Payment terms explained: TT deposit and Usance LC

TT deposit: a telegraphic transfer of part of the contract value, commonly 30%, paid when the proforma invoice is confirmed. Usance LC: a letter of credit under which the bank pays the seller at a set time after shipment, for example 60 or 90 days, giving the buyer time to receive and sell the cargo. It must be issued by a top-tier bank acceptable to Malaysian banks. 100% payment with EXIM Bank insurance is the alternative for new buyers. SBLC is not accepted. Upload your transfer slip in the deal room; our Finance team confirms it only once the funds arrive.