SWIFT 700 against SWIFT 760
SWIFT 700 v SWIFT 760
- Details
- Parent Category: Support for Trader
- Category: Payment Terms
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Exemple of SWIFT payment. Buyer: (SWIFT 700) – AGAINST BG Seller: (SWIFT 760) - MAJOR WORLD BANK -103%
Contract procedures
1. Buyer sends ICPO
2. Buyer signs NCND and IMFPA
3. Seller issues full corporate offer (FCO) and buyer returns one copy of FCO duly countersigned signifying acceptance of all terms and conditions herein stated
4. Seller sends the draft contract to the buyer
5. Buyer sends contract duly signed, stamped and sealed to seller in electronic format
6. Seller returns contract to the buyer duly signed, and sealed in electronic format
7. Buyer sends a letter (addendum 4) about readiness to issuance the first payment by swift mt700 with a draft of swift mt700 (addendum 1) coordinated by buyer’s bank and contract duly signed and sealed by courier to the seller