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L.O.R. (Letter of request)
C.O.A. (Confirmation of access) or Letter of confirmation
N.D.N.C. (NON-DISCLOSURE, NON-CIRCUMVENTION)
IMFPA Intermediary master fee protection agreement (commission split agreement)
L.O.I. (Letter of intent) from Buyers lawyer to Mandate or sellers Lawyer
Answer to L.O.I. > Invite to inspect from Mandate or sellers lawyer
P.O.F. (Proof of funds) to sellers Lawyer or Bank
Letter of request (LOR click for draft) can be sent from buyers agent to show real interest in a specified object (please describe object in details), before LOI. This letter serves as a defined mission mandate.
The Letter of request (LOR) should inform seller or sellers Agent/Mandate about people involved, questions, your relations with buyer and offer price.Should be signed and on letterhead with copies of passports of all parties involved on buyer side.Please describe how well you know buyer and whether you have done business with this person before.Speak with buyer and ask how much would be his maximum budget for said transaction.Ask buyer for all points he need answered.
Answer to LOR COA (Confirmation of access) with terms
NDNC (NON-DISCLOSURE, NON-CIRCUMVENTION ) & commission agreement between agents should be signed.
LOI from buyer or buyers Lawyer should follow, all or most questions would be answer in answer to LOR, except for personal details of buyer .
Letter of Intent, NDNC, Proof of Funds, Escrow & Contract.
All considerations, benefits, bonuses, participation fees and/or commissions.People involved should attach a copy of their pasport to the NDNC commission split agreement.
Definition of ‘Letter of Intent – LOI’
1. An agreement that describes in detail a person´s or corporation’s intention to execute a private or corporate action. The letter of intent is created by the corporation with its management and legal council, among others, and outlines the details of the action. Or by a private individuals lawyer or bank. 2. A document that can be used by parents to outline the thoughts and hopes that they have regarding their children in the event that the parents die. The courts use the information contained in the letter of intent to determine what happens to the children.
‘Letter of Intent – LOI’
1. Letters of intent are used during the merger and acquisitions process to outlines a person or firm’s plan to buy/take over another company or item. For example, the letter of intent will disclose the specific terms of the transaction (whether it is a cash or stock deal). 2. Unlike wills, letters of intent are often not legal documents.
Is your Letter of Intent Binding or Non-Binding?
Remember, getting a contract and replacing the title with Letter of Intent won’t make it a legitimate letter of intent. And that’s exactly what people often do, maybe considering the reassuring character of the document title. So in this case, they should skip the step of writing a letter of intent and write directly a contract. As far as the letter of intent does not contain provisions we must encounter in a contract to qualify it as is, you’re safe. Indeed, a letter of intent is an agreement to agree, stating that both parties are looking for a deal that will be effective should only certain circumstances happen, like a definitive agreement being executed.
“Terms of this letter of intent are valid until (a certain date, usually 30, 60, or 90 days; or any other circumstance happens).” or “Terms of this letter of intent are informational until they become contractual should a definitive agreement be executed.” or “Terms of this letter of intent will become effective and enforceable when a definitive agreement is executed.”
The latter examples are still binding somehow, but the secret tour de mainis they rely upon the occurrence of a given event, whether a definitive agreement or a deadline. Once this letter is received, the receiving party can then act on the information the corresponding party provided in the letter of intent with confidence.The purpose(s) of a letter of intent may include: to outline key points of a proposed transaction, to declare officially that the negotiations are currently in progress, to put other monetary offers on hold until the first offer is either accepted or rejected. Once a letter of intent is recieved, its expected that seller or sellers lawyer respond.
Global Transport companies (Art, Diamonds & Gold etc)
Malca-Amit delivers absolute peace of mind for those dealing in Diamonds and Jewellery, Precious Metals, Fine Arts, Special Event Operations and more.Secure door-to-door collection and delivery ensures the safe delivery of your goods anywhere in the world.
Our secure logistics solutions are founded on the Brink’s secure transportation service. Coupled with our comprehensive services, you can virtually manage risk throughout your logistical process. Services include:
- Risk management throughout your logistical process, including:
- Secure Storage
- Inventory Management
- Pick & Pack
- Customs Clearance
- Airline Handling
- Secure Transportation
- Cash Processing
Proof of Funds Service
A proof of funds is a document prepared by a financial institution that affirms that an individual or business entity has the funds on hand to enter into a given financial transaction. A document of this type is sometimes prepared at the request of a seller who is considering an offer from a buyer. The seller requests the proof through the buyer, who in turn authorizes his or her bank or other institution to provide data that confirms the ability to honor the terms of the transaction.
