PROCEDURE SBLC
PROCEDURES: 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 o