SBLC PROCEDURE

TRANSACTION PROCEDURES Fiduciary Escrow Agent Account :

  1. The Client submits duly sealed and signed DEED OF AGREEMENT (DoA) on his Letter Head with full Banking Coordinate of the Receiving Bank along with below compliance documents: Deed of Agreement (DOA), Know Your Client forms (KYC), Corporate Resolution (CR), Non-Solicitation Statement (NS), Non-Circumvention and Non-Disclosure Agreement (NCND), Client’s Signatory Color Copy of Passport;
  2. Upon receipt of the signed DOA and of the compliance documents from the Client, the Provider/Issuer, after the legal due diligence will countersign and return the DOA to the Client, through the Mandate, which automatically becomes a commercial appeal contract business suit, and lodged with respective banks;
  3. Within 3 banking days from the DoA countersign, Client will deposit in the Fiduciary Escrow Agent account the sum of € 000.000,00 (/00 Euro);
  4. Within 3 banking days from the receipt of the deposit in the Fiduciary Escrow Agent account, the Provider/Issuer shall instruct his issuing bank to issue the pre-advice via SWIFT MT799, and copy executed of the swift will be sent to the Client and to Fiduciary Escrow Agent for knowledge;
  5. Within 3 banking days from the receipt of the pre-advice via swift MT799, the Client will be caused through his Receiver to instruct the receiving bank to issue bank RWA via swift MT799 to the Provider/Issuer’s bank. Client will send to the Provider/Issuer and Fiduciary Escrow Agent copy of the executed swift for knowledge;
  6. Within 5(five) banking days from the receipt of the bank RWA via swift MT799, Provider/Issuer instructs the issuing bank to issue the Standby Letter of Credit which will be transmitted and confirmed via   Swift MT760 to the receiving bank of the Receiver appointed by Client. Provider/Issuer will send to the Client and Fiduciary Escrow Agent copy of the swift for knowledge
  7. Within and not later than 5 banking days from the receipt of the Swift MT760 of the Standby Letter of Credit treated and after verification and authentication, Receiver appointed by Client, shall release the 8+2% (ten percent) unconditionally payment via swift MT103 to the Provider/Issuer which included the commission for the intermediaries.
  8. If within 3 (three) banking days from the sending of the SWIFT MT799 by the issuing bank, addressed to the receiving bank, the latter does not send the SWIFT MT799 message with the attached RWA of reply, the Fiduciary Escrow Agent, in its capacity as trustee and contract executor, will make the bank transfer of €000,00 :10% ( 8+2) ) to………………………………………within the following 24 hours to the bank details communicated by it, as of now in this case, Part A will waive any opposition or exception in this regard. All terms and condition of execution delivery of the deposit of €XX.:10% ( 8+2) are stated on the Escrow Agreement which is integral part of the DoA;
  9. Within 7 banking days after receiving MT103 of payment for the 8+2% (ten percent) of nominal value of the Standby Letter of Credit treated, Provider/Issuer instructs his issuing bank to send hard copy of the Standby Letter of Credit treated to the receiving bank of Receiver appointed by Client, via by bank-bonded courier.
    1. Any unauthorized calls by any Party or its representative or lawyers to probe or communicate in an improper way with any Bank(s) in this transaction is prohibited.

    “No answer or Silence” means consent from Issuing bank or receiving bank (but not from third parties) this will be considered valid like a formal and official communication accepted with the exception of cases of incorrect, inadequate or false Swift communication for which banks are not liable nor obliged to answer. In such case, the bank that has received incorrect, inadequate or false Swift communication must state such reject giving a written attestation against the incorrect, inadequate or false Swift communication.

    It is understood that no additional charges will be applied by the Provider/Issuer as remittance obligations for charges on the swift wire.