1. Receiver sends to Provider a Letter from his Receiving Bank confirming that the Receiver has met requirement for the Bank to issue Irrevocable Conditional Bank Pay Order (ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL)) on behalf of Receiver.
2. Provider and Receiver sign the Deed of Agreement
3. Receiver issues conditional ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL) for 36% of Full Face Value (8% of Full Face Value - In case of Lease) + 2% commission.
4. Within Three banking days after ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL) is confirmed by Providers Bank; Provider Bank send MT799 Pre-Advice to Receivers Bank and the BG/SBLC by MT-760.
5. The Receiver’s bank receives, confirms and verifies the MT760 (BG/SBLC);The Receiver's Bank then releases the ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL) for the benefit of the Provider within two banking days.
Provider then pays the respect 1% commission on seller’s side and the 1% commission of Receivers side to the respective brokers/agents.
(Should Receiver default to lease the ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL) 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 banking days after release of ICBPO (CONDITIONAL); Hard copy will be sent to Receiver bank by bank-bonded courier.
7. This Deed of Agreement is a full recourse commercial commitment governed by the Law of the jurisdiction that both parties reside and standards under ICC Regulation.