TRANSACTION PROCEDURE
The Provider and Receiver shall sign the Deed of Agreement (DOA), which automatically becomes a full recourse commercial contract after the Provider has accepted/countersigned the Receiver's application.
Note: 1. US$ 20,000.00 (Refundable Deposit to be paid by the Seller/Provider Party) to open 3x24 hours (Windows Time) to receive SWIFT MT199 and MT799 PRE-ADVICE.
2. NO SWIFT.COM OR SWIFT.NET OR ALLIANCE MANAGEMENT OR OTHER
PLATFORM ACCEPTED. GENUINE & ORIGINAL SWIFT BRUSSELS ONLY.
3. NO PHONE OR EMAIL COMMUNICATION. VIA SWIFT ONLY.
4. NO SWIFT MT-799 BPU.
Within 2-3;working days, The Provider shall instruct the issuing Bank to send a Brussels SWIFT MT 199 to The Receiver stating their readiness, willing and able (RWA) and time frame to send the MT799 and MT760 via Brussels SWIFT to the Receiver. Upon receipt of reply by Receiver via MT199, the issuing bank of the Provider will issue an MT-799 Pre-Advice (Exhibit A), confirming their readiness, willingness, and ability to issue the SBLC via Swift MT-760, as outlined in Exhibit B. The Provider is obligated to send a copy of the MT-799 Pre-Advice to the Beneficiary within seventy-two (72) banking hours.
Within Three (3) working days after receipt and verification of the swift MT-799 Pre-Advice, receiver’s bank will automatically respond via swift MT-799 and will release Advance Payment (AP) in amount of 1% (One Percent) of Face Value plus refundable deposit of 20,000USD to issuer’s bank. But if within the agreed WINDOWS TIME the SWIFT MT-799 DID NOT ACCEPTED BY RECEIVER'S DESIGNATED BANK, so the refundable deposit would be the right of Receiver as a compensation fee!
Within three (3) banking days after receipt and verification of the swift MT-799 and 1% of Advance Payment, the issuing bank shall issue the SBLC via swift MT-760 (as outlined in Exhibit B) to SBLC receiver’s bank. Provider shall instructs his bank officer to send an original hard copy of SBLC to receiver’s bank officer via bank bonded courier.
Upon receiving the Swift MT760 SBLC and Original Hard Copy of SBLC, the receiving bank will confirm and verify it. The Receiver, within three to seven (3-7) banking days of receiving and verifying the SWIFT MT760, will remit payment of 51%(Fifty One Percent) of Face Value to the Provider’s designated account(s). Additionally, the Receiver will remit payment for the consultancy fees to the intermediaries’ designated account(s) as per the Irrevocable Fees Protection Agreement.
Should the Beneficiary default in paying the buying purchase price and fees as stipulated in this DOA within the stipulated time after receipt of Swift MT-760, the Provider shall instruct the issuing bank to put a claim on the SBLC. This action will compel the receiving bank to return the Swift MT-760 SBLC to the issuing bank. This is contingent upon it being required and agreed upon beforehand.
THE PROVIDER HAS THE RESPONSIBILITY TO MAKE SETTLEMENT OF THIS STANDBY LETTER.
Any unauthorized and/or unarranged calls by any party or its representative lawyers to probe or communicate in an improper way to the bank(s) involved in this transaction are strictly prohibited. Such actions might result in this contract being automatically terminated.
Bank-to-bank communication is prohibited. The only permitted method of communication is via the Provider's secured bank's email confirmation, if previously agreed upon, or through via MT199 for any additional requirements that may arise.
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