The Letter of Credit Amount document is a fundamental instrument in Malaysian international trade finance, utilized when parties require a secure method of payment in cross-border transactions. It serves as an irrevocable commitment by a bank to pay a specified amount to a beneficiary upon presentation of compliant documents. Operating within Malaysia's dual banking system, which encompasses both conventional and Islamic banking, the Letter of Credit Amount must comply with the Financial Services Act 2013 or Islamic Financial Services Act 2013, as applicable. The document typically includes detailed information about the credit amount, currency, expiry date, required documents, and shipping terms, providing essential security for international trade transactions while meeting both local regulatory requirements and international banking standards.
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1. Bank Letterhead and Reference Number: Official bank letterhead with unique LC reference number and date
2. Applicant Details: Full name, address, and contact information of the party requesting the LC
3. Beneficiary Details: Full name, address, and contact information of the party in whose favor the LC is issued
4. Credit Amount and Currency: Precise specification of the LC amount in figures and words, including currency denomination
5. Form of Credit: Specification that this is an irrevocable letter of credit and its type (e.g., sight, deferred payment)
6. Expiry Date and Place: Clear statement of when and where the LC expires
7. Available With/By: Specification of the nominated bank and method of availability
8. Required Documents: Detailed list of all documents required for presentation
9. Shipment Terms: Details of shipment including latest shipment date and partial shipments if applicable
10. Authorization: Authorized signatures and bank stamps
1. Transfer Conditions: Include when the LC is transferable, specifying transfer terms and conditions
2. Special Instructions: Any additional instructions or conditions specific to the transaction
3. Islamic Banking Compliance: Include for Shariah-compliant LCs, specifying relevant Islamic banking principles
4. Revolving Credit Terms: Include when the LC is revolving, specifying reinstatement terms
5. Red Clause Provisions: Include when advance payment is permitted, specifying terms of advance
6. Back-to-Back LC Terms: Include when the LC is issued against another LC
7. Confirmation Instructions: Include when confirmation is requested from another bank
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Payment Terms: Detailed breakdown of payment terms, timing, and conditions
3. Schedule C - Goods Description: Detailed description of goods or services covered by the LC
4. Appendix 1 - UCP 600 Compliance: Reference to specific UCP 600 articles applicable to this LC
5. Appendix 2 - Bank Charges Schedule: Breakdown of all applicable bank charges and who bears them
6. Appendix 3 - Amendment Format: Standard format for future amendments to the LC if needed
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Wholesale
Commodities Trading
Shipping and Logistics
Agriculture
Energy
Construction
Mining and Resources
Relevant Teams
Trade Finance
International Banking
Treasury
Credit Operations
Documentary Credits
Trade Operations
Compliance
Legal
Risk Management
Corporate Banking
International Trade Operations
Financial Control
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Manager
Treasury Manager
Finance Director
Import/Export Manager
Trade Operations Manager
Documentary Credits Specialist
Compliance Officer
Financial Controller
Banking Relationship Manager
Chief Financial Officer
Trade Finance Analyst
Letter of Credit Specialist
International Business Manager
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