CLOSING PROCEDURE
1. The Parties sign this Financial Collaboration Agreement, and provide CIS,
scanned passport copy of signatory, Company Resolution (Authorization to
transact) and Certificate of Corporation, Bank Coordinates and
lodge with their respective Banks.
2. Within 3 banking days after both Parties sign the said Financial Collaboration Agreement, Party B will send Bank CoLetter to the Receiver's Bank for confirming the ability to issue BG the same time
Party A’s bank will send PROOF OF BG CAPACILITY (as per attached file) to Party B’s bank. (Party A is required to email a copy to Party B’s email
address)
3. Within 3 banking days upon receipt and successful authentication of the
Party A’s Bank PROOF OF BG CAPACILITY, the Party B's bank shall respond by
POF/Undertaking letter to Party A’s Bank.
4. Within 3 banking days upon receipt and successful authentication of the
Party B’s Bank POF/Undertaking Letter, the Party A's bank shall respond by
SWIFT MT799 Pre-Advice to the Party B’s Bank.
5. Within 3 banking days upon receipt and successful authentication of the
Party A’s Bank Pre- Advice SWIFT MT799, the Party B's bank shall respond by
SWIFT MT799 ICBPO of the Invoice Price to the Seller’s Bank.
6. Within Three (3) banking days after receipt and successful authentication of the
MT-799 ICBPO from Party B’s receiving Bank; Party A shall cause its Issuing Bank to
issue & deliver the Bank Guarantees (BG) via SWIFT MT-760 to Party B’s Receiving Bank coordinates (Party A is required to email a copy of MT760 to Party B’s email address)
7. After successful validating & authenticating on MT760 and within 7 banking days, the Party B will pay XX% of BG face value to the First Party’s bank account by MT103
8. Within Seven (7) banking days after the receipt of the funds, the First Party’s bank shall courier the original hard copy of the BG to the Second Party’s Receiving Bank by Bank bonded courier.