When an exceptionally high level of trust exist between the importer and exporter, then remittance of funds in this instance is normally effected before goods are dispatched, received, or the service has been rendered.
The buyer pays the seller before