1. Instrument: Bank Guarantee (BG) or Standby Letter of Credit (SBLC) or Deferred / Documentary Letter of Credit (DLC) or Letter of Credit (LC)
2. Total Face Value: Euro/USD/GBP $15 Million USD
3. Issuing Bank: HSBC Bank London, Barclays Bank London, Standard Chartered Bank London, Deutsche Bank AG Frankfurt,
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/DLC/LC Plus (3% + 2% = 5%) Commission.
6. Delivery: Bank to Bank Swift MT799 and/or MT760
7. Payment: MT103
8. Hard Copy: By Bank Bonded Courier within 7 banking days after delivery of Swift.
1.The Bearer provides the duly filled and signed copy of the Contract Agreement to the Lender which is further countersigned by the Lender. This thereby automatically becomes a full commercial recourse contract to be lodged by both parties for initiation of the transaction of Swift Transmission.
2. Within three (3) banking days after both parties sign the Agreement, the Lender will issue alongside the Countersigned Agreement a Notary signed and sealed Corporate Refund Recourse Undertaking duly endorsed by the Bank Officer of the BG/SBLC issuing account to the Bearer guarantying to refund to the Bearer all cost incurred by Bearer as the transmission/administrative charges for the transmission of Pre-Advice via Swift MT799 or BG/SBLC/DLC/LC via Swift MT700 or MT760 or both after due execution of the contract and in case of failure on the Lender is side the Notarized signed and sealed Corporate Refund Recourse Undertaking guarantees that the Lender 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/DLC/LC.
3. The Lender further provides to the Bearer a copy of the BG/SBLCDLC/LC Application submitted to the issuing bank and approved by the Issuing Bank Officer confirming the Swift is being prepared to be transmitted.
4. Within three (3) banking days after the Bearer receives the Countersigned Contract Agreement, Irrevocable Corporate Refund Undertaking, Invoice for Payment of the Bank Fees as well as the BG/SBLC Approved Application from the Lender, the Bearer will make payment by direct wire transfer into the Lender is provided bank coordinates to receive the bank fees, the of the Bank Transmission, Administrative and Handling charges for the Pre-Advice via Swift MT799 or BG/SBLC/DLC/LC via Swift MT700 or MT760 or both as the case maybe in the amount of XX, 000.00 USD/EUR
5. Within two (2) banking days after confirmation of receipt of payment of the Bank Transmission, Administrative and Handling Charges for the BG/SBLC/DLC/LC via Swift MT700 or MT760 or Pre-Advice via Swift MT799 or both in Lender is bank account, the Lender will deliver the Pre-Advice or BG/SBLC/DLC/LC via Bank to Bank confirmation of Swift MT799 or MT760 to the Bearer is banker including the hard copy of the BG/SBLC/DLC/LC via bank bonded courier in Seven (7) banking days.
6. Bearer sends payment of Leasing Fees via Swift 103 Payment to the Lender deducting the initially paid Bank Transmission, Administrative and Handling Charges and the brokers their Commission Fees (0.5 +X) % of total Face Value by wire transfer within thirty (30) days upon delivery, confirmation and verification of BG/SBLC/DLC/LC by MT760 in the bearer is provided account and BG/SBLC/DLC/LC hard copy in the bearer is provided bank.
7. If the Bearer does not deduct the Bank Transmission, Administrative and Handling Charges from leasing fees paid, the Lender would refund bank charges to Bearer by direct wire transfer within three (3) banking days upon payment of the leasing fees.
8. 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 Bearer default to pay the leasing fees to the Lender and the brokers commission fees as agreed after 30 banking days of confirmation of BG/SBLC/DLC/LC MT760 in Bearer’s bank account, Lender will instruct the issuing bank to put a claim on the BG/SBLC/DLC/LC thereby forcing the Bearer’s bankers to return the BG/SBLC/DLC/LC MT760 to the issuing Bank.