The Unrestricted Letter of Credit is a crucial financial instrument in international trade transactions under Malaysian jurisdiction. It is typically used when an importer (buyer) needs to provide payment security to an exporter (seller) in international trade transactions. This document, governed by Malaysian banking laws and international UCP 600 rules, contains specific details about the transaction, including payment terms, shipping requirements, and document presentation conditions. The unrestricted nature means the beneficiary has the flexibility to negotiate the documents through any bank of their choice, making it particularly attractive for exporters who want maximum flexibility in their trade finance arrangements. The document incorporates necessary safeguards for all parties while complying with Bank Negara Malaysia's regulatory requirements and international banking practices.
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1. Letter Reference Number and Date: Unique LC reference number and issuance date
2. Bank Details: Full details of the issuing bank including address and SWIFT code
3. Beneficiary Details: Complete name and address of the beneficiary (seller/exporter)
4. Applicant Details: Complete name and address of the applicant (buyer/importer)
5. Credit Amount and Currency: The maximum amount and currency of the LC
6. Type and Form of Credit: Specification that this is an irrevocable, unrestricted LC
7. Expiry Date and Place: Valid until date and location where documents must be presented
8. Available With/By: Specification of how and where the credit is available (payment, acceptance, negotiation)
9. Partial Shipments/Transhipment: Whether these are allowed or prohibited
10. Loading/Dispatch/Taking in Charge: Place of departure
11. Port of Discharge/Final Destination: Place of arrival
12. Latest Date of Shipment: Final date by which shipment must be made
13. Document Requirements: List of required documents for presentation
14. Additional Conditions: Any other terms and conditions of the credit
15. Bank Charges: Specification of which party bears which charges
16. Presentation Period: Time period after shipment within which documents must be presented
1. Revolving Terms: Include when the LC is to automatically renew under specified conditions
2. Red Clause Provisions: Include when advance payment facilities are to be provided to the beneficiary
3. Transfer Terms: Include when the LC needs to be transferable to another beneficiary
4. Back-to-Back Provisions: Include when the LC will be used as collateral for another LC
5. Confirmation Instructions: Include when confirmation by another bank is required
6. Special Payment Terms: Include for deferred payment or acceptance terms
7. Green Clause Provisions: Include when storage facilities and advance payment are required
1. Commercial Invoice Template: Prescribed format for commercial invoice presentation
2. Required Document Checklist: Detailed list of required documents and their specifications
3. Shipping Terms: Detailed shipping requirements and INCOTERMS specifications
4. Goods Description Schedule: Detailed description of goods, quantities, and unit prices
5. Bank Amendment Form: Standard form for requesting amendments to the LC
6. Presentation Schedule: Specific requirements for document presentation
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture
Oil and Gas
Mining and Resources
Retail
Wholesale Distribution
Electronics
Textiles
Automotive
Construction
Chemical Industry
Food and Beverage
Commodities Trading
Relevant Teams
Trade Finance
International Business
Treasury
Legal
Compliance
Risk Management
Finance
Supply Chain
Operations
Credit Administration
Documentary Credits
International Sales
Relevant Roles
Trade Finance Manager
International Business Development Manager
Import/Export Coordinator
Credit Manager
Treasury Manager
Financial Controller
Trade Operations Officer
Compliance Officer
Banking Relationship Manager
Supply Chain Manager
Chief Financial Officer
Documentary Credits Specialist
Trade Finance Analyst
Risk Management Officer
International Sales Manager
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