Provider and Receiver
execute, sign and initial a Deed of Agreement
/Financial Agreement with CIS, passport copy,
full banking details (including issuing bank
details), which thereby automatically becomes a
full commercial recourse contract after buyer's
application has been accepted by the seller.
After the Agreement has been countersigned by
Provider within 24 hours, the both Parties will
lodge the contract with their respective banks.
Then, the Provider
instructs his/her bank officer to send Pre-Advice
to the Receiverís bank to request a
confirmation on the ReceiverĎs instrument capability
and readiness to receive the SBLC via MT 760.
Provider sends to Receiver via email four documents
(1. SWIFT application with bank stamp, 2. Receipt of
SWIFT fee, 3. Bank officer name card, 4. SWIFT
copy with bank stamp).
After receipt of SWIFT
MT799/199 for SBLC from Provider, Receiver will
get guarantee to issue
MT 799 (ANNEX
to the Providerís bank, confirming that the full
payment will be made to the Providerís
designated account upon receipt of the SBLC via
MT760 in favor of the Receiver or his designated
beneficiary for the price and fee by IMFPA.
Receiver sends the SWIFT copy to the Provider by
After receipt and
verifications of SWIFT MT 799 from the Receiver,
the Provider will request his bank to deliver
MT 760 (ANNEX C)
Receiverís bank or his designated beneficiary
and provide a courtesy copy to the Receiverís
bank will send SWIFT MT 768 to confirm the
maturity date of the Instrument to the
Providerís bank. The Providerís bank replies to
confirm the maturity date of the Instrument by
SWIFT MT768 to Receiver's bank. The Receiverís
bank will authenticate and verify SWIFT MT768.
Then, if positive, the Receiver will make the
payment settlement within Five (5)~Seven (7)
banking days by SWIFT MT103 wire transfer of the
total BG/SBLC cost of 50%+2% of face value to
the nominated banks accounts of Seller and /or