PROCEDURES:
1. Provider and Receiver sign the Deed of Agreement, which thereby automatically becomes a full recoursecontract after the Provider has accepted Receiver’s application.
2. Within Two banking days after both parties sign the Deed of Agreement, Provider submits the Deed of Agreement to their bank, Provider also sends a copy of the signed Deed of Agreement, Invoice, Refund undertaking letter to Receiver.
Receiver also submits the Deed of Agreement to their bank
3. Within Two Banking days of receiving copies of the final Deed of Agreement, Invoice and Refund undertaking, Receiver pays the Liquidation and bank auditors handling charges and sends the transfer confirmation copy to Provider for his confirmation.
4. Within Three banking days after confirmation of the Liquidation and auditors bank handling charges, Providers Bank sends the swift MT799 and the MT760, the MT760 will be sent on the same day or on the next day.
5. Provider sends copies of the swift MT799 and MT760 to Receivers for confirmation.
Receiver pays the broker fees to the brokers within Ten banking day of receiving the MT760. Providers Bank sends Hard copy of the BG or SBLC within Seven banking days to Receiver bank by bonded courier.
6. Receiver pays to Provider all fees due within Twenty-One Banking days after Hard copy of MT760 is delivered
7. Should Receiver default to pay according to as agreed in the Deed of Agreement, the Provider will instruct the Issuing Bank to put a claim on the BG or SBLC thereby forcing the Receiver's Bank to return the BG or SBLC by SWIFT MT760 to the Issuing Bank.
8. After Thirty banking days Provider will refund back to Receiver the Liquidation and auditors bank handling charges to Receivers provided account.
LIQUIDATION OF BLOCKED CASH ASSET AND EXTERNAL AUDITORS’ FEES FOR FRESH CUT BG/SBLC (MT799 AND MT760).
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Liquidation/external auditors’ fees for 1M to 20M is USD/EUR 50,000.00
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Liquidation/external auditors’ fees for 21M to 50M is USD/EUR 75,000.00
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Liquidation/external auditors’ fees for 51M to 200M is USD/EUR 100,000.00
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Liquidation/external auditors’ fees for 201M to 500M is USD/EUR 150,000.00
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Liquidation/external auditors’ fees for 501M to 1B is USD/EUR 300,000.00
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MONETIZING
In the case that the Receiver opts for the Providers assistance to get a Monetizing Company who will Monetize the MT760 for the Receiver; Then the Provider will be responsible to get a Monetizing Company who will help Receiver to Monetize the MT760 in form of a Non-refundable Funding to Receiver for value of 100% of the MT760, with one year only interest rate of 4% and a one time processing fee of 1% which are only to be paid after Monetizing Company Monetizes the MT760 and grants the Non-recourse and Non-refundable funding to the Receiver.
If the Monetizing Company is unable to monetize the MT760 and grant Non refundable funding to the Receiver within seven banking days of receiving the MT760 from Provider, the Provider will be liable to refund any fees paid by Receiver and will be liable to pay the 1% non performance penalty.
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