Issuing Bank Credit Suisse/NBD/NBAD/RAKBANK
Transaction Procedures
RECEIVER EXECUTE, SIGN AND INITIAL THIS DEED OF
AGREEMENT (MOU).
WITHIN 2 (TWO) BANKING DAYS AFTER SIGNING OF CONTRACT,
THE PROVIDER BANK SENDS SOFT COPY OF THE BANK DRAFT
AND CONFIRMATION LETTER TO RECEIVER BANK. BANK OFFICER’S
MAIL TO BANK OFFICER’S MAIL.
WITHIN 2 (TWO) BANKING DAYS AFTER VERIFICATION OF SOFT
COPY, RECEIVER BANK WILL ISSUE AN UNDERTAKING PAYMENT MT799
IN FAVOUR OF THE PROVIDER.
UPON RECEIPT OF THE UNDERTAKING PAYMENT, PROVIDER
SHALL CONFIRM IT BY MT110 SWIFT TO RECEIVER BANK
AFTER CONFIRMATION OF MT110, WITHIN 2 BANKING DAYS
RECEIVER INSTRUCTS HIS BANK TO RELEASE THE TOTAL PAYMENT
OF 40% OF THE TOTAL VALUE
OF THE BANK DRAFT) MUST BE ADVANSED TO PROVIDER
THEIR PROVIDED/NOMINATED BANK ACCOUNT VIA SWIFT
WIRE TRANSFER MT103 SAME DAY VALUE, DAY OF RECEIPT.
THE HARD COPY WILL BE SENT OVER TO THE CLIENT,
IMMEDIATELY AFTER CONFIRMATION OF THE FULL PAYMENT
RECEIVER EXECUTE, SIGN AND INITIAL THIS DEED OF
AGREEMENT (MOU).
WITHIN 2 (TWO) BANKING DAYS AFTER SIGNING OF CONTRACT,
THE PROVIDER BANK SENDS SOFT COPY OF THE BANK DRAFT
AND CONFIRMATION LETTER TO RECEIVER BANK. BANK OFFICER’S
MAIL TO BANK OFFICER’S MAIL.
WITHIN 2 (TWO) BANKING DAYS AFTER VERIFICATION OF SOFT
COPY, RECEIVER BANK WILL ISSUE AN UNDERTAKING PAYMENT MT799
IN FAVOUR OF THE PROVIDER.
UPON RECEIPT OF THE UNDERTAKING PAYMENT, PROVIDER
SHALL CONFIRM IT BY MT110 SWIFT TO RECEIVER BANK
AFTER CONFIRMATION OF MT110, WITHIN 2 BANKING DAYS
RECEIVER INSTRUCTS HIS BANK TO RELEASE THE TOTAL PAYMENT
OF 40% OF THE TOTAL VALUE
OF THE BANK DRAFT) MUST BE ADVANSED TO PROVIDER
THEIR PROVIDED/NOMINATED BANK ACCOUNT VIA SWIFT
WIRE TRANSFER MT103 SAME DAY VALUE, DAY OF RECEIPT.
THE HARD COPY WILL BE SENT OVER TO THE CLIENT,
IMMEDIATELY AFTER CONFIRMATION OF THE FULL PAYMENT
OF 40%
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