STANDARD MT 799 PROCEDURE
1. The Buyer issues an Irrevocable Corporate Purchase Order (ICPO) or Letter of Intent (LOI) with Fresh verifiable BCL* (Bank Comfort Letter).
2. The Seller sends a Full Corporate Offer (FCO) to the Buyer.
3. The Buyer sends back countersigned FCO in acceptance of general terms and conditions.
4. The Seller sends Draft contract to the Buyer.
5. The Buyer signs and returns the Draft contract to the Seller via fax or email.
6. The Seller reviews changes, if any, made in the Draft contract by the Buyer. If the Seller agrees to the changes made by the Buyer, the Seller sends, via fax or email, signed Definitive Contract to the Buyer, who returns it countersigned.
7. If required, upon receipt of signed Definitive Contract from the Buyer, the Seller sends to the Buyer 4 (four) original hard copies of the contract via courier at the indicated Buyer's address. The Buyer signs all 4 (four) copies and immediately returns 2 (two) of them to the Seller via courier at the indicated Seller's address.
The Parties will lodge the definitive contract at their respective banks.
8. Within FIVE working days from date of signing and sealing the Definitive Contract and sending it back to the Seller via fax or email, the Buyer's bank sends a RWA via SWIFT MT799, confirming readiness to transact the contracted quantity and to issue the relative payment instrument.
9. Within SEVEN working days from receipt of the RWA via swift from the Buyer's bank, the Seller's bank sends to the Buyer's bank the POP for the contracted quantity via SWIFT MT799.
10. Within FIVE banking days from receipt of the POP, the Buyer's bank sends the Operative Payment Instrument to the Seller's bank.
11. Within TEN banking days from receipt of the operative payment instrument, Seller's bank sends PB to Buyer's bank.
12. Shipping of the Goods will commence within thirty (30) to forty-five (45) days from date of Seller's bank receipt of the acceptable operative payment instrument from the Buyer's bank.
*Please be informed that without Bank Comfort Letter (BCL), the procedure will stop, so no FCO (Full Corporate Offer) will be issued.
