Procedures For Opening a Letter of Credit

1.  Select your preference of opening charges concerning the L/C.

Please note UCG will do its best to accommodate your request; however, this is dependent upon amount of L/C and availability of UCG’ funds or lines of credit with banks.

2.  According to the validity of the L/C, please note the Retainer Fee and L/C opening charges.

3.  Fill out L/C Request Form and Retainer Agreement and forward both to UCG along with Retainer fee.

4.  Upon receipt of the completed L/C Request Form, Retainer Agreement and the Retainer Fee, a contract agreement between UCG (Party A) and Client (Party B) will be forwarded to client (party B) for signature.

5.  Return signed contract and the L/C opening charges to (Party A) UCG' bank in the form of bank guarantee, or irrevocable letter of credit.  NO UP FRONT opening charges.

6.  After UCG receives the signed Contract Agreement and client's L/C opening charges in the form of Bank Guarantee or irrevocable L/C, the issuing bank will issue the L/C to your supplier or beneficiary within 7 banking days.

7.       Once L/C is received and accepted by (Party B) client’s supplier or beneficiary and authentication of the L/C has been completed, the opening charges has to be paid within 10 banking days to avoid immediate cancellation of the transaction. ( UCG can accept opening charges payment after the Bill Of Lading is issued by (Party B) client’s supplier)

8.          Prior the arrival of goods at the port of destination, UCG (Party A) & Client (Party B) must set up bonded and insured warehouse and open an escrow account with a local bank in client’s (party B) country.

9.          All end-buyers must pre-pay at the local bank before taking any goods out the bonded warehouse.