A South Korean trader got a contract for the supply of crude oil in huge quantity. They came across with a well reputed supplier in Saudi Arabia that was able to sell crude oil in large quantity. Since the South Korean trader’s crude oil need was too large and they being a small company. Thus, they thought that the supplier might be hesitant to deal with them. But luckily, the supplier’s payment term was by 100% Irrevocable Bank Guarantee MT760. Which was also finally agreed upon by the South Korean buyer.
The Problem: Arranging Bank Guarantee to Import large quantity of Crude Oil
With the sales & purchase agreement in hand, the South Korean crude oil buyer started hunting for help. They were looking for banks that can provide Bank Guarantee. Further, they tried the possibility of seeking help from some private companies as well who are dealing in trade finance.
The Solution: Discovery of Bronze Wing Trading L.L.C.
During their intense search on internet, they found a video of our company on our Youtube channel. From there, they came to our website. After landing on our website, they further explore our Trade Finance Services and found their solution. The financial adviser of their company as well suggested our company’s name to obtain the required BG. Finally, they started their journey with us which in result provided them a great success.
Once they understood the process thoroughly; the South Korean trader sent the copy of Sales and Purchase Agreement of their crude oil deal to BWT. After reviewing their SPA, we requested the buyer’s company to submit some more documents needed to fulfill the requirements. Hence, they signed the agreement with us to provide an MT760 in favor of their supplier.
We did a careful study of buyer’s company documents and notified them about the approval for their BG MT760 request. The South Korean company transferred the BG issuance fee charges to our bank account. On receipt of the issuance fee charges, we requested our bank to establish the Bank Guarantee MT760. Our bank has evaluate the BG request. After completing the internal banking formalities with our account, they established the BG. This financial instrument has been transmitted via swift MT760 to the seller’s bank.
The Result: Buyer’s Dream Comes True
The South Korean company got the delivery of crude oil with the provision of BWT’s Bank Guarantee (BG – MT760). They successfully supplied the product to their end buyer. As a result, they were extremely gratified and impressed with the outcome of the business deal with BWT.
To know more about Bronze Wing Trading’s outstanding trade finance facilities, click here