1. Receiver submits Letter Of Intent
2. After dd,Provider will countersign the LOI and return it to Receiver including details of the SBLC Issuing bank, and Provider’s Passport copy.
3. Both parties open a joint account in HK,Receiver place 50K in the joint account,banking fees charges bear by receiver,after confirmation of 50k is in place,Provider within Two (2) banking days after this agreement being lodged with the banks,The Provider’s bank shall send SWIFT MT799 pre advice, Receiver upon receive MT799, released joint account fund in HK to pay for MT760 swift fees.
4. For Provider’s to proceed for MT 760,Receiver release MT760 swift fees and place 2% face value in the joint account, after confirmation of 2% is place in the joint account, Provider will SWIFT MT760 delivery of the SBLC to the designated receiving bank account coordinates of the BORROWER/RECEIVER.
5.After verified 2% face value is into joint account,Provider to swift MT760 to receiver,s bank account. MT760 (see verbiage exhibit A).
6. After received MT760 and authenticated, Receiver release the 2% of joint account to PROVIDER ACCOUNT and Balance of payment (9%+3%) payment within 5 days, with SELLER/ LESSOR corporate invoice for full payment. Lessee will also pay the of intermediaries fees.