An Electronic Letter of Credit is a crucial financial instrument in modern international trade, adapted for the digital age while maintaining the security and reliability of traditional letters of credit. This document is specifically structured to comply with Malaysian law, including the Electronic Commerce Act 2006 and Financial Services Act 2013, while adhering to international banking standards (UCP 600). It is used when parties require a secure, bank-guaranteed payment method in international trade transactions but prefer to handle documentation electronically. The document includes detailed specifications for electronic submission of trade documents, digital authentication requirements, and specific protocols for electronic communication between parties. It's particularly valuable in situations where rapid processing is required and parties wish to reduce paper-based documentation while maintaining the security and certainty that letters of credit provide.
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1. Issuing Bank Details: Complete details of the issuing bank including name, branch, SWIFT code, and contact information
2. Beneficiary Details: Full name and address of the beneficiary (seller/exporter)
3. Applicant Details: Full name and address of the applicant (buyer/importer)
4. L/C Number and Date: Unique reference number and date of issuance
5. Currency and Amount: Credit amount and currency, specified both in figures and words
6. Expiry Date and Place: Final date and location for presentation of documents
7. Available With/By: Specification of how the credit is available (payment, acceptance, negotiation) and with which bank
8. Electronic Presentation Terms: Specific requirements and protocols for electronic submission of documents
9. Required Documents: Detailed list of all required documents and their electronic format specifications
10. Shipment Terms: Latest shipment date, partial shipments, transhipment conditions
11. Description of Goods/Services: Detailed description of the goods or services being traded
12. Electronic Authentication: Methods and requirements for digital signatures and electronic verification
1. Transferability Clause: Include when the L/C needs to be transferable to a second beneficiary
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Green Clause: Include when warehouse storage-related advances are permitted
4. Revolving Terms: Include for recurring trade relationships where the L/C automatically renews
5. Back-to-Back Provisions: Include when the L/C supports back-to-back credit arrangements
6. Standby Provisions: Include when the L/C functions as a standby credit
7. Special Payment Terms: Include for deferred payment or acceptance terms
8. Force Majeure Clause: Include specific provisions for electronic system failures or cyber incidents
1. Schedule A - Technical Requirements: Detailed specifications for electronic document submission, including file formats, encryption requirements, and communication protocols
2. Schedule B - Electronic Authentication Procedures: Step-by-step procedures for digital signatures and electronic verification
3. Schedule C - Document Presentation Checklist: Standardized checklist for required documents and their electronic format requirements
4. Appendix 1 - Standard Message Formats: Templates for standard electronic messages and notifications
5. Appendix 2 - Security Protocols: Security requirements and procedures for electronic transmission
6. Appendix 3 - Contact Details: List of relevant contact persons and their details for technical and operational support
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Commodities Trading
Retail
Wholesale
Shipping and Logistics
Agriculture
Mining and Resources
Technology and Electronics
Textiles and Apparel
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Commercial Banking
Risk Management
Compliance
Treasury
Operations
Legal
Digital Banking
Trade Operations
Financial Control
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Commercial Banking Manager
Import/Export Manager
Trade Operations Officer
Compliance Officer
Risk Manager
Treasury Manager
Financial Controller
International Business Development Manager
Trade Finance Analyst
Letters of Credit Specialist
Banking Operations Manager
Digital Banking Officer
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