1. Receiver sends a signed DOA Application to the Provider, and also a Six Months Bank Account Statement showing that their company is in good business standing and have a balance of above 2%
2. Provider and Receiver sign the Deed of Agreement, which thereby automatically becomes a full recourse commercial contract after the Provider has accepted Receiver’s application.
3. Within Two banking days after both parties sign the Deed of Agreement and Bank Account Statement is sent; Provider Bank will send MT799 Pre-Advice to Receivers Bank.
4. Provider sends copy of the MT-799 Pre-Advice to the Receiver banking within one banking day, and also sends the Invoice for the 2% and a Refund undertaking confirming that the 2% will be refunded along with a 1% non-performance penalty if the MT760 is not issued within three banking days.
5. Within Two Banking days of the Receiver confirms receipt and verifies the MT799, The Receiver Pays 2% out of 13+2%/ 50+2% Buy fee to the sender’s Nominated bank account and sends the swift payment copy to the Provider.
6. Within Two Banking days of Provider receiving the 2% charge, Provider Bank shall send the BG / SBLC by MT760.
7. The Receiver’s bank receives, confirms and verifies the MT760 (BG / SBLC);
The Receiver then pays within Five Banking days to Provider the balance 50+2% to Senders nominated account. Receiver and also pay the 2% agent/ broker commission fees to agent / brokers.
(Should Receiver default to pay the fees to the Sender and the Intermediaries fees as agreed on this DOA within allowed number of days after receipt of Swift MT-760, Provider shall instruct the issuing bank to put a claim on the BG/SBLC thereby forcing the Receiver's bankers to return the swift MT760 (BG/SBLC) to the issuing Bank.)
8. Within Seven banking days after receiving all fees; Hard copy will be sent to Receiver bank by bank-bonded courier.
9. This Deed of Agreement is a full recourse commercial commitment governed by the Law of the jurisdiction that both parties reside and standards under ICC Regulation.