SBLC 31072023

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 TRANSACTION PROCEDURES

1. SELLER bank sends the Pre-Advice via SWIFT MT199 or SWIFT MT799 [Appendix-B] to BUYER bank.

2. BUYER bank replies with “BANK PAYMENT UNDERTAKING” via SWIFT MT199 or SWIFT MT799 [Appendix-C] to SELLER Bank.

3. SELLER bank delivers "STANDBY LETTER OF CREDIT/BANK GUARANTEE" VIA SWIFT MT760 [Appendix-D] to BUYER bank.

4. Upon validation and authentication of the delivered "STANDBY LETTER OF CREDIT / BANKGUARANTEE" MT760, within seven (7) banking day, BUYER settles payment per SELLER invoice to SELLER designated account.

5. SELLER’s bank sends the hard copy of the original instrument as per BUYER bank instruction or to BUYER bank via bonded courier within Seven (7) banking days.

6. Transaction continues according to the agreed tranche schedule [Appendix-E] and procedures.

Both parties confirm that each is fully empowered, legally qualified and duly authorized to execute and deliver the bank instrument or funds, and to be bound by its terms and conditions.

Subsequent tranches will continue until contract is exhausted and finished.  Any unauthorized calls by any party or its representative lawyers to probe or communicate in an improper way to Bank(s) in this transaction shall be prohibited and contract terminated.

All default or failure to perform as per the terms and conditions, if the Client’s Bank fails to receive the confirmation, and Bank Guarantee/ Standby Letter of Credit as per the above terms and conditions, the Client shall immediately place a claim of a Suspicious Activity Report (SAR) shall be filed to the relevant authorities and legal action shall commence.

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