Bank Guarantee / Standby Letter of Credit
We are ready and able deliver bank instruments in the form of BG/SBLC to your nominated bank coordinates strictly in adherence with the following set of procedures. Kindly review the procedures and inform on your readiness to proceed so that we are able to send our Deed of Agreement and other required contract documents.
1. Instrument: Bank Guarantee (BG) or Standby Letter of Credit (SBLC)
2. Total Face Value: Euro/USD 10,000,000.00 – Euro/USD 100,000,000.00
3. Issuing Bank: HSBC Bank London, Barclays Bank London, Deutsche Bank AG Frankfurt,
Credit Suisse Zurich
4. Age: One Year and One Day (With the option of Rolls and Extension)
5. Leasing Fee: Based on the Face Value of BG/SBLC Plus (1% + X%) Commission.
10M – 100M: = 7% + 2%
6. Delivery: Bank to Bank Swift MT799 and/or MT760
7. Payment: 4.5% Deposit with ESCROW Attorney / 4.5% Paid 5 days after delivery MT103
8. Hard Copy: By Bank Bonded Courier within 7 banking days after delivery of Swift.
1. Lessor and Lessee execute, sign and initial this Deed of Agreement, which thereby automatically becomes a full commercial recourse contract to be lodged by both parties for initiation of Swift Transmission.
2..Within three (3) banking days after both parties sign the Agreement, Lessor will issue a Notarized signed and sealed Corporate Refund Recourse Undertaking duly endorsed by the issuing bank to the Lessee guarantying to refund to the Lessee all cost incurred by Lessee as the transmission/administrative charges for the transmission of Pre-Advice via Swift MT799 or BG/SBLC via Swift MT760 or both after due execution of the contract and in case of failure on the Lessor’s side the Notarized signed and sealed Corporate Refund Recourse Undertaking guarantees that the Lessor refunds completely the transmission/administrative fees in addition to a the penalty for failure of performance being 1% of the total face value of BG/SBLC.
3..Within three (3) working days after the Lessee receives contract documents including the invoice and refund undertaking from the Lessor, the Lessee will make $115,000 payment by direct wire transfer into the Lessor’s provided Attorney's bank coordinates for the receiving of the bank transmission/administrative charges the bank transmission/administrative fees for the Pre-Advice via Swift MT799 or BG/SBLC via Swift MT760 or both as the case maybe in the amount of Euro/USD XX,000.00. Escrow Attorney will hold the remain balance of the 4.5% until Lessee receveing confirmed delivery of SBLC/BG.
4. Within two (2) banking days after confirmation of receipt of payment of the bank transmission/administrative fees charges for the BG/SBLC via Swift MT760 or Pre-Advice via Swift MT799 or both in Lessor’s bank account, the Lessor will deliver the Pre-Advice or BG/SBLC via Bank to Bank confirmation of Swift MT799 or MT760 to the Lessee’s banker including the hard copy of the BG/SBLC via bank bonded courier in Seven (7) banking days. The release of remaining balance held within Attorney's escrow account.
5. Lessee sends out 4.5% leasing fees by Swift MT103 by 5 business days to the Lessor deducting the initially paid bank transmission/administrative fees and the brokers their commission fees (7 +2)% of total Face Value by wire transfer within thirty (30) days upon delivery, confirmation and verification of BG/SBLC by MT760 in the Lessee’s nominated account and BG/SBLC hard copy in the Lessee’s nominated bank.
6. Should the Lessee not deduct the bank transmission/administrative charges from leasing fees paid, the Lessor shall refund bank charges to Lessee by direct wire transfer within three (3) banking days upon payment of the leasing fees.
7.Any unauthorized calls by any party or its representative lawyers to probes or communication in an improper way to bank(s) in this transaction shall be prohibited and contract terminated.
Should the Lessee default to pay the leasing fees to the Lessor and the brokers commission fees as agreed after 30 banking days of confirmation of BG/SBLC MT760 in lessee's bank account, Lessor will instruct the issuing bank to put a claim on the BG/SBLC thereby forcing the Lessee's bankers to return the BG/SBLC MT760 to the issuing Bank.
The Lessee hereby confirms and declares that the Lessor, its associates or representatives or any person or persons on its behalf has/have never ever solicited the Lessee, its shareholders or associates or representatives in any way whatsoever that can be construed as a solicitation for this transaction or for future transactions.
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