TRANSACTION PROCEDURE ( 2) :
1. Lessor and Lessee sign a Private Deed of Agreement (DOA) which then becomes immediately a legally binding and valid contract between the parties, that will be lodged into each party’s respective transaction banks. Party A must be able to provide correct receiving bank’s coordinates and contact information of bank officers of receiving bank BEFORE the bank-to-bank transaction.
2. Lessee’s Receiving Bank will issue a Bank Confort Letter ( BCL ) via Swift MT199 to Lessor’s Issuing Bank or via secured Email to Lessor to confirm that it is ready, willing and able to receiving the BG/SBLC via MT760.
3. After receiving Lessee’s BCL via MT199 or via secured Email, the Lessor’s bank will send a RWA–Pre-Advice of BG/SBLC via email to Lessee’s bank officer’s email to enable Lessee verify the BG/SBLC.
4. Within two (2) international banking days after receiving RWA–Pre-Advice of BG/SBLC via email, Lessee’s Bank will issue ICBPO (Irrevocable Conditional Bank Pay Order) via MT799 concluded by MT103 in favour of the issuer, payable:
Within seven (07) international banking days upon receipt of the BG/SBLC via SWIFT MT760, and after its verification and authentication confirmation, would immediately and automatically settle all of issuing bank’s charges and consultancy fees + EUROS 200,000.00 via SWIFT MT103 unconditional.
5. Within three (03) ) international banking days after receiving ICBPO of Lessee’s bank, Lessor’s bank will immediately issue and deliver of BG/SBLC via Swift MT760 (APPENDIX 1) to Lessee’s beneficiary account,which is a definition of ability to issue and deliver BG/SBLC in to Lessee nominated bank account. Then Lessor’s bank send copy of Swift MT760 to Lessee’s email: . . . . . . . . . . . .
6. Lessee's bank, within seven (7) international banking days upon receipt of the BG/SBLC via SWIFT MT760, and after its verification and authentication confirmation, would immediately and automatically via SWIFT MT103 unconditional to settle issuing fees of ten (10) percents + EUROS 200,000.00 and consultancy fees of two (2) percents of the BG/SBLC's face value .
7. Within five (5) international banking days after received, verifying and authenticate payment wire transfer Swift MT103 unconditional of Lessee, Lessor’s bank will instruct its issuing bank to deliver the hard copy of the BG/SBLC to beneficiary's designated depository bank coordinates by bank-bonded courier.