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FC BG @ 35% + 2%

Posted by Bill Quarshie on December 22, 2014 at 09:15:47:

1. Seller and Buyer execute, sign and initial this Deed of Agreement (the ‘”Agreement”), which automatically becomes a full recourse commercial contract after Buyer’s application has been accepted by Seller.
2. Within three (3) international banking daysafter both Parties sign the Agreement , Seller’s bank sends SWIFT MT799 (Exhibit C) pre-advice to Buyer’s bank. Further, Seller shall provide the Buyer via email a copy of the SWIFT MT799.
3. Within three (3) international banking daysafter Seller’s bank has sent the MT799, Buyer shall then verify and authenticate the MT799, and upon such verification and authentication, shall instruct his bank to issue/send an MT-199/799 to the sending bank, thereby confirming receipt of the MT799 and stating that the Buyer’s bank is ready willing and able to fund the instrument after receiving the SWIFT MT760 from Seller’s bank. Further, Buyer shall provide Seller via email a copy of the SWIFT MT199/799/999.
4. Within 24 hours of Buyer’s bank confirming the MT799,
5. Within three (3) international banking daysafter Buyer’s verification and authentication of the MT799, Seller shall instruct the issuing bank to transfer the said scheduled BG(s) via SWIFT MT760 (Exhibit D) to Buyer’s designated banking coordinates. Seller shall also send to Buyer the sending bank’s printout copy via e-mail for tracking and compliance purposes.
6. Buyer shall communicate to Seller that Buyer’s receiving bank has received the MT760 from Seller’s sending bank. Buyer shall provide Seller a copy of the SWIFT transmission receipt of such delivery. Buyer shall instruct and ensure that the receiving bank verifies the delivery of the BGSWIFT MT760 and once verified and authenticated, Buyer is responsible for ensuring that receiving bank shall send to the sending bank in response to the delivery of the instrument, a SWIFT MT-199/999/799 confirming delivery of the instrument.
7. Within three (3) international banking days after verification and authentication of the MT760 by the Buyer’s bank, the Buyer shall make the full payment via unconditional MT103 at 35% of face value per tranche to the Seller's nominated banking coordinates, as well as pay out 2% Consultant fees as per the IMFPA bank coordinates(Exhibit E), and send copies of all the wire payments to the Seller and copies to each Master Paymaster via email.
8. Upon receipt and confirmation of the final payment, the Seller issues a letter to release any and all claims on the instrument, and Buyer has full ownership of the instrument, and Seller’s bank shall send after seven (7) international banking days the hard copy by bonded courier to Buyer’s bank.
9. Subsequent tranches will follow without required security deposit at a price of 35% + 2% consultant fees as in first tranche as per tranche according to tranche schedule (“Schedule of Delivery”) and procedures as set forth herein with MT799/MT760 sending and confirmation, and payment to Seller and Consultants, and hard copies according to the first tranche procedures or tranche schedule as agreed by both parties, and the Schedule of Delivery will continue until the full contract amount is exhausted and fully delivered by same mode of communication and delivery or as agreed upon between sending and receiving banks.

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Subject  : Re: FC BG @ 35% + 2%

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