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Sblc Closing Procedure

1.    THE BUYER SUBMITS THIS COMPLETED AND SIGNED DOA TO THE PROVIDER, INCLUDING THEIR CIS AND FULL TRANSACTING BANK COORDINATES.
2.    AFTER SUCCESSFUL DUE DILIGENCE, THE PROVIDER COUNTERSIGNS THIS DOA, WITH FULL CIS AND FULL ISSUING BANKING CO-ORDINATES, THEREFORE THIS AGREEMENT BECOMES A FULL RECOURSE CONTRACT, AND LODGED WITH RESPECTIVE BANKS. 
3.    WITHIN TWO (2) BANKING DAYS AFTER RECEIVING THE PROVIDER’S BANK WILL SEND BUYER’S BANK RWA THROUGH MT199 (DRAFT TEST IN EXHIBIT “A”). 
4.    WITHIN TWO (2) BANKING DAYS AFTER RECEIPT OF THE MT199 RWA, BUYER’S BANK SHALL REPLY WITH POF MT199 (DRAFT TEST IN EXHIBIT “B”).  
5.    WITHIN TWO (2) BANKING DAYS AFTER RECEIPT OF THE POF MT199 FROM BUYER’S BANK, PROVIDER’S BANK SHALL SEND SWIFT MT799 PRE-ADVICE TO THE RECEIVER’S BANK. 
6.    WITHIN TWO (2) BANKING DAYS UPON RECEIPT OF THE MT799 FROM THE PROVIDER, THE BUYER SHALL REPLY WITH A BPU MT799 TO THE RECEIVING BANK (DRAFT TEST IN EXHIBIT “C”). THE PROVIDER WILL SEND THE BUYER COPY OF THE SWIFT FOR TRACKING.                    7.    THE BUYER ON RECEIVING THE PRE-ADVICE VIA SWIFT MT799, WILL ISSUE BANK PAYMENT UNDERTAKING (BPU)@RWA FUNDING IN THREE BANKING DAYS VIA SWIFT MT799 TO THE PROVIDER’S NOMINATED BANK. (DRAFT TEXT IN APPENDIX-D) THE BUYER WILL SEND THE PROVIDER COPY OF THE SWIFT FOR TRACKING.
8.    THE PROVIDER UPON RECEIPT OF THE BPU AND AFTER VERIFICATION THEIR BANK WILL ISSUE THE SWIFT MT760 SBLC TO THE BUYER’S BANK (DRAFT TEXT IN APPENDIX-E). THE PROVIDER WILL SEND THE BUYER COPY OF THE SWIFT FOR TRACKING.
9.    THE BUYER ON RECEIVING THE SWIFT MT760 SBLC AND AFTER VERIFICATION AND AUTHENTICATION, THE BUYER’S BANK SHALL RELEASE FULL PAYMENT WITHIN TEN  (10) BUSINESS DAYS TO THE PROVIDER AND INTERMEDIARIES VIA UNCONDITIONAL SWIFT MT103. 

info@gweltd.xyz
subject : ref L21042020 45+3

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