SBLC Purchasing Procedure

PROCEDURE:

1- SENDER and RECEIVER execute and sign this Deed of Agreement, which thereby automatically becomes a full recourse commercial contract after RECEIVER’S application has been accepted by the SENDER.  

  2- Upon acceptance SENDER ‘shall immediately instruct his bank to open bank communication with the receiver's Bank and  send SECURED BANK TO BANK  email ready, willing and able to RECEIVER bank officer to confirm RECEIVER bank account coordinates where they  can receive the instrument.

a)   RECEIVER bank officer accept and confirms.

b)  RECEIVER responds with executing  SWIFT MT799 BLOCK FUNDS

 confirming availability of 50% OF THE FACE VALUE TO BUY THE PROPOSED INSTRUMENT For 500 MILLION

3- Upon receipt, confirmation and compliance of Pre-Advice MT799 SWIFT from SENDER’S bank, RECEIVER shall respond within two days for MT760 swift transmission FOR DELIVERY OF THE SBLC

4- Within (2) two Banking days of SENDER’S Bank confirming the receipt of the SBLC via MT-760.

5- RECEIVER’S Bank confirms and verifies SBLC MT760 and within 1 – 5 Banking days, shall pay to SENDER for Purchase 42 % of face value of the instrument Face Value and pay the additional 2% agent commission fees to agent as per attached IMFPA.

6- Should RECEIVER default to pay the fees to the SENDER and the Intermediaries fees as agreed on this contract within allowed number of days on confirmation of SWIFT MT-760, SENDER shall instruct the issuing bank to put a claim on the SBLC thereby forcing the RECEIVER’S bankers to return the SBLC swift MT760 to the issuing Bank.)

7- Within Ten (10) banking days upon receiving the PAYMENT from the Buyer, the Seller‘s bank will send the hard copy of the SBLC via bank bonded courier.

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