Issuing Bank
Foreign Distributors Bank
-
Pays the agreed pre-purchase amount to producer's bank
-
Pays according to Notice of Assignment & Lab Release
Letter
-
NA attachments line out the payment conditions X, Y, Z
-
Issues the Letter of Credit
-
L.O.C is only as good as its attachments X (NA), Y
(Arbitration Award), Z (ND) are - can deny payment
-
They need to let producer know when they have given draw
down request - Notice of Presentation to the Beneficiary
Bank
-
Hopefully there is an L.A.L and the film is deposited in
the lab and viewed prior to payment
-
Needs to receive: 4 Certificates of Origin, 4 Cert. of
Authorship, and Spotting and Dialogue Lists in the
Presentation Package
-
L.O.C. is issued when contracting bank signs, and
finalized at least during the commencement of
pre-production when the completion bond has locked in
|
