A South Korean trader was offered a contract for the supply of crude oil in huge quantity. He came across with a well-reputed entrepreneur in the Kingdom of Saudi Arabia that was able to sell the crude oil in large quantity. Since the South Korean trader’s crude oil requirement was too voluminous and they being a small company, thought that the supplier might be hesitant to deal with them. But luckily, the Saudi Arabian supplier’s payment term was by 100% Irrevocable Bank Guarantee (MT-760), which was eventually agreed upon by the South Korean buyer.
With the sales & purchase agreement in hand, the South Korean crude oil buyer hunted for the assistance of banks that could provide Bank Guarantee (BG) for the purpose. Concurrently, he tried to explore the possibility of seeking help from some private companies and firms dealing in trade finance at the international plane.
During net-search on YouTube, it was discovered that there existed a company in Dubai by the name ‘Bronze Wing Trading’. He instantly clicked the link, played BWT video-clip and was surprised to know that BWT could support them with the requisite Bank Guarantee (MT-760). For more information on how to apply for Bank Guarantee, they visited BWT official website and scanned through the content about the procedural formalities on how to get a Bank Guarantee from Bronze Wing Trading.
After having understood the process thoroughly; the South Korean trader sent the sale and purchase agreement to BWT for study and necessary processing. Bronze Wing Trading assessed their SPA and requested the buyer company to submit some more documents needed to fulfill the requirements. The South Korean firm submitted their company documents accordingly. After thorough examination of buyer’s company documents, BWT notified the South Korean company its approval for BG. The South Korean company transferred the BG issuance fee charges to BWT’s bank account. On receipt of the issuance fee charges; BWT requested their bank to process and to transmit the Bank Guarantee (MT-760) on the same day.
The South Korean received his crude oil purchase order expeditiously with the provision of BWT’s Bank Guarantee to the Saudi Arabian supplier. The South Korean buyer was extremely gratified and impressed with the outcome of the transaction with trade finance facility expertise of Bronze Wing Trading and showed inclination to take the benefit of BWT’s services in future dealings, too.