Definition of ‘Proof Of Funds – POF’
A document that demonstrates that a person has the ability and funds available to use for a transaction. It usually comes in the form of a bank, security or custody statement. The purpose of the document is to ensure that the funds required for the transaction are obtainable and legitimate.
Investopedia explains ‘Proof Of Funds – POF’
Some con artists who are planning a financial scam will request a proof of funds. They want to make sure that they are concentrating their efforts on someone with significant financial worth. Therefore, it is important to make sure that you only give proof of funds to trusted individuals whom you have thoroughly investigated.Stefan Katafai will only ask for proof of funds on objects that have been verified as available by a lawyer or seller, or if I have a sales contract or mandate from owner or owners lawyer. Draft Proof of funds.
BANK PROOF OF FUNDS LETTER
Issue Date: XX/XX/XXXX
Account Name: (Client Name)
Account Number: XXXXXXXXXXXX
We, (Bank Name), located at (Bank Address) hereby confirm with full bank responsibility and legal liability, and acknowledge than an amount $_______________________in cash funds are presently on deposit with us by our above client.
We further confirm that our above client has full custody over said funds in their account and under their exclusive instructions we will immediately block/reserve the full amount of funds as listed above in your numbered account for a period of _____________________, without the placement thereon of any liens or encumbrances of any kind during this period of time.
We further confirm that these Funds are good, clean, cleared funds of non-criminal origin and obtained from legal sources and that they are free and clear from any claims, liens, and/or encumbrances.
These funds may be verified on a Bank to Bank inquiry.
AUTHORIZED SIGNATURE AUTHORIZED SIGNATURE
OFFICER #1 NAME: OFFICER #2 NAME:
An escrow is:
- an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money and/or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually-agreed conditions by the transacting parties, or
- an account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction; or,
- a trust account held in the borrower’s name to pay obligations such as property taxes and insurance premiums.
The word derives from the Old French word escroue, meaning a scrap of paper or a roll of parchment; this indicated the deed that a third party held until a transaction was completed.
Licensed escrow companies
One way to avoid escrow fraud is to use a Government Agency authorized escrow company (UK),or a State licensed escrow company (US).
Law Debenture’s services are available internationally, with offices in:
- New York
- Hong Kong
- Channel Islands
These companies are regulated by national or state authorities and must undergo constant scrutiny, and hold funds in bank accounts fully protected by law or have bonds that ensure customers can recoup money lost in the escrow process. The validity of an online escrow company’s license can be checked with the regulating authority. Usually this is accessible through their official website, and should always be checked before dealing with an escrow company to ensure it is not a look-alike or fraud.
Top Western and Private European bank cash collateral accounts set up with SWIFT verification for 30 or more.. international banking days. This account works best for those needing a European bank account where a Private Banker is needed and the account offers a whole boutique of services including SWIFT MT 760/799 bank guarantees. This is often the case for those engaging private investment trade opportunities.
Top World Banks proof of funds
- SWIFT MT 760/799 SBLC or Bank Guarantee
- Electronic Verification
- Bank to Bank Verification
- Phone/Fax Verification
- Attestation Letter
- History of funds
- Bank Comfort Letter
- Account Statement
- Tear Sheet
- Dual Private Banker Signatures
- Available Funds Letter
- Blocked/Reserved Funds Letter
- Use account to capture your trade profits
- We Commercial Escrow or others
- Email the following information
- Contact information of your escrow company
- A detailed list of items and documents your service will require. Any specific language in a BCL, Available Funds Letter, Reserved Funds Letter, History of Funds Letter, etc will need to be submitted prior for approval.
From this point the Investor will issue a contract based upon your needs and the documentation submitted and prepare for escrow. Once the escrow contract has been agreed to and executed and escrow has confirmed receipt of your fee monies opening the account will be initiated. It takes approximately 5 business days to complete the transaction. Once the account has been opened the escrow agent/attorney is required to receive verification from the issuing and/or receiving bank (where SWIFT verification is done). Once your escrow agent/attorney is satisfied the service has been rendered and verified for authenticity he is instructed to release the fee monies.
The SWIFT bank guarantees and funds block may be issued as required for a year and a month and a day, but will be renewed before the 35 international banking days are up.
Hard Escrow Deposit:
Our investor deposits cash into choosen escrow or trust account for 30 days at the direction of the borrower. The money must have a surety bond in place to ensure the monies will be returned at the appropriate time and way and protect against theft. Deposits $100K to $500 M available. Rates start from .50% to 5% monthly.
