Process and Payment Structure for the submission and delivery of a Documentary Letter of Credit (DLC) from EDIB International Limited

 

Step 1:

 

An application is made to EDIB International for the opening of a DLC including but not limited to the following:

 

1. DLC application form.

2. Performa Invoice of Transaction.

3. The desired verbiage of DLC. (If none provided EDIB will provide its standard DLC verbiage).

4. SWIFT code and address of the beneficiary bank.

5. KYC and AML documents including but not limited to:

a)  Passport copy of applicant.

b) Articles of incorporation of applicant company and a brief summary and/or business plan of the underlying transaction.

 

Step 2:

 

An EDIB International account manager will review all documents presented and evaluate the acceptability of documents. EDIB then either approves the application or advises the client by e-mail that their application has been rejected.

 

Step 3:

 

EDIB International will prepare a draft of the DLC to the client for approval.  All drafts shall be in line with rules and regulations governing the issuance of DLC.

 

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. EDIB issues the invoice for the agreed upon charges.

 

Step 5:

 

The client makes payment of charges as per agreed upon.

 

1. The client is to provide a copy of payment made to EDIB account.

2. EDIB will confirm to the client to the credit of funds upon receipt of funds to EDIB account.

 

Step 6:

 

EDIB  International provides a copy of the final draft to the applicant for final approval of message. Upon approval, given by the applicant, EDIB delivers the SWIFT to beneficiary bank coordinates.

 

Step 7:

 

Copies of SWIFT are then forwarded to the client via email.

 

The following is the procedure for making payment.

 

1. Fees are paid before the issuance of each SWIFT message.

2. If a pre-advise is required - additional charges will be required.

3. EDIB International will not accept payment via ICBPO.

4. If EDIB International fails to deliver the instrument as agreed upon, EDIB shall return the fees paid for that issuance.

 

All charges will be agreed upon between client and their account manager and stated in a contract.