prohibited
1. Schedule A - Document Requirements: Detailed list and format of required documents including commercial invoice, transport documents, insurance certificates, etc.
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods when they are complex or require specific details
3. Schedule C - Special Payment Conditions: Detailed breakdown of any special payment arrangements, including partial payments if applicable
4. Appendix 1 - UCP 600 Incorporation: Specific articles of UCP 600 that apply to this LC
5. Appendix 2 - Bank Forms: Standard forms required by the issuing bank for document presentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
International Trade
Banking and Financial Services
Commodities Trading
Heavy Industry
Agriculture
Textiles
Electronics
Construction Materials
Industrial Equipment
Relevant Teams
Trade Finance
Treasury
International Banking
Financial Operations
Legal
Compliance
Risk Management
Procurement
Supply Chain
Documentary Credits
Relevant Roles
Trade Finance Manager
International Trade Specialist
Treasury Manager
Finance Director
Import/Export Manager
Trade Operations Officer
Documentary Credits Specialist
Banking Relationship Manager
Compliance Officer
Chief Financial Officer
Supply Chain Manager
Procurement Manager
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