Sblc Procedure

1.   Provider and Receiver sign DOA, which thereby automatically becomes a full recourse contract after Provider has accepted Receiver’s application. 2.    Within Two banking days after both parties sign the DOA, Provider submits the DOA to their bank, Provider also sends a copy of the signed DOA, Invoice, Refund undertaking letter to Receiver. Receiver also submits the DOA to their bank 3.    Within Two Banking days of receiving copies of the final DOA, Invoice and Refund undertaking, Receiver pays the Liquidation and bank auditors handling charges and sends the transfer confirmation copy to Provider for his confirmation. 4.    Within Three banking days after confirmation of the Liquidation and auditors bank handling charges, Providers Bank sends MT799 and MT760, the MT760 will be sent on the same day or on the next day. 5.    Provider sends copies of the swift MT799 and MT760 to Receivers for confirmation. Receiver pays the broker fees to the brokers within Ten banking day of receiving the MT760. Providers Bank sends Hard copy of the BG or SBLC within Seven banking days to Receiver bank by bonded courier. 6.     Receiver pays to Provider all fees due within Twenty-One Banking days after Hard copy of MT760 is delivered 7.   Should Receiver default to pay according to as agreed in the DOA, the Provider will instruct the Issuing Bank to put a claim on the BG or SBLC thereby forcing the Receiver's Bank to return the BG or SBLC by SWIFT MT760 to the Issuing Bank. 8.     After Thirty banking days Provider will refund back to Receiver the Liquidation and auditors bank handling charges to Receivers provided account. LIQUIDATION OF BLOCKED CASH ASSET AND EXTERNAL AUDITORS’ FEES FOR FC BG/SBLC (MT799 AND MT760). Liquidation/external auditors’ fees  for      1M   to    20M is USD/EUR       50,000.00 Liquidation/external auditors’ fees  for    21M   to    50M is USD/EUR       75,000.00 Liquidation/external auditors’ fees  for    51M   to  200M is USD/EUR     100,000.00 Liquidation/external auditors’ fees  for  201M   to  500M is USD/EUR     150,000.00 Liquidation/external auditors’ fees  for  501M   to      1B is USD/EUR     300,000.00 MONETIZING In case Receiver option for Provider assistance to get a Monetizing Company who will Monetize the MT760 for the Receiver; Then the Provider will be responsible to get a Monetizing Company who will help Receiver to Monetize the MT760 in form of a Non-refundable Funding to Receiver for value of 100% of the MT760, with one year only interest rate of 4% and a one time processing fee of 1% which are only to be paid after Monetizing Company Monetizes the MT760 and grants the Non-recourse and Non-refundable funding to the Receiver. If the Monetizing Company is unable to monetize the MT760 and grant Non refundable funding to the Receiver within seven banking days of receiving the MT760 from Provider, the Provider will be liable to refund any fees paid by Receiver and will be liable to pay the 1% non performance penalty. 
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