Stand-By Letters of Credit, Bank Guarantees:
POF accounts ,SBLC, BG are issued on a leased basis to the client for a minimum of 12 months. Fees are required up front for the entire year making this an expensive alternative to our other products. Payment arrangements can be made to pay the majority of the fee “up front” and the residual “on the back” as can be agreed to by both parties. This product is usually for those who are engaging in proof of funds or capability for contracts involving commodities such as D2, oil, gold, etc. Minimum 15M requirement.
A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be made orally. The remedy for breach of contract can be “damages” or compensation of money. In equity, the remedy can be specific performance of the contract or an injunction. Both of these remedies award the party at loss the “benefit of the bargain” or expectation damages, which are greater than mere reliance damages, as in promissory estoppel. The parties may be natural persons or juristic persons. A contract is a legally enforceable promise or undertaking that something will or will not occur. The word promise can be used as a legal synonym for contract., although care is required as a promise may not have the full standing of a contract, as when it is an agreement without consideration. Contract law varies greatly from one jurisdiction to another, including differences in common law compared to civil law, the impact of received law, particularly from England in common law countries, and of law codified in regional legislation. Regarding Australian Contract Law for example, there are 40 relevant acts which impact on the interpretation of contract at the Commonwealth (Federal / national) level, and an additional 26 acts at the level of the state of NSW. In addition there are 6 international instruments or conventions which are applicable for international dealings, such as the United Nations Convention on Contracts for the International Sale of Goods (Vienna Sales Convention) See some of our items for sale.
Money Laundering: International Law and Guidance
International anti-money laundering requirements, set on a global or regional basis. Representations and training.
The Financial Action Task Force
The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. Its 40 Recommendations are backed by mutual evaluations of its member countries. Countries which are not members of FATF may be members of a FATF-style regional body.
Customer due diligence Institutions should undertake customer due diligence, and should take the following measures: Identify and verify the identities of their customers; Identify the beneficial owner; Obtain information on the purpose and intended nature of the business relationship; Conduct ongoing due diligence on the business relationship, and scrutiny of transactions undertaken throughout the course of that relationship, to ensure that the transactions are consistent with the institution’s knowledge of the customer, their business and risk profile; Undertake additional due diligence measures in relation to politically exposed persons, crossborder correspondent banking and other high risk customers.
The requirements for customer due diligence and record-keeping, set out for financial institutions in recommendations, should also apply to non-financial businesses and professions in the following situations:
1. Lawyers, notaries, other independent legal professionals and accountants when they prepare for, or carry out, transactions for their client concerning the following activities: buying and selling of real estate; managing of client money, securities or other assets; management of bank, savings or securities accounts; organisation of contributions for the creation, operation or management of companies; creation, operation or management of legal persons or arrangements, and buying and selling of business entities.
2. Trust and company service providers: when they prepare for or carry out transactions for a client concerning the following activities: acting as a formation agent of legal persons; acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons; providing a registered office; business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement; acting as (or arranging for another person to act as) a trustee of an express trust; acting as (or arranging for another person to act as) a nominee shareholder for another person.
For convenience, the ICAEW has extracted those Recommendations that apply to professional accountancy firms into a single document
In consultation with members of the accounting profession, FATF has also issued Risk Based Approach Guidance for Accountants and a report on Virtual Currencies and AML Risks.
The European Federation of Accountants (FEE) has a Money Laundering Task Force, which coordinates AML policy for the profession across Europe, including lobbying the European Commission and FATF.
The European Union’s current requirements are as laid out in the money laundering directives.
The final text of the Fourth EU Money Laundering Directive has been published (adopted by European Council in April 2015). This is expected to become EU law by May after which member states will have 2 years to implement into domestic law.
The Federation of European Accountants (FEE) has published two information papers on the new directive.
Money laundering is defined as the process of concealing or disguising the proceeds of a crime or converting those proceeds into goods and services. It allows criminals to infuse money obtained illegally into the stream of commerce, thus corrupting financial institutions and the money supply. While many definitions for money laundering exist, it can be defined very simply as any knowing use of the proceeds of criminal activity.
Please send me buy & sell requests for Art, Gold, Precious stones, Real estate,Rare Super Cars & Super Yachts.
Please but be aware of all points above.I will only deal with people with a legal right to act.
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+34 637 97 37 42
“A man who stops advertising to save money is like a man who stops a clock to save time.” – Henry Ford