Bank Guarantee Purchase Wanted Adib Bank Dubai

BUYING PROCEDURE:
Seller and Buyer execute, sign and initial this Deed of Agreement, which thereby automatically becomes a full commercial recourse contract to be lodged by both parties for initiation of Swift Transmission.

Seller Bank send an email to the Buyer Bank to confirm readiness to receive the €500M Euro Bank Guarantee, which is responded by the buyer bank with the Acknowledgement email.

Within three (3) banking days the seller sends MT799 RWA (Ready, willing and able), and bank official confirms it. The seller will send the buyer copy of the swift for tracking.


The Buyer bank, on receiving the pre-advice via swift MT799, within three (3) banking days will issue Bank Payment Undertaking by swift MT799 BPU direct to Seller's nominated bank co-ordinates of the total face value, The Buyer will send the Seller copy of the swift for tracking.

Within three (3) banking days after confirmation of receipt Swift MT799 BPU, Seller’s nominated bank account, the Seller will Issue Swift MT760 to the Buyer’s bank with full confirmation of the Bank Guarantee (BG), The seller will send the buyer copy of the swift for tracking.

The Buyer on receiving the swift MT760 Bank Guarantee (BG) and after verification and authentication, the Buyer’s Bank shall release full payment within (5) five business days to the seller and intermediaries unconditional via swift MT103.

Within seven (7) Banking days from the seller and intermediaries receiving the agreed payment, the seller issuing bank shall deliver the Bank Guarantee (BG) hard copy to the buyer bank by bank bonded courier.


Any unauthorized calls by any party or its representative lawyers to probe or communicate in an improper way to bank(s) in this transaction shall be prohibited and contract terminated.

Should the Buyer default to pay the fees to the Seller and the brokers commission fees as agreed after Ten (10) banking days of confirmation of BG MT799/ MT760 in Buyer's bank account, Seller will instruct the issuing bank to put a claim on the SBLC thereby forcing the Buyer's bankers to return the BG MT760 to the issuing Bank.