DBS SINGAPORE CASH-BACKED FC SBLC
DETAILS
• SBLC ISSUING BANK: DBS SINGAPORE
• TOTAL PURCHASE PRICE: X% (X% INVOICE PRICE + 2% EXTERNAL IRREVOCABLE MASTER FEE AGREEMENT
• MINIMUM REQUIRED CONTRACT SIZE: 100M+ EURO OR USD
• ACCEPTABLE BANKS AND JURISDICTIONS: TOP 100 IN WESTERN EUROPE, USA, CANADA, AUSTRALIA, SINGAPORE, AND HONG KONG.
• NOTE: THIS PROVIDER DOES NOT REQUIRE AN UPFRONT BCL OR BANK STATEMENT. AN ATV IS REQUIRED WITH THE KYC. NO UPFRONT FEES.
CLIENT FRIENDLY PROCEDURES FOR SBLC PURCHASE
1. THE BUYER COMPLETES, SIGNS, AND SUBMITS BOTH THE EXTERNAL IRREVOCABLE MASTER FEE AGREEMENT (IMFPA) AND KYC. THE SIGNED (IMFPA) IS SENT TO THE EXTERNAL CONSULTANTS AS A LEGALLY BINDING CONTRACT, AND THE KYC IS SUBMITTED TO THE PROVIDER FOR DUE DILIGENCE.
2. AFTER SUCCESSFUL DUE DILIGENCE ON THE BUYER’S KYC, THE PROVIDER SIGNS THE DOA AND PRESENTS IT TO THE BUYER FOR REVIEW AND COUNTERSIGNING.
3. THE BUYER COUNTERSIGNS THE DOA, THEREBY MAKING IT A LEGALLY BINDING CONTRACT. THE BUYER THEN INSTRUCTS THEIR BANK TO SENDS SWIFT MT 799 TO THE PROVIDER’S BANK INFORMING THEM THAT THEY ARE READY, WILLING, AND ABLE TO RECEIVE A PURCHASED BG/SBLC OF [DESIRED EURO/DOLLAR AMOUNT]. THE BUYER WILL SEND TO THE PROVIDER A COPY OF THE SWIFT FOR TRACKING.
4. UPON RECEIPT OF THE ABOVE MENTIONED SWIFT, THE PROVIDER, IN TWO (2) BANKING DAYS, WILL SEND PRE-ADVICE VIA SWIFT MT799 TO THE BUYER’S NOMINATED RECEIVING BANK. THE PROVIDER WILL SEND THE BUYER COPY OF THE SWIFT FOR TRACKING.
5. THE BUYER ON RECEIVING THE PRE-ADVICE VIA SWIFT MT799, WILL ISSUE BANK PAYMENT UNDERTAKING (BPU) IN THREE (3) BANKING DAYS VIA SWIFT MT799 TO THE PROVIDER’S NOMINATED BANK (X% OF THE TOTAL FACE VALUE). THE BUYER WILL SEND THE PROVIDER COPY OF THE SWIFT FOR TRACKING.
6. THE PROVIDER UPON RECEIPT OF THE BANK PAYMENT UNDERTAKING AND AFTER VERIFICATION THEIR BANK WILL ISSUE THE SWIFT MT760 SBLC TO THE BUYER’S BANK. THE PROVIDER WILL SEND THE BUYER COPY OF THE SWIFT FOR TRACKING.
7. THE BUYER ON RECEIVING THE SWIFT MT760 SBLC AND AFTER VERIFICATION AND AUTHENTICATION, THE BUYER’S BANK SHALL RELEASE FULL PAYMENT WITHIN FIVE (5) BUSINESS DAYS TO THE PROVIDER AND INTERMEDIARIES VIA UNCONDITIONAL SWIFT MT103.
8. WITHIN SEVEN (7) BANKING DAYS FROM THE PROVIDER AND INTERMEDIARIES RECEIVING THE AGREED PAYMENT, THE
PROVIDER’S ISSUING BANK SHALL DELIVER THE SBLC HARD COPY TO THE BUYER’S BANK BY
BANK BONDED COURIER.
9. ALL SUBSEQUENT TRANCHES
WILL BE BASED ON THE SAME PROCEDURES, UNTIL THE REQUIRED
AMOUNT IS DELIVERED IN FULL.
10. ANY UNAUTHORIZED BANK CALLS, PROBES OR COMMUNICATIONS, OR IMPROPER SOLICITATION OR DISCLOSURE INVOLVING THE RESPECTIVE BANKS CONCERNED IN THIS TRANSACTION WILL RESULT IN IMMEDIATE CANCELLATION OF THIS TRANSACTION AND THE VIOLATING PARTY WILL INCUR COSTS FOR DAMAGES.
11. THE BUYER AND THE PROVIDER BEFORE SIGNING THIS CONTRACT MUST HAVE THE ASSURANCE OF THEIR BANK THAT IT AGREES WITH THE PARTS OF THE CONTRACT THAT CONCERNS IT.
12. AFTER THE SIGNING OF THE CONTRACT, BOTH PARTIES ARE OBLIGED TO PROCEED TO ITS COMPLETION. FOR NON-COMPLIANCE WITH THE CONTRACT, THE PENALTY WILL BE €500,000 PAID BY THE PARTY THAT DOES NOT COMPLY WITH THE CONTRACT
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