Procedures:
1. The Party B sends this Agreement to the Party A with full banking information, passport copy, etc. Party A countersigns the Agreement and returns it to Party B with details of the receiving bank, the signatory’s passport copy, etc. This Agreement therefore automatically becomes a full commercial recourse contract. Both parties shall lodge the executed contract with their respective banks.
2. Party B shall immediately instruct his bank officer to send email/swift for confirmation of opening RMA for PLG or confirmation that the receiving is ready, willing and able to receive the Bank Draft Confirmation via SWIFT MT998/MT110. Upon PLG receives email/swift from receiving Bank, Party A will instruct PLG to send RMA SWIF MT999 or SWIFT MT 998/MT110 request to the receiving Bank promptly or
3. Upon PLG receives the receiving Bank's reply back and confirmation of RMA via SWIFT or email, then Party A will instruct PLG to send Pre-advice via SWIFT MT799 to the Receiving bank within 24 hrs. The draft of BD will be issued first to make sure that there is no mistake on the verbiage.
REMARK:
- To avoid opening RMA Key exchange, PLG can send SWIFT MT998/ MT760 instead.
- After settlement between PLG and the receiving bank for sending SWIFT, Party B must issue the post dated cheque for Party A as security immediately.
4. Within three(3) banking days upon receipt and authentication of cheque from Party B and the receiving bank confirms that he is ready, willing and able to receive BANK DRAFT Confirmation SWIFT MT998/MT110, then Party A will instruct his bank to send SWIFT MT998/ MT110 promptly.
5. Within Three (3) banking days after receipt of the Bank Draft confirmation SWIFT MT998/MT110 , Party B’s bank releases the payment via MT103 or T/T to Party A’s designated bank. Simultaneously, 2% consultancy fee will be paid to the intermediaries’ accounts as designated to Party A.
6. Any unauthorized calls by any party or its representative lawyers to probe or communication with other the party’s bank(s) shall be prohibited without expressed written permission.
7. Penalty Cause: Any party who fails to honor this agreement shall pay three percent (3%) of the BD amount in this agreement as the penalty to the suffering parties, in which half intermediates involved.