Compra BG / SBLC

Procedimiento de la Transacción
Transaction Procedure

1.-Buyer provides full CIS with complete bank coordinates of receiving Bank including bank officer name, rank and complete contact information, Bank Good Standing Letter and Introductory Engagement commitment.

2. Seller and Buyer execute, sign and initial Platform Brokerage Agreement and Deed of Agreement, which thereby automatically becomes a full commercial recourse contract to be lodged by both parties for initiation of Swift Transmission.

3. Within two (2) working days after the Buyer receives contract documents, executed with acceptance to proceed, the Buyer will remit by direct wire transfer into the Seller’s provided bank coordinates for the receiving of the issuing Bank charges, transmission and principle swift fee, One-off fee for the BG/SBLC via Swift MT799 Pre-Advice and Swift MT760 in the amount of (see attachment)

4. Within two (2) banking days after both parties have signed the Agreement, complying with procedure, Seller’s bank shall send their Readiness, Willingness and Ability (RWA) to Buyer’s email address via secured bank email protocol confirming their ability to issue the bank instrument.

5. Within three (3) banking days after both parties signed the Agreement, Seller will issue a Corporate Invoice for payment of fees and a Corporate Refund Recourse Undertaking to the Buyer   guaranteeing   to   refund   to    the    Buyer    all    cost    incurred    by    Buyer    as the transmission/administrative charges for the transmission of Pre-Advice via Swift MT799 and BG/SBLC via Swift MT760, both after due execution of the contract and in case of failure on the Seller’s side the Corporate Refund Recourse Undertaking guarantees that the Seller
refunds completely the transmission/administrative fees in addition to a penalty for failure of performance being 1% of the total face value of SBLC.

6. Within three (3) banking days after confirmation of receipt of payment of the bank transmission/administrative fees for the transmission of the BG/SBLC via Pre-Advice via Swift MT799 and Swift MT760 in Seller’s designated bank account, the Seller will deliver the Pre- Advice of BG or SBLC via Bank to Bank confirmation of Swift MT799 or MT760 to the Buyer’s banker.

7. Within two (2) banking days Receiver’s Bank will respond and issue a Bank
Payment Undertaking (BPU) via SWIFT MT799 to Provider’s designated Bank account(s) as
stipulated in this Agreement for an amount of 40% of face value plus 5% commissions fees.

8. Thereafter, within one (1) banking days Provider’s Bank will issue with full bank responsibility, a fully cash backed BG/SBLC via SWIFT MT760 (ICC 600 or latest version) (see Annex) to the Receiver’s Bank

9. Within two (2) banking days upon successful receipt and authentication of the
SBLC, Receiver’s bank will release payment of Buyer sends the full payment of the BG/SBLC by Swift MT103 Same Day Payment to the Seller designated accounts (deducting the initially paid bank transmission/administrative fees) plus the broker’s commission of 5% of total Face Value by wire transfer within Two (2) international banking days upon of delivery, confirmation, and verification of BG or SBLC by MT760 in the Buyer’s nominated account

10. The hard copy of BG or SBLC is sent via bonded courier within seven (7) international banking
days to the Buyer’s bank.

Any unauthorized calls by any party or its representative lawyers to probes or communication in an improper way to the bank(s) in this transaction shall be prohibited and contract terminated.

Should the Buyer default to pay the purchase price to the Seller and the broker’s commission as agreed after Ten (10) banking days of confirmation of BG /SBLC via Swift MT760 in buyer’s bank account, Seller will instruct the issuing bank to put a claim on the BG/SBLC thereby forcing the Buyer’s bankers to return the BG, SBLC to the issuing Bank.

Terms and procedures can be discussed and adapted to a particular transaction.