Performance Letters of Credit are essential financial instruments in Malaysian commercial transactions, particularly in large-scale projects and international trade. This document type is commonly used when a party requires security for the performance of contractual obligations, such as construction projects, supply contracts, or service agreements. The Performance Letter of Credit provides the beneficiary with a bank's irrevocable commitment to pay upon presentation of specified documents indicating a failure to perform. Under Malaysian jurisdiction, these instruments are governed by the Financial Services Act 2013, with additional compliance requirements for Islamic banking variants under the Islamic Financial Services Act 2013. They follow international banking standards (UCP 600) while incorporating local regulatory requirements, making them suitable for both domestic and international transactions.
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1. Issuing Bank Details: Complete details of the bank issuing the Letter of Credit
2. Beneficiary Details: Full identification and contact details of the party receiving the Letter of Credit
3. Applicant Details: Complete information about the party requesting the Letter of Credit
4. Credit Number and Date: Unique identification number and issuance date of the Letter of Credit
5. Contract Reference: Reference to the underlying contract or agreement for which the Performance LC is issued
6. Credit Amount: Specified amount and currency of the Letter of Credit
7. Expiry Date and Place: Clear statement of when and where the Letter of Credit expires
8. Performance Obligations: Detailed description of the performance obligations being guaranteed
9. Drawing Terms and Conditions: Specific conditions under which the Letter of Credit can be drawn
10. Required Documents: List of documents that must be presented for any drawing
11. Governing Law and Jurisdiction: Specification of applicable law and jurisdiction
1. Transferability Clause: Section specifying whether and how the Letter of Credit can be transferred to another beneficiary
2. Partial Drawings: Terms regarding whether partial drawings are permitted and under what conditions
3. Force Majeure Provisions: Additional clauses covering force majeure events and their impact on the LC
4. Counter-Guarantee Terms: Terms of any counter-guarantee arrangements if applicable
5. Islamic Banking Compliance: Additional terms for Shariah compliance if required
6. Assignment of Proceeds: Terms regarding the assignment of proceeds to third parties
7. Silent Confirmation: Provisions for silent confirmation if requested by the beneficiary
1. Schedule A - Performance Specifications: Detailed technical specifications of the performance requirements
2. Schedule B - Drawing Certificate Format: Prescribed format for the drawing certificate to be presented
3. Schedule C - Form of Demand: Standard format for making a demand under the Letter of Credit
4. Appendix 1 - Required Document Formats: Templates and formats for all required supporting documents
5. Appendix 2 - Contract Extract: Relevant excerpts from the underlying contract
6. Appendix 3 - Bank's Standard Terms: Standard terms and conditions of the issuing bank
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction
Infrastructure Development
Manufacturing
Energy and Utilities
Oil and Gas
International Trade
Real Estate Development
Engineering Services
Telecommunications
Mining and Resources
Government and Public Sector
Relevant Teams
Legal
Finance
Treasury
Project Management
Risk Management
Compliance
Trade Finance
Commercial Operations
Credit Control
Document Control
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Project Manager
Contract Manager
Legal Counsel
Trade Finance Manager
Risk Manager
Compliance Officer
Banking Relationship Manager
Commercial Director
Credit Manager
Document Controller
Financial Controller
Corporate Banking Officer
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