The Trade Credit Agreement is a crucial document used in Malaysian business transactions where one party extends credit facilities to another for trade purposes. It is particularly relevant when establishing ongoing trading relationships that require credit terms beyond immediate payment. The agreement ensures compliance with Malaysian financial regulations and contract law, including the Contracts Act 1950 and Financial Services Act 2013. It typically includes detailed provisions on credit limits, payment terms, security arrangements, events of default, and enforcement mechanisms. This document is essential for businesses seeking to manage credit risk while maintaining healthy trading relationships, and it can be customized to address specific industry requirements and business needs while ensuring enforceability under Malaysian law.
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1. Parties: Identification of the credit provider and the customer, including full legal names, registration numbers, and registered addresses
2. Background: Context of the trading relationship and purpose of the credit facility
3. Definitions: Definitions of key terms used throughout the agreement
4. Credit Facility: Details of the credit limit, nature of the facility, and terms of availability
5. Payment Terms: Payment periods, methods of payment, and currency
6. Interest and Charges: Interest rates, late payment charges, and other applicable fees
7. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available
8. Representations and Warranties: Standard declarations about the customer's legal status and capacity
9. Covenants: Ongoing obligations of the customer during the term of the agreement
10. Events of Default: Circumstances that constitute default and consequences
11. Termination: Conditions and process for terminating the agreement
12. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes
13. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment
1. Security Arrangements: Include when specific security or collateral is required for the credit facility
2. Personal Guarantee: Include when personal guarantees from directors or related parties are required
3. Insurance Requirements: Include when specific insurance coverage is required for the traded goods
4. Credit Insurance: Include when credit insurance is required or provided
5. Trading Terms: Include when specific trading terms need to be incorporated into the credit agreement
6. Financial Covenants: Include when specific financial ratios or requirements must be maintained
7. Cross-Default Provisions: Include when default under other agreements should trigger default under this agreement
8. Force Majeure: Include when specific force majeure provisions are necessary for the trade relationship
1. Credit Limit Schedule: Detailed breakdown of credit limits and any sub-limits
2. Fee Schedule: Detailed listing of all applicable fees and charges
3. Security Details: Details of any security or collateral provided
4. Financial Reporting Requirements: Specific financial statements and reports required from the customer
5. Calculation of Interest: Detailed methodology for calculating interest and charges
6. Form of Drawdown Request: Standard form for requesting utilization of the credit facility
7. Authorized Signatories: List of persons authorized to act on behalf of each party
8. Compliance Certificates: Templates for periodic compliance certification
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Import/Export
Distribution
Construction
Agriculture
Mining
Automotive
Electronics
Textiles
Food and Beverage
Pharmaceuticals
Industrial Supplies
Consumer Goods
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Commercial Operations
Compliance
Account Management
Business Development
Corporate Secretarial
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Financial Controller
Treasury Manager
Legal Counsel
Commercial Director
Risk Manager
Account Manager
Business Development Manager
Compliance Officer
Credit Analyst
Contract Manager
Corporate Secretary
Finance Manager
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