Import-export and sourcing Africa, China, South-East Asia, South America and Europe
We are direct to a Buyer of BG_FC_1 year Issuing Banks: HSBC, Barclays, Deutsche Bank, Credit Suisse (Europe)
Currency: European Community Currency (EURO) Contract Amount: 50 Billion Euro First Tranche: Euro - 500 Million Subsequent Tranches: Euro 500M or as otherwise mutually agreed Mode of Payment: SWIFT (MT103/23)
Delivery: SWIFT MT-760 only followed by Hardcopy to be delivered via Bank courier within SEVEN (7) banking days.
TRANSACTION PROCEDURES: Buyer complete and duly sign this LOI with full bank co-ordinates together with CIS, Color Copy of Signatory Passport, Board Resolution, and Non-Solicitation Statement and FPA.
1)Within two (2) banking days after Buyer and Seller sign this Agreement Seller's bank will SWIFT via MT199 request to Buyer's bank, for confirmation of Buyer's bank availability of funds, readiness to accept Bank Guarantee (BG) and ability to perform this Agreement under the transaction Code.
2)Within two (2) banking days, Buyer's bank will reply to Seller's bank via SWIFT MT199 to confirm that they are ready to accept Bank Guarantee (BG) and the funds are available to perform this Agreement under Transaction Code.
3)Within two (2) banking days after receipt of confirmation from Buyer's bank, Seller's shall instruct his Bank Guarantee (BG) Issuing bank to SWIFT Bank Guarantee (BG) Pre-Advice via SWIFT MT799 to Buyer's bank with full text of Bank Guarantee.
4)Upon Buyer's bank receipt of Bank Guarantee (BG) Pre-Advice, Buyer's bank within three (3) banking days, will issue Irrevocable Conditional Bank Pay Order (ICBPO) to Seller's bank via SWIFT MT 103/23.
5)Upon satisfactory verification and authentication of Irrevocable Conditional Bank Pay Order (ICBPO) MT 103/23, Seller shall, within two (2) banking days, cause his Issuing Bank to send the Bank Guarantee via Swift MT760 to Buyer's bank.
6)Upon satisfactory verification and confirmation of MT760, within three (3) banking days, Buyer shall cause their bank to release payment of Irrevocable Conditional Bank Pay Order (ICBPO) MT 103/23.
7)Seller's Issuing Bank shall send the hard copy of the original instrument as per Buyer's bank instructions or to Buyer's bank via bonded courier within Seven (7) banking days.
8)Transaction continues according to the agreed tranche schedule and procedures.
