A Counter Standby Letter of Credit is typically required in complex international transactions where multiple layers of security are needed. This banking instrument, governed by Malaysian law and international banking practices, is commonly used when a bank needs additional backing to issue a primary Standby Letter of Credit. The document contains crucial elements including the maximum drawable amount, validity period, drawing conditions, and specific requirements for claim presentation. It's particularly relevant in scenarios where the primary SBLC issuing bank requires additional security from another bank, often due to credit risk considerations or regulatory requirements. The Counter SBLC must comply with Malaysian banking regulations, including the Financial Services Act 2013, while also adhering to international standards such as UCP 600 and ISP98.
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1. Issuing Bank Details: Complete details of the bank issuing the Counter SBLC including name, address, SWIFT code, and reference numbers
2. Date and Place of Issue: The specific date and location where the Counter SBLC is issued
3. Counter SBLC Number: Unique reference number for the Counter SBLC
4. Applicant Details: Full details of the party requesting the Counter SBLC, including name, address, and registration numbers
5. Beneficiary Bank Details: Complete details of the bank that will receive the Counter SBLC and issue the primary SBLC
6. Amount and Currency: The maximum drawable amount and currency of the Counter SBLC
7. Expiry Date: Clear statement of when the Counter SBLC expires
8. Form of Presentation: Specifications for how demands or claims must be presented
9. Drawing Terms and Conditions: Detailed conditions under which the Counter SBLC can be drawn upon
10. Governing Law and Jurisdiction: Statement that Malaysian law governs the Counter SBLC and jurisdiction for disputes
1. Automatic Extension Clause: Optional clause specifying if the Counter SBLC automatically extends beyond its expiry date under certain conditions
2. Partial Drawings: Section specifying whether partial drawings are allowed, include when multiple drawings might be necessary
3. Transfer Conditions: Include when the Counter SBLC needs to be transferable to other beneficiaries
4. Islamic Banking Compliance: Required only when the Counter SBLC needs to be Shariah-compliant
5. Language Preference: Include when the Counter SBLC might need to be issued in multiple languages
6. Special Instructions: Any unique requirements or conditions specific to the transaction
1. Schedule A - Primary SBLC Details: Details of the primary SBLC that this Counter SBLC is supporting
2. Schedule B - Required Documents: List of documents required for any drawing under the Counter SBLC
3. Schedule C - Form of Demand: Template for making a compliant demand under the Counter SBLC
4. Appendix 1 - Authentication Procedures: Specific procedures for authenticating claims and communications
5. Appendix 2 - Fee Schedule: Details of all applicable fees, charges, and commission
6. Appendix 3 - Communication Protocols: Specified methods and requirements for all communications related to the Counter SBLC
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