II. SELLER ISSUES SPA TO BUYER. BUYER SIGNS AND SENDS A COPY
TO SELLER MANDATE AND
LODGES A COPY WITH HIS OWN
BANK.
III. UPON RECEIPT OF SIGNED
SPA, ONLY IF THE BANK IS A TOP
25 BANK, THE BANK OFFICER OF
THE BUYER SENDS TO SELLER’S
BANK VIA SWIFT, A FORMAL RWA
STIPULATING THAT THE BUYER
HAS THE FUNDS FOR PAYMENT
AND UPON A SUCCESSFUL DIP
TEST IN PORT WILL RELEASE AN
UNCONDITIONAL MT103
AND PAY FOR THE PRODUCT IN
FULL. THE SWIFT TRACKING #
MUST BE SENT TO THE MANDATE. THE BUYER CAN ALSO HAVE HIS
BANK SEND A LETTER TO THE
MANDATE ON BANK LETTERHEAD
STATING THAT THE RWA IS BEING
SENT VIA SWIFT AS DESCRIBED. FULL POP IS RELEASED UPON
RECEIPT OF THE LETTER OR SWIFT
#.
A TOP 25 BANK IS NECESSARY
FOR FINAL PAYMENT BY
UNCONDITIONAL MT103 FOR
EACH VESSEL DELIVERY AFTER
DIP TEST AT DOCKSIDE IS
ACCEPTED. THE BUYER’S BANK
OFFICER & SELLER’S BANK
OFFICER THEN HAVE TO AGREE ON
THE MT103 & RDLC MODE FOR
FINAL PAYMENTOF EACH
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