PROCEDURES:
1.
Receiver sends to Provider a Letter from his
Receiving Bank confirming that the Receiver has met requirement for the Bank to
issue CONDITIONAL PAYMENT UNDERTAKING via SWIFT MT799 on behalf of Receiver.
2. Provider and
Receiver sign the Deed of Agreement, which thereby automatically becomes a full
recourse commercial contract after the Provider has accepted Receiver’s
application.
3.
Receiver
issues CONDITIONAL PAYMENT UNDERTAKING via SWIFT MT799 for 6% of Full Face
Value + 2% commission.
4.
Within 3 banking
days after CONDITIONAL
PAYMENT UNDERTAKING/ SWIFT MT799 is
confirmed by Providers Bank; Provider’s
Bank will send SWIFT MT799 Pre-Advice to Receivers Bank and the BG/SBLC by SWIFT
MT-760.
5.
The Receiver’s bank
receives, confirms and verifies the SWIFT MT760 (BG/SBLC); The Receiver's Bank then
releases the CONDITIONAL
PAYMENT UNDERTAKING for the benefit of
the Provider within two banking days. Provider
then pays the respective 1% commission on Provider’s side and the 1% commission
of Receiver’s side to the respective brokers/agents.
(Should
Receiver default to release the CONDITIONAL PAYMENT UNDERTAKING within two banking days after receipt of Swift MT-760, Provider shall instruct the issuing bank to
put a claim on the BG/SBLC thereby forcing the Receiver's bankers to return the
swift MT-760 (BG/SBLC) to the issuing Bank.)
6.
Within Seven (7) banking
days after receiving all fees; Hard copy will be sent to Receiver by bank-to-
bank-bonded courier.
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