SBLC AND BG FOR OUR CUSTOMERS (TOP 100 BANK)

In agreement with a partner company, PROYTEC PANAMA CORP. can offer its customers stand-by letters of credit (SBLC) and bank guarantees (BG).

The following elements are required to start the assessment:

1. LOI letter
2. Corporate CIS/KYC
3. POF for escrow of Bank Transmission Fees (*)

(*) (from a minimum of 0.20% to a maximum of 2% depending on the nominal value of the Instrument for escrowing with an authorised law firm)

PROCEDURE:

1. The Lessor and the Beneficiary agree, enter into and sign the contractual document, which automatically becomes a complete commercial contract.
2. After both parties have signed the Contract, the Lessor issues the Escrow Agreement to pay the Bank Transmission Fees from a minimum of 0.20 per-cent to a maximum of 2 per-cent based on the nominal value of the Instrument).
3. The deposit shall be made to the Escrow Agent’s (authorised law firm) dedicated Bank Account, and the Beneficiary shall provide, as well as send, a courtesy copy to the Lessor.
4. Upon confirmation of the deposit of the Bank Transmission Fees (SWIFT MT760) for the Financial Instrument (BG/SBLC), the Lessor’s Issuing Bank shall issue and deliver the Pre-notice via SWIFT MT799 to the Beneficiary’s Bank.
5. After confirmation of receipt of the Pre-notice via SWIFT MT799 by the Beneficiary’s Bank, within two (2) bank business days, the Beneficiary’s Bank itself shall respond via SWIFT MT799 RWA (Ready Willing to be Able to receive) that it is willing and ready to receive the Financial Instrument (BG/SBLC).
6. Within two (2) bank business days of receipt of the SWIFT MT799 RWA, the Lessor’s Bank shall issue and deliver an SBLC via SWIFT MT760 to the Beneficiary’s Bank.
7. After the confirmation of receipt of the SWIFT MT760 by the Beneficiary’s Bank, the Beneficiary shall pay to the Lessor the balance up to 10%+2%, less the Bank Transmission Fees deposited with the Escrow Agent’s (authorised law firm), which shall release such amount, not later than 21 banking days from the delivery of the BG/SBLC, the hard copy shall be delivered by bank courier to the Beneficiary’s Bank.
8. If the Beneficiary fails to pay the Instrument Allocation Fees and the Brokerage Fees (10%+2%) as agreed, within 21 banking days from the confirmation of delivery of the financial instrument (SBLC/BG/) via SWIFT MT760 to the Beneficiary’s bank account, the Lessor shall instruct the Issuing Bank to lodge a complaint thereby obliging the Beneficiary’s Bank to return the SBLC/BG MT760 to the Issuing Bank.