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close procedure min 500m - 1b


1.   Receiver sends to Provider a Letter from his Receiving Bank confirming that the Receiver the Bank to issue (ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL)) on behalf of Receiver. 

2.      Provider and Receiver sign the DOA, which thereby automatically becomes a full recourse contract after the Provider has accepted Receiver’s application.

3. Receiver. issues conditional ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL) for 36% of Full Face Value (6% of Full Face Value - In case of Lease) + 2% commission.

4.      Within Three banking days after ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL) is confirmed by Providers Bank; Provider Bank will send MT799 Pre-Advice and MT-760.

5.      The Receiver’s bank receives, confirms and verifies the MT760 (BG/SBLC);The Receiver's Bank then releases the ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL) for the benefit Provider within two banking days.Provider then pays the respect 1% commission on seller’s side and the 1% commission of Receivers side to the respective brokers/agents.

(Should Receiver default to lease the ICBPO / MT799 PAYMENT UNDERTAKING (CONDITIONAL) 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.)

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