Step 1:

Application is made to SCB for opening of a BG/SBLC including but not limited to the following:

1. BG/SBLC application form. (Provided by SCB upon request)
2. BG/SBLC indemnity signed and notarized.
3. Desired verbiage of BG/SBLC. (If none provided SCB will provide its normal BG/SBLC verbiage.
4. SWIFT code and address of beneficiary bank.
5. KYC and AML documents including but not limited to: Passport copy of applicant, articles of incorporation of applicant company and brief summary and/or business plan of underlying transaction.

Step 2:

SCB reviews all documents presented and evaluates acceptability of documents. SCB then either approves application or denies and shall inform the applicant of such decision.

Step 3:

SCB prepares draft of the BG/SBLC as it is comfortable to issue and forwards to client for approval. All drafts shall be in lined with rules and regulations governing the issuance of BG/SBLC.

Step 4:

The client approves the draft and:

1. Signs a contract agreeing to the terms and conditions of issuance and issuance charges as negotiated.
2. SCB issues the invoice for the agreed upon charges.

Step 5:

The client approves the draft and:

1. Signs a contract agreeing to the terms and conditions of issuance and issuance charges as negotiated.
2. SCB issues the invoice for the agreed upon charges.

Step 6:

SCB uploads draft to SWIFT system and provides copy to applicant for final approval of message. Upon approval given by applicant SCB then releases the SWIFT to beneficiary bank coordinates.

Step 7:

Copies of released SWIFT are then forwarded to the client via email or hard copy as requested. In case the client is represented by an advisor, then it is forwarded to the advisor only.

Step 8:

Any amendments to BG/SBLC are subject to approval of SCB

The following is the procedure for payment schedule. The following are general terms:

1. Fees are paid before the issuance of each SWIFT message. In the case of RWA for a BG/SBLC fees need to be paid before hard copy/email issuance.
2. SCB does not engage in JV payment structures and will not issue any message for zero monies paid upfront.
3. SCB will not accept payment via ICBPO.
4. If SCB fails to deliver the instrument as agreed upon, SCB shall return the fees paid for that issuance.
5. Fees paid for an RWA and MT799 will be used as credit towards fees to be paid for the MT760.
6. In the case that SCB successfully delivers RWA/MT799 and client does not go ahead with MT760; fees paid for RWA and MT799 will not be returned.

All fees shall be agreed upon and stated in a formalized contract.