IABUDF offer one of the options for the procedure:
1) The Principal (partner) sends a letter of intent to proceed to a transaction (LOI), describes the purpose, a brief description of the project, provides the name of the bank, with the possibility to issue SBLC / BG and others, providing a tool in the amount of ____.
2) «International ABU Development Foundation» (IABUDF) accepts the bank and confirms its readiness to accept SBLC / BG from the bank in the amount of ____, directs the sample (SBLC / BG) of the accepted banking instrument.
3) The Principal sends RWA / Pre-Advice Swift-799 in the amount of ___, (sample below) to the specified details: (The response of the Beneficiary with the specified details).
4) «International ABU Development Foundation» (IABUDF) Beneficiary forwards SWIFT-798 response on readiness to accept SBLC / BG
5) The contract/agreement is signed (CFA / JV)
6) The Principal issues SBLC / BG through Swift 760 (sample below) for the indicated amount of _____,
7)«International ABU Development Foundation» (IABUDF) accepts warranty in SBLC / BG format (sample below)
8) Start of financing in 15-20 days based on the established schedule.
Attention!!! Note the percentage and timing is adjusted only after the implementation of paragraph 3.
Guarantee for a loan 3-5% annual payments in tranches within 8 months, loan period 5-10 years
terms of registration depend on the warranty period, filling (discount) depends on the category of the bank, TOP (A) are accepted at the minimum discount.
The procedure for working with bank checks:
2. The contract is signed (CFA / JV)
Work procedure with DRAFT CHEK:
1. Woori bank of Korea issues banker’s draft in the name of our company «International ABU Development Company FZE» as the beneficiary.
2. At the same time, Woori bank of Korea issues the backup SWIFT MT 110 (Draft SWIFT-110 Appendix-A) to our beneficiary bank » Union National Bank «.
3. Our organization will sign the funding agreement with your company and payments for project funding will be made as amicably agreed.