Ready Willing and Able Letter (RWA)
Ready Willing and Able Letter (RWA) is a document issued by a bank or financial institution on behalf of their clients. It demonstrates the intent and capability of the clients to enter into a financial business transaction both legally and financially.
If the transaction fails, the liquidation charges will be returned unconditionally to the borrower plus attorney fees and 2% failure penalty.
Bank ratification document and essential in the final stages of the administrative proceeding. With this document, the bank confirms:
- The asset is good, clear, clean and with a non-criminal origin
- The asset does not have any kind of external charge
- The asset can be confirmed via SWIFT MT799 – MT760
It must be signed by two bank officials and stamped by the same bank. With this document, the bank agrees to the issuance of Swift MT-760 when the client orders it and to the coordinates that the client shall indicate.
MT799 is a message that is sent between banks with the aim of showing funds or proof of deposits. It is important to note that it is not used as a method of transferring funds or an undertaking to do the same.
MT760 is a message used for issuing or requesting a Standby Letter of Credit or Bank Guarantee. MT 760 belongs to a category of SWIFT Message a type of inter-bank message that are used on the SWIFT system so financial institutions can correspond. It is used to securely transfer information and instructions through a bank system of codes.
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