Customer information sheet (CIS; template provided by seller) on buyer’s letterhead
Certificate of registration
Scanned copy of Signatory’s passport
RWA letter issued by buyer’s bank (template provided by seller)
Authorization to verify the RWA letter by seller’s bank
Buyer sends the RWA letter issued by their bank on bank’s letterhead to seller for seller’s bank approval.
Seller drafts Sales & Purchase Agreement (SPA) to be logged in both operational banks.
Buyer sends the final contract electronically in PDF format to seller’s corporate email address; an electronically executed final contract can stand as an original.
Guarantee/Collateral Bank-to-Bank Process:
Buyer’s bank sends MT799/RWA (Verbiage provided by seller’s bank) to seller’s bank.
Buyer’s bank sends copy to seller’s corporate email address.
After seller has received the copy of the transferred SWIFT and forwarded to his bank, seller’s bank opens communication with buyer’s bank on the basis of the lodged SPA to discuss all relevant items and documents for both banks’ security.
Within 25 (Twenty Five) days from the seller’s bank confirmation of the instrument, contingent to inspection timeline.
Loading starts as stated in the contractual agreement delivery schedule. Buyer’s representative may be present during loading.
Vessel sails to port of destination.
Buyer’s bank releases payment for the shipment against shipping documents and after Q&Q at the Port of Discharge.