Import-export and sourcing Africa, China, South-East Asia, South America and Europe
We are direct to a buyer of bg_fc_50B & he is ready to finalize through his line of credit with these procedures:
1. Buyer sends LOI to the Seller, copies of Buyer's passport, Company's resolution and (CIS), Company Registration and IMFPA.
2. Seller countersigns this LOI and returns to Buyer with seller's company registration no and signatory's passport, and this LOI automatically becomes a full commercial recourse contract. Both parties shall lodge the executed contract to their respective banks.
3. Seller's bank will send MT-199 to Buyer's bank to verify Buyer's capability to receive the said BG, Buyer's bank reply MT-199 to confirm that the buyer has full capability to receive the said BG and able to complete the transaction which can be verified by the Seller.
4. Seller's Bank sends Pre-Advice of Bank Guarantee full information by SWIFT MT-799 to Buyer's Bank. On receipt of the SWIFT MT-799, Buyer's Bank starts verification with Seller's Bank, inclusive of confirming delivery of the BG upon satisfactory verification.
5. Buyer will arrange their paying bank to deliver Irrevocable Conditional Bank Pay Order ("ICBPO") by Swift MT-103/23 in favor of Sellers designated parties to pay the required funds.
6. Upon the arrival of Swift MT-103/23, Seller's bank will deliver the Bank Guarantee via Swift MT-760 to Buyer's designated receiving bank coordinates.
7. Upon successful verification and authentication of the Swift MT-760 of the BG, the Buyer's bank will remit the full amount as stated in the ICBPO within Three (3) banking days via Swift to pay the required fund. fund.
8. Within 7 banking days after receiving the funds as per ICBPO, the issuing bank sends the original hard copy of the BG to Buyer's bank by bank-bonded courier.
