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Sample Of Domiciliation Of Contract Proceeds - Business - Nairaland

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Sample Of Domiciliation Of Contract Proceeds by Pearlqueen(f): 7:32pm On Sep 07, 2020
Good evening, Nairalanders. Hope you had a swell day.

This thread is targeted at those who work or have worked in a bank or financial institutions where loan is given to both corporate bodies and individuals.

My friend works for a company as a secretary. The company wants to collect loan from a bank and the bank has requested that a "Domiciliation of Contract Proceeds" be provided as one of the security measures before granting the loan to the company.

My friend has been asked by the boss to prepare that document but she doesn't know how to go about it.

Please, experience bankers in this line should help give us a format or sample as to how this document can be presented.

Thank you as we await your warmest responses.

Have a lovely evening once again.
Re: Sample Of Domiciliation Of Contract Proceeds by Kendumazy(m): 10:48pm On Sep 07, 2020
Pearlqueen:
Good evening, Nairalanders. Hope you had a swell day.

This thread is targeted at those who work or have worked in a bank or financial institutions where loan is given to both corporate bodies and individuals.

My friend works for a company as a secretary. The company wants to collect loan from a bank and the bank has requested that a "Domiciliation of Contract Proceeds" be provided as one of the security measures before granting the loan to the company.

My friend has been asked by the boss to prepare that document but she doesn't know how to go about it.

Please, experience bankers in this line should help give us a format or sample as to how this document can be presented.

Thank you as we await your warmest responses.

Have a lovely evening once again.


Your answer is on Google search. A simple Google search will put you in the right direction. Note that, atimes Google won't give you a descriptive or exact answer. You have to put one or two together and you get to the absolute answer. Go do a little Google search. All the very best.
Re: Sample Of Domiciliation Of Contract Proceeds by SavageResponse(m): 1:32am On Sep 08, 2020
Pearlqueen:
Good evening, Nairalanders. Hope you had a swell day.

This thread is targeted at those who work or have worked in a bank or financial institutions where loan is given to both corporate bodies and individuals.

My friend works for a company as a secretary. The company wants to collect loan from a bank and the bank has requested that a "Domiciliation of Contract Proceeds" be provided as one of the security measures before granting the loan to the company.

My friend has been asked by the boss to prepare that document but she doesn't know how to go about it.

Please, experience bankers in this line should help give us a format or sample as to how this document can be presented.

Thank you as we await your warmest responses.

Have a lovely evening once again.

What I can gather from this is that your friend's boss wants to take a loan from the bank for the purpose of executing a contract.

One of the conditionalities of that loan is that when they get paid by their client the cheque for payment must be paid into their account with the bank that granted the loan.

What the bank therefore requires is that the company gives a letter stating that this cheque (or wire transfer of the contract payment) will indeed be paid or domiciled with them so they can recover their money.

That's all there is to it. Note that the letter must be signed by the signatories to the company's account or the directors of the company.

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Re: Sample Of Domiciliation Of Contract Proceeds by Pearlqueen(f): 3:54pm On Sep 26, 2021
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Thank you.

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