Borrower signs this Letter of Intent with full banking coordinates and returns together with Client Information Sheet, board resolution, IMFPA and scanned copy of their passport.
Provider complete Due Diligence within 72 hours, countersigns and returns the Letter of Intent, along with Bank coordinate details and enlarged scanned copy of signatory passport. Making the Letter of Intent a Binding Contract. Both parties shall lodge the Contract with their handling banks for record.
Within Three (3) international bank days upon satisfactory verification and authentication of the Payment,Provider/Seller’s Bank will issue Pre Advice via SWIFT MT-799 to Buyer bank, followed by MT760 upon .
Within FIVE (5) international bank days upon successful authentication of SWIFT MT-760, Beneficiary’s Bank will repurchase MT103 to cover the cost of the INSTRUMENT.
Hard Copy of the BG/SBLC will be delivered to Beneficiary’s Bank within Seven (7) international bank days via bonded bank courier.
The same Procedure will be continued for further tranches, secondary contracts up to 5 years as per NCND OF ICC REGULATIONS. WITH LATEST VERSIONS.
If Buyer or the receiving Bank not able to Settle cost of Instrument within Five (5) banking Days,Seller instruct their Issuing Bank force to recall the issued BG/SBLC by MT760 from the receiving Bank within 15 days from the issuance.