1. Receiver submits Letter Of Intent (LOI) with full banking coordinates (there must be sufficient cash funds in this account), Colour copy of Passport , Client Information Sheet , Certificate of Incorporation (if applicable), Corporate Resolution (if applicable), Non-Solicitation Statement, Irrevocable Fee Protection Agreement.
2. After conducting due diligence, the Issuer will countersign & seal the LOI and return it to Receiver with the Issuer’s full banking coordinates.
3. Within 24 hours of receiving the signed contract, the Receiver shall instruct the receiving bank to issue BCL/RWA ACQUISITION OF FINANCIAL INSTRUMENT via MT 799 to the Issuer’s designated bank for verification. (As per Appendix A)
4. Within 72 hours banking days upon verification of the BCL/RWA ACQUISITION OF FINANCIAL INSTRUMENT MT799 on bank to bank basis, Issuer will instruct the issuing bank to issue and deliver the Bank Guarantee by MT760 to Receiver’s designated bank for verification and authentication. (As per Appendix B)
5. Within 3 banking days upon verification and authentication and validation of the Bank Guarantee on bank to bank basis, Receiver bank will effect payment of issuing fee of 40% and 2% consultant fee to their respective bank accounts as agreed herewith via MT103 Wire Transfer.
6. Within 7 banking days after receipt of full payment of the issuing fees 40% and 2% commission to agents, the Issuer’s bank will deliver the hard copy of the bank instrument to the Receiver's bank by bank bonded courier.
7. Should Receiver fails to pay the 40% issuing fees within allowed time stipulated in the agreement after confirmation of BG/SBLC in Receiver’s bank account, Issuer will instruct the issuing bank to put a claim on the bank instrument thereby forcing the Receiver's bank to return the bank instrument BG/SBLC to the issuing bank.
8. Transaction is to continue as per agreed tranche schedule. Any unauthorized bank calls, Probes or communications, or an improper solicitation or disclosure involving any of the banks concerned in this transaction will result in immediate cancellation of this transaction and subject the violating party to damages.