close procedure min 51m - 500m

1.      Receiver sign the draft Agreement and submits to Provider with Six Months Bank Account Statement showing that they have a balance of above 1% (510,000 to 5,000,000) of the BG/SBLC value (51,000,000 to 500,000,000) of the BG/SBLC They applied for. 

2.      Provider reviews and if acceptable signs which thereby automatically becomes a full recourse commercial contract. Provider returns the final contract to the Receiver.

3.      Within Two banking days after both parties sign the Deed of Agreement and Bank Account Statement is sent; Provider Bank will send MT799 Pre-Advice to Receivers Bank.

  

4.      Provider sends copy of the MT-799 Pre-Advice to the Receiver banking within Twenty Four Hours.

5.      Within Two Banking days of the Receiver confirms receipt of the MT-799, The Receiver Pays 1% (510,000 to 5,000,000) out of 38% Buy fee (or 6% Lease Fee - in case of lease) to the sender’s Nominated bank account and sends the swift payment copy to the Provider.

6.      Within Two Banking days of Provider receiving the 1% charge, Provider Bank shall send the BG/SBLC by MT-760. 

[NOTE: THIS IS NOT UPFRONT SINCE ISSUING BANK IS CONFIRMING RWA AND FULL RESPONSIBILITY] FIRST.

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