lease BG 8%

PROCEDURE:

1)      The Receiver sends letter of intent (LOI) to the Provider. The LOI should contain copies of Receiver’s passport, Company’s resolution and Client’s Information Sheet (CIS), Company Registration and IMFPA.

2)      The Provider countersigns this LOI and returns to Receiver with Provider’s company signatory’s passport, escrow agreement for 8% security deposit, and this LOI automatically becomes a full commercial non- recourse contract. Both parties shall lodge the executed contract to their respective banks.  

3)      Within Three (3) banking days after confirmation of receipt of 8% security deposit in escrow, the Provider will deliver the SBLC/BG via bank confirmation of
swift SBLC/BG MT760 to the Receiver's bank

4)      The Escrow agent  pays the Provider the Lease price. Receiver pays the brokers their commission fees not later than 7 banking days after the SBLC/BG hard copy is received and confirmed at the Receiver's bank. Should Receiver default to pay the Lease price to the Provider and the brokers’ commission fees as agreed after 7 banking days of confirmation of SBLC/BG MT760 in Receiver's bank account, The Provider will instruct the issuing bank to put a claim on the SBLC/BG thereby forcing the Receiver's bankers to return the SBLC/BG MT760 to the issuing Bank.

5)      Any unauthorized calls by any party or its representative lawyers
to probes or communication in an improper way to bank(s) in this
transaction shall be prohibited and contract terminated

6)      This Letter of Intent is a full recourse commercial commitment
governed by the Law of the jurisdiction that both parties agree and
standards under ICC Regulation.