MT 110 SWIFT

TRANSACTION PROCEDURES

1.    BOTH PARTIES SIGN AND INITIAL THIS AGREEMENT WHICH THEREBY AUTOMATICALLY BECOMES A FULL RECOURSE CONTRACT.

2.    THE PARTY A (THE PROVIDER) WILL DELIVER THE SOFT COPY OF THE BANK CHECK TO PARTY B’S DESIGNATED BANK AND AT THE SAME TIME SEND MT 110 SWIFT TO PARTY B’S ACCOUNT.

3.    THE PARTY B WITHIN 3 (THREE) BANKING DAYS OF RECEIPT AND VERIFICATION OF THE SWIFT

MT 110 MAKES PAYMENT OF THE 55% +2% TO THE NOMINATED ACCOUNT OF PARTY A AND COMMISSION OF 2% TO THE ACCOUNTS OF ALL INTERMEDIARIES AS PROVIDED , BY SWIFT MT103

4.    UPON RECEIPT OF THIS PAYMENT,  PARTY A THROUGH ITS BANKERS SHALL DELIVER  THE ORIGINAL HARD COPY TO PARTY B’S  BANK BY SECURE BANK COURIER WITHIN 3 (THREE) BANKING DAYS  OF PAYMENT.

THE PROVIDER AND BENEFICIARY AGREE TO THE FOLLOWING BANKING CO-ORDINATES

PERTAINING TO THE AGREEMENT HEREIN:

NOTE:  NON PERFORMED PARTY WITH THE TIME SCHEDULE WILL PAY PENAULTY OF 2% OF THE CONTRACT VALUE AND HIS PASSPORT WILL BE LODGE FOR INTEROGATION WITH FBI/ICC/INTERPOL

RECEIVER’S BANK CO-ORDINATES TO RECEIVE THE ORIGINAL BANK DRAFT’S / TO ISSUE MT 103:

IMPROPER RELEASE OF THE ABOVE BANKING INFORMATION, FOR ANY REASON, WITHOUT THE

WRITTEN PRIOR AUTHORIZATION OF OTHER PARTY, SHALL BE CONSIDERED AS  A BREACH OF CONTACT AND WILL MAKE THE DEFAULTED PARTY TO BE ACTIONABLE FOR DAMAGES SUSTAINED HEREBY. PARTIES ARE NOT ALLOWED TO CONTACT THE OTHER PARTY’S BANK WITHOUT