PROVIDERS OF STANDBY LETTERS OF CREDIT
- The applicant sends his application for review.
- Once approved an Agreement is entered into by PFIG and the client.
- Upon signing of the Agreement the applicant places the fee either into the escrow account of a reputable law firm or directly with the issuer. (The fee is only due upon fulfilment of the Agreement.)
- The bank instrument is issued and delivered to the beneficiary.
- The escrow agent or the issuer respectively disposes of the fee in accordance to the Agreement.