DRAFT WORDING PREPARATION PROCEDURE

For LC, SBLC and DLC

1. Submit your request with your business details, transaction outline and the instrument you need draft wording for.
2. Eastking Consultancy Firm reviews the request and explains the preparation scope and service fee before work begins.
3. Pay the USD 200 preparation deposit before drafting starts. It will be credited toward Eastking’s agreed service fee when you pay for the service.
4. After receiving the required information and deposit, Eastking prepares the draft wording and sends it to you for review.
5. Request any agreed changes. Once the wording is finalized, pay the remaining service fee and receive the final draft.

STEP 1: BUSINESS PROFILE EXCHANGE AND INITIAL REVIEW

The client and Eastking Global Services Limited exchange and review their respective business profiles. Where necessary, a face-to-face business meeting may be arranged to discuss the transaction and clarify the requirements. Following the initial review, the client submits a valid Pro Forma Invoice (PI) relating to the underlying business transaction.

STEP 2: INSTRUMENT DRAFT AND QUOTATION

Subject to the initial assessment, the proposed issuing institution or authorized issuing partner provides the applicable quotation and a draft of the requested instrument, such as a Letter of Credit (LC), Standby Letter of Credit (SBLC), Bank Guarantee (BG), or Documentary Letter of Credit (DLC), as applicable.

STEP 3: DRAFT REVIEW AND APPROVAL

The client reviews the proposed draft with the relevant beneficiary, supplier, and receiving bank, where applicable. Any amendments or clarifications must be addressed and mutually agreed upon before the draft is finalized. The client provides written confirmation of acceptance in accordance with the agreed procedure.

STEP 4: KYC DOCUMENTATION AND DUE DILIGENCE

The client submits the required Know Your Customer (KYC), corporate, transaction, and supporting documents for due diligence. The relevant issuing institution or authorized parties conduct the necessary compliance checks. Additional information may be requested where required. Progression to the next stage is subject to satisfactory due diligence and the relevant institution’s approval.

STEP 5: AGREED FEES AND PAYMENT TERMS

Once the transaction has received the necessary preliminary approvals and the applicable fees, contractual terms, and payment conditions have been clearly agreed upon in writing, the client fulfils the agreed payment obligations in accordance with the executed agreement.

STEP 6: INSTRUMENT ISSUANCE

Following completion of the required documentation, compliance procedures, approvals, and applicable payment conditions, the issuing bank proceeds with the issuance of the instrument, subject to its internal policies and authorization. The instrument is transmitted through the appropriate banking channel in accordance with the agreed terms.

STEP 7: INSTRUMENT TRANSMISSION AND CONFIRMATION

The instrument is transmitted to the designated receiving bank or beneficiary through the applicable authenticated banking channel. The receiving institution may conduct its own verification and compliance checks. Any copies provided for reference purposes do not replace official bank-to-bank transmission or authentication.

STEP 8: TRANSACTION COMPLETION AND FOLLOW-UP

Eastking Global Services Limited coordinates the agreed follow-up with the client and relevant parties to support communication and documentation throughout the transaction, subject to the terms of the agreement and the participating institutions’ requirements.