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ESCROW PROCEDURES & MUTUAL UNDERSTANDING BETWEEN BUYER &
SELLER
IT IS RESPECTFULLY ADVISED THAT AN ESCROW ACCOUNT BE
ESTABLISHED AS A SIGN OF PERFORMANCE BY THE BUYER AND SELLER (RECOMMENDED
$500,000.00 EACH PARTY) ESTABLISHED ESCROW ACCOUNT WILL BE APPROVED AT
BUYER’S OWN BANK AS LONG AS THERE IS A BRANCH OF THE SAME BANK INSIDE THE
RUSSIAN FEDERATION TERRITORY. BUYER SHOULD APPROVE THEIR BANK WITH THE
SELLER AS BUYER’S BANK FOR ESCROW TRANSACTION. SELLER WILL ALSO MATCH ON
THE AGREED FUNDS OF USD $500,000. ADDITIONALLY THE SELLER WILL ALSO PROVIDE
FULL POP AT THE ESCROW, AS AGREED BY THE ESCROW PROCEDURES DESCRIBED BELOW
BETWEEN THE BUYER AND SELLER. ANY PARTY IN DEFAULT OF THIS AGREEMENT, SHALL
SURRENDER THEIR USD 500,000.00 ESCROW PAYMENT TO NOMINATED BANK TO BE
AWARDED TO THE PARTY OF COMPLIANCE.
ESCROW PROCEDURES
1) Buyer opens Escrow
account of agreed amount USD $500,000 at buyer's bank (Sample HSBC bank
etc.). Buyer’s Bank Must also have Bank Branch to be located within Russia
Federation see
http://www.banki.ru/banks/ratings/?LANG=en.
After establishing Escrow Account at buyer’s bank, The BUYER’S Bank Officer
should contact the Russia Bank Officer where the name of Both the Buyer
selected Branch & Russia Branch Officer names are on the same document,
where both are aware of the ESCROW account.
2) ONCE Buyer Opens the
Escrow account with the agreed amount of USD $500,000, within 5 days of the
document provided to seller, than seller will go to Branch Office in Russia
Federation & match the Escrow amount that has been established/opened by the
buyer, also, seller will provide a FULL POP at the SELLER’S ESCROW Bank,
3) That upon Buyer
receiving Full POP, within the 72 banking hours for confirmation of
validation of the Full Pop, Buyer will open their financial instrument (via.
MT103 and IRDLC) for the amount of one Month of the product.
4) That as agreed between
buyer & seller the shipment of product commences.
BUYER
SIGNATURE
SELLER SIGNATURE
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