PROCEDURES
1. BUYER SUBMITS DOA TOGETHER WITH COMPLIANCE DOCUMENTS
2. AFTER SUCCESSFUL DUE DILIGENCE, THE PRINCIPAL COUNTERSIGNS THIS DOA AND BOTH PARTIES SHALL LODGE THE DOA PACKAGE WITH THEIR RESPECTIVE BANKS.
3. BUYER BANK ISSUES A BANK OFFICER LETTER (FORMAT OF THE LETTER ATTACHED) FROM HIS BANK TO THE ADDRESS OF THE PRINCIPAL, XXXXXXXXX LTD, DIRECTLY TO THE BANK OFFICER EMAIL WITH THE REFERENCE NUMBER FOR SAFE MAIL: XXXXXXXX, (COPY TO XXXXXXXX) THE PRINCIPAL'S BANK CONFIRMS THE RECEIPT OF THE BCL TO THE PRINCIPAL AND THE CONFIRMATION.
4. WITHIN THREE (3) BANKING DAYS AFTER COUNTERSIGN DOA BY THE PROVIDER, THE PROVIDER’S BANK WILL ISSUE PRE-ADVICE VIA SWIFT MT799 CONFIRMING THAT THE INSTRUMENT WILL BE DELIVERED VERSUS ISSUANCE OF THE BPU VIA SWIFT MT799 BY THE BUYER'S BANK PROVIDING THE COPY VIA BANK SECURE EMAIL.
5. THE PROVIDER WILL ISSUE CORPORATE INVOICE AND THE BUYER’S BANK WILL ISSUE BPU WITH AMOUNT OF FORTY PLUS TWO PERCENT (42%) VALUE OF SBLC VIA SWIFT MT799 WITHIN TWO (2) BANKING DAYS AFTER THE BUYER’S BANK HAS RECEIVED CORPORATE INVOICE. THE BUYER’S BANK WILL PROVIDE THE COPY SWIFT MT799 BPU VIA BANK SECURE EMAIL AND UNDERTAKE TO PAY ALL INTERMEDIARIES IN SEPARATED IRREVOCABLE MASTER FEE PROTECT AGREEMENT IMFPA.
6. ALL COMMISSIONS WILL BE PAID AS PER IRREVOCABLE MASTER FEE PROTECT AGREEMENT SIGNED BY BUYER OF SBLC.
7. WITHIN TWO (2) BANKING DAYS AFTER THE PRINCIPAL’S BANK HAS RECEIVED AND AUTHENTICATED THE BPU SWIFT MT799, THE PRINCIPAL’S BANK DELIVERS THE SBLC VIA SWIFT MT760 PROVIDING THE COPY VIA BANK SECURE EMAIL.
8. WITHIN SEVEN (7) BANKING DAYS AFTER THE INSTRUMENT IS RECEIVED BY SWIFT MT760 AND AUTHENTICATED THE BUYER’S BANK WILL ACTIVATE THE BPU IN VALUE OF 40 + 2% OF FACE VALUE OF SBLC AND PAY BY SWIFT MT103 SAME DAY VALUE.
9. THE BUYER PAYS FORTY PLUS TWO PERCENT (42%) OF FACE VALUE OF TO THE ACCOUNT OF PRINCIPAL, (BANK DETAILS ATTACHED) BY EACH TRANCHE.
2. AFTER SUCCESSFUL DUE DILIGENCE, THE PRINCIPAL COUNTERSIGNS THIS DOA AND BOTH PARTIES SHALL LODGE THE DOA PACKAGE WITH THEIR RESPECTIVE BANKS.
3. BUYER BANK ISSUES A BANK OFFICER LETTER (FORMAT OF THE LETTER ATTACHED) FROM HIS BANK TO THE ADDRESS OF THE PRINCIPAL, XXXXXXXXX LTD, DIRECTLY TO THE BANK OFFICER EMAIL WITH THE REFERENCE NUMBER FOR SAFE MAIL: XXXXXXXX, (COPY TO XXXXXXXX) THE PRINCIPAL'S BANK CONFIRMS THE RECEIPT OF THE BCL TO THE PRINCIPAL AND THE CONFIRMATION.
4. WITHIN THREE (3) BANKING DAYS AFTER COUNTERSIGN DOA BY THE PROVIDER, THE PROVIDER’S BANK WILL ISSUE PRE-ADVICE VIA SWIFT MT799 CONFIRMING THAT THE INSTRUMENT WILL BE DELIVERED VERSUS ISSUANCE OF THE BPU VIA SWIFT MT799 BY THE BUYER'S BANK PROVIDING THE COPY VIA BANK SECURE EMAIL.
5. THE PROVIDER WILL ISSUE CORPORATE INVOICE AND THE BUYER’S BANK WILL ISSUE BPU WITH AMOUNT OF FORTY PLUS TWO PERCENT (42%) VALUE OF SBLC VIA SWIFT MT799 WITHIN TWO (2) BANKING DAYS AFTER THE BUYER’S BANK HAS RECEIVED CORPORATE INVOICE. THE BUYER’S BANK WILL PROVIDE THE COPY SWIFT MT799 BPU VIA BANK SECURE EMAIL AND UNDERTAKE TO PAY ALL INTERMEDIARIES IN SEPARATED IRREVOCABLE MASTER FEE PROTECT AGREEMENT IMFPA.
6. ALL COMMISSIONS WILL BE PAID AS PER IRREVOCABLE MASTER FEE PROTECT AGREEMENT SIGNED BY BUYER OF SBLC.
7. WITHIN TWO (2) BANKING DAYS AFTER THE PRINCIPAL’S BANK HAS RECEIVED AND AUTHENTICATED THE BPU SWIFT MT799, THE PRINCIPAL’S BANK DELIVERS THE SBLC VIA SWIFT MT760 PROVIDING THE COPY VIA BANK SECURE EMAIL.
8. WITHIN SEVEN (7) BANKING DAYS AFTER THE INSTRUMENT IS RECEIVED BY SWIFT MT760 AND AUTHENTICATED THE BUYER’S BANK WILL ACTIVATE THE BPU IN VALUE OF 40 + 2% OF FACE VALUE OF SBLC AND PAY BY SWIFT MT103 SAME DAY VALUE.
9. THE BUYER PAYS FORTY PLUS TWO PERCENT (42%) OF FACE VALUE OF TO THE ACCOUNT OF PRINCIPAL, (BANK DETAILS ATTACHED) BY EACH TRANCHE.
#40+2
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