1. Receiver sends to Provider a Letter from his Receiving Bank confirming that the Receiver has met requirement for the Bank to issue CONDITIONAL PAYMENT UNDERTAKING via SWIFT MT799 on behalf of Receiver.
2. Provider and Receiver sign the Deed of Agreement, which thereby automatically becomes a full recourse commercial contract after the Provider has accepted Receiver’s application.
3. Receiver issues CONDITIONAL PAYMENT UNDERTAKING via SWIFT MT799 for 6% of Full Face Value + 2% commission.
4. Within 3 banking days after CONDITIONAL PAYMENT UNDERTAKING/ SWIFT MT799 is confirmed by Providers Bank; Provider’s Bank will send SWIFT MT799 Pre-Advice to Receivers Bank and the BG/SBLC by SWIFT MT-760.
5. The Receiver’s bank receives, confirms and verifies the SWIFT MT760 (BG/SBLC); The Receiver's Bank then releases the CONDITIONAL PAYMENT UNDERTAKING for the benefit of the Provider within two banking days. Provider then pays the respective 1% commission on Provider’s side and the 1% commission of Receiver’s side to the respective brokers/agents.
(Should Receiver default to release the CONDITIONAL PAYMENT UNDERTAKING within two banking days after receipt of Swift MT-760, Provider shall instruct the issuing bank to put a claim on the BG/SBLC thereby forcing the Receiver's bankers to return the swift MT-760 (BG/SBLC) to the issuing Bank.)
6. Within Seven (7) banking days after receiving all fees; Hard copy will be sent to Receiver by bank-to- bank-bonded courier.