AU DUST SALE PROCEDURE
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letters of credit
(In time sequence)
First (1st) Step: The Buyer and Seller sign this contract in counterparts, simultaneously, and exchange it, via Fax or email. Seller and Buyer agree that the contract sent by fax or email is to be treated as original copies.
Second (2nd) Step: The Sellers banks swifts to the Buyers bank the following messages:
Are you in receipt of contract number xxxxx between our client (Global Alliance Group) and your Client (Buyer's name) , ? We are prepared to forward the agreed 2% performance guarantee. Are you ready to issue an Irrevocable, Standby Letter of Credit (SBLC) in favor of my client Global Alliance Group?
- Upon receipt of the readiness SWIFT message via swift from the sellers Bank to the buyers Bank, the Buyers bank will then advice the Sellers Bank to issue the 2% performance gurantee in favor of the Buyer. A joint account between the seller and the buyer will be established in the refinery.
-Buyer will instruct his bank to issue the Documentary Letters of Credit, covering all Gold Dust, to be delivered by the Seller to Buyer's nominated destination.
Third (3rd) Step: The Seller will notify buyer as to travel arrangements and deliver the gold to the Airport in Buyers nominated refinery location. Where Buyer will meet the seller, Upon Clearance of Customs the AU will be delivered to refinery.
Forth (4th) Step: Upon arrival at the refinery the shipment will be inspected and weighed with a "Receiving Report" and "Control Number" issued to the lot. This Receiving Report would be immediately faxed to the Buyers bank to activate the required payment procedures.
Fifth (5th) Step: Buyer shall make a full payment 100% after final assay report from the refinery, by wire transfer and the financial instrument will be held by the seller for collateral purposes only. The time period will vary due to the work load at the refinery or holidays but payment should occur no later than 48 business hours (up to 2 days) after the final assay report.