Sblc Procedure
Receiver sends a signed DOA Application to Provider, and also a Six Months Bank Account Statement showing that their company is in good business standing and have a balance of above 1% (1,000,000 to 5,000,000) of the SBLC value (100,000,000 to 500,000,000) of the SBLC They applied for.
Provider and Receiver sign the Deed of Agreement, which thereby automatically becomes a full recourse contract after the Provider has accepted Receiver’s application.
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.
Provider sends copy of the MT-799 Pre-Advice to the Receiver banking within one banking day, and also sends the Invoice for the 1% and a Refund undertaking confirming that the 1% will be refunded along with a 1% non-performance penalty if the MT760 is not issued within three banking days.
Within Two Banking days of the Receiver confirms receipt and verifies the MT799, The Receiver Pays 1% (1,000,000 to 5,000,000) out of x% Buy fee (or x% Lease Fee - in case of lease) to the sender’s Nominated bank account and sends the swift payment copy to the Provider.
Within Two Banking days of Provider receiving the 1% charge, Provider Bank shall send the SBLC by MT760.The Receiver’s bank receives, confirms and verifies the MT760 (SBLC);
The Receiver then pays within Five Banking days to Provider the balance x% (or x%- in case of Lease) to Senders nominated account. Receiver and also pay the 2% agent commission fees to agent / .(Should Receiver default to pay the fees to the Sender and the Intermediaries fees as agreed on this DOA within allowed number of days after receipt of Swift MT-760, Provider shall instruct the issuing bank to put a claim on the SBLC thereby forcing the Receiver's bankers to return the swift MT760 (SBLC) to the issuing Bank.)
Within Seven banking days after receiving all fees; Hard copy will be sent to Receiver bank by bank-bonded courier.This Deed of Agreement is a full recourse commitment governed by the Law of the jurisdiction that both parties reside and standards under ICC Regulation.
Provider and Receiver sign the Deed of Agreement, which thereby automatically becomes a full recourse contract after the Provider has accepted Receiver’s application.
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.
Provider sends copy of the MT-799 Pre-Advice to the Receiver banking within one banking day, and also sends the Invoice for the 1% and a Refund undertaking confirming that the 1% will be refunded along with a 1% non-performance penalty if the MT760 is not issued within three banking days.
Within Two Banking days of the Receiver confirms receipt and verifies the MT799, The Receiver Pays 1% (1,000,000 to 5,000,000) out of x% Buy fee (or x% Lease Fee - in case of lease) to the sender’s Nominated bank account and sends the swift payment copy to the Provider.
Within Two Banking days of Provider receiving the 1% charge, Provider Bank shall send the SBLC by MT760.The Receiver’s bank receives, confirms and verifies the MT760 (SBLC);
The Receiver then pays within Five Banking days to Provider the balance x% (or x%- in case of Lease) to Senders nominated account. Receiver and also pay the 2% agent commission fees to agent / .(Should Receiver default to pay the fees to the Sender and the Intermediaries fees as agreed on this DOA within allowed number of days after receipt of Swift MT-760, Provider shall instruct the issuing bank to put a claim on the SBLC thereby forcing the Receiver's bankers to return the swift MT760 (SBLC) to the issuing Bank.)
Within Seven banking days after receiving all fees; Hard copy will be sent to Receiver bank by bank-bonded courier.This Deed of Agreement is a full recourse commitment governed by the Law of the jurisdiction that both parties reside and standards under ICC Regulation.
