Terms and Conditions for Banking Instrument Monetization
1. Definitions:
- Monetization: The process of converting a banking instrument into cash or a cash equivalent.
- Client: The entity seeking to monetize a banking instrument.
- Provider: EUCMS The entity providing the monetization service through European Bank.
- Banking Instrument: Financial instruments such as Bank Guarantees (BGs), Standby Letters of Credit (SBLCs), and other forms of collateral.
2. Eligibility:
- Only genuine banking instruments from recognized financial institutions are eligible for monetization.
- The client must provide proof of ownership and authenticity of the instrument.
3. Documentation:
- The client must submit all necessary documentation, including but not limited to, the original banking instrument, proof of ownership, and any other documents requested by the provider.
4. Evaluation:
- The provider will evaluate the banking instrument to determine its eligibility and value.
- The evaluation process may take up to [specific time period, e.g., 7 business days].
5. Fees and Costs:
- The client will be responsible for any upfront fees, which may include legal fees, evaluation fees, and processing fees.
- A commission or percentage of the monetized value will be deducted as per the agreed terms.
6. Monetization Process:
- Upon successful evaluation, the provider will proceed with the monetization process.
- The monetized funds will be transferred to the client's designated account within [specific time period, e.g., 30 days] after the completion of the process.
7. Confidentiality:
- Both parties agree to maintain the confidentiality of all information and documentation exchanged during the monetization process.
- Information will not be disclosed to any third party without prior written consent from the other party.
8. Warranties and Representations:
- The client warrants that the banking instrument is genuine, free from any liens or encumbrances, and legally owned by the client.
- The provider warrants that it has the necessary expertise and resources to carry out the monetization process.
9. Liability:
- The provider shall not be liable for any losses or damages incurred by the client due to the failure or delay in the monetization process.
- The client's liability is limited to the fees and costs outlined in this agreement.
10. Termination:
- Either party may terminate this agreement with [specific notice period, e.g., 30 days] written notice to the other party.
- Termination does not relieve the client of the obligation to pay any fees incurred up to the date of termination.
11. Governing Law:
- This agreement shall be governed by and construed in accordance with the laws of European Jurisdiction.
12. Dispute Resolution:
- Any disputes arising from this agreement shall be resolved through Arbitration.
Miscellaneous:
- Any amendments to this agreement must be made in writing and signed by both parties.
- This agreement constitutes the entire understanding between the parties and supersedes all prior agreements and understandings in written.
Ensure all parties read and understand these terms and conditions before proceeding with the monetization of any Banking instruments.