Lease SBLC

TRANSACTION PROCEDURE:

1)   BOTH PARTIES (PROVIDER AND BENEFICIARY) EXECUTE, SIGN AND INITIATE THE DEED OF AGREEMENT, WHICH THEREBY AUTOMATICALLY BECOMES A FULL  RECOURSE CONTRACT.

2)   WITHIN TWENTY FOUR HOURS AFTER BOTH PARTIES SIGN THE AGREEMENT, BENEFICIARY SHALL CONFIRM DEPOSIT OF (2%) ON ESCROW WITH THE DESIGNATED LAWYER] AND RELEASED TO THE PROVIDER (PROVIDER) WITHIN 24 HOURS AFTER SATISFACTORY CONFIRMATION OF SBLC VIA SWIFT MT760.

3)   WITHIN 3 WORKING DAYS AFTER PROVIDER RECEIVES CONFIRMATION OF DEPOSIT 2% SECURITY DEPOSIT ON ESCROW, THE PROVIDER WILL DELIVER A PRE-ADVICE OF THE SENDING OF THE BG/SBLC VIA MT799 SWIFT CONFIRMATION TO THE BENEFICIARY BANK CO-ORDINATES. BENEFICIARY CONFIRMS THE MT799, PROVIDER DELIVERS THE BG/SBLC VIA MT760.

5)   WITHIN 7 BANKING DAYS UPON THE CONFIRMATION AND AUTHENTICATION OF THE MT760, COMPLETE FEES MUST BE RELEASED TO PROVIDER’S DESIGNATED RECEIVING BANK ACCOUNT AND SEPARATE IMFP PRESENTED IN FEE AGREEMENT TO THE INTERMEDIARIES. THE PROVIDER WILL THEN DELIVER THE HARD COPY OF THE SBLC VIA BANK BONDED COURIER IN SEVEN (7) BANKING DAYS. FACILITATOR FEES ARE ALSO REPRESENTED BY THE SEPARATE IMFP.

6)   SHOULD BENEFICIARY DEFAULT TO PAY BALANCE OF THE ‘CONTRACT FEE’S TO THE PROVIDER WITHIN 7 BANKING DAYS AFTER CONFIRMATION OF SBLC MT760 IN BENEFICIARY'S BANK ACCOUNT, PROVIDER WILL INSTRUCT THE ISSUING BANK TO PUT A CLAIM ON THE SBLC THEREBY FORCING THE BENEFICIARY'S BANKERS TO RETURN THE SBLC MT760 TO THE ISSUING BANK.

7)   THE DEFAULTING PARTY PAYS THE PENALTY OF 2% OF FACE VALUE OF SBLC. 50% OF THE PENALTY PAID WILL BE DISTRIBUTED TO THE INTERMEDIARIES/CONSULTANTS OF BOTH SIDES, INVOLVED IN THE TRANSACTION. 

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