Muthukumar Nadar
DBS BANK | SBLC TRANSACTION PROCEDURES (Price34%+2%)
1. THE BUYER SUBMITS COMPLETED AND SIGNED KYC TO THE PROVIDER.
2. AFTER SUCCESSFUL DUE DILIGENCE, THE PROVIDER SENDS SIGNED DOA TO THE BUYER.
3. UPON SIGNING THE DOA FROM THE BUYER, RECEIVER’S BANK SENDS SWIFT MT 799 SWIFT TO THE PROVIDER’S BANK INFORMING THAT THEY ARE WILLING AND ABLE TO RECEIVE A PURCHASE BG/SBLC OF XXXX AMOUNT. THE BUYER WILL SENDTO THE PROVIDER COPY OF THE SWIFT FOR TRACKING.
4. UPON RECEIPT OF THE ABOVE MENTIONED SWIFT, THE PROVIDER IN TWO BANKING DAYS WILL SEND PRE - ADVICE VIA SWIFT MT799 TO THE BUYER’S NOMINATED RECEIVING BANK. THE PROVIDER WILL SEND THE BUYER COPY OF THE SWIFT FOR TRACKING.
5. THE BUYER ON RECEIVING THE PRE-ADVICE VIA SWIFT MT799, WILL ISSUE BANK PAYMENT UNDERTAKING
(BPU) IN THREE BANKING DAYS VIA SWIFT MT799 TO THE PROVIDER’S NOMINATED BANK (34 %+2% ) OF THE TOTAL FACE VALUE). THE BUYER WILL SEND THE PROVIDER COPY OF THE SWIFT FOR TRACKING.
6. THE PROVIDER UPON RECEIPT OF THE BANK PAYMENT UNDERTAKING AND AFTER VERIFICATION THEIR BANK WILL ISSUE THE SWIFT MT760 SBLC TO THE BUYER’S BANK. THE PROVIDER WILL SEND THE BUYER COPY OF THE SWIFT FOR TRACKING.
7. THE BUYER ON RECEIVING THE SWIFT MT760 SBLC AND AFTER VERIFICATION AND AUTHENTICATION, THE BUYER’S BANK SHALL RELEASE FULL PAYMENT WITHIN FIVE (5) BUSINESS DAYS TO THE PROVIDER AND INTERMEDIARIES VIA UNCONDITIONAL SWIFT MT103.
8. WITHIN SEVEN (7) BANKING DAYS FROM THE PROVIDER AND INTERMEDIARIES RECEIVING THE AGREED PAYMENT, THE PROVIDER’S ISSUING BANK SHALL DELIVER THE SBLC HARD COPY TO THE BUYER’S BANK BY BANK BONDED COURIER.
9. ALL SUBSEQUENT TRANCHES WILL BE BASED ON THE SAME PROCEDURES, UNTIL THE REQUIRED AMOUNT IS DELIVERED IN FULL.
10. ANY UNAUTHORIZED BANK CALLS, PROBES OR COMMUNICATIONS, OR IMPROPER SOLICITATION OR DISCLOSURE INVOLVING THE RESPECTIVE BANKS CONCERNED IN THIS TRANSACTION WILL RESULT IN IMMEDIATE CANCELLATION OF THIS TRANSACTION AND THE VIOLATING PARTY WILL INCUR COSTS FOR DAMAGES.
11. THE BUYER AND THE PROVIDER BEFORE SIGNING THIS CONTRACT MUST HAVE THE ASSURANCE OF THEIR BANK THAT IT AGREES WITH THE PARTS OF THE CONTRACT THAT CONCERNS IT.
12. AFTER THE SIGNING OF THE CONTRACT, BOTH PARTIES ARE OBLIGED TO PROCEED TO ITS COMPLETION. FOR NON-COMPLIANCE WITH THE CONTRACT THE PENALTY WILL BE € 500,000 PAID BY THE PARTY THAT DOES NOT COMPLY WITH THE CONTRACT.
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muthukumarnadar49@gmail.com
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