Cash Letters of Credit are fundamental financial instruments in Malaysian banking and international trade, providing payment security and facilitating commercial transactions. This document type is particularly useful when parties seek a secure payment method with bank-backed guarantees. The Cash Letter of Credit, governed by Malaysian law including the Financial Services Act 2013 and relevant international banking practices, contains specific terms regarding payment conditions, document requirements, and validity periods. It's commonly used in import/export transactions, large commercial purchases, and can be structured to comply with both conventional and Islamic banking principles under Malaysia's dual banking system. The document typically includes details of all involved parties, credit amount, validity period, payment terms, and document requirements, serving as a cornerstone of secure international trade finance.
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1. Parties: Details of the issuing bank, beneficiary, and applicant
2. Letter of Credit Number: Unique identification number assigned by the issuing bank
3. Date of Issue: The date when the Letter of Credit is issued
4. Credit Amount: The specific amount and currency of the Letter of Credit
5. Type and Form: Specification that this is a Cash Letter of Credit and whether it's revocable or irrevocable
6. Expiry Date: The date until which the Letter of Credit is valid
7. Place of Expiry: Location where the Letter of Credit expires
8. Payment Terms: Conditions and timing of payment, including whether it's at sight or with a specific usance period
9. Required Documents: List of documents that must be presented for payment
10. Shipment Terms: If applicable, details about shipment including latest shipment date and partial shipments
11. Presentation Period: Time period within which documents must be presented after shipment
1. Transfer Conditions: Include when the Letter of Credit is transferable, specifying the terms and conditions of transfer
2. Back-to-Back Provisions: Include when the Letter of Credit can be used as collateral for another Letter of Credit
3. Islamic Banking Compliance: Include when the Letter of Credit needs to comply with Shariah principles
4. Special Instructions: Include when there are specific requirements or conditions not covered in standard sections
5. Confirmation Instructions: Include when confirmation by another bank is required or prohibited
1. Schedule A - Document Requirements: Detailed list of required documents and their specifications
2. Schedule B - Payment Schedule: If payments are to be made in installments or have specific conditions
3. Schedule C - Special Conditions: Any additional terms or conditions specific to this Letter of Credit
4. Appendix 1 - Form of Demand: Standard format for making a demand under the Letter of Credit
5. Appendix 2 - Authorized Signatories: List of persons authorized to sign documents related to the Letter of Credit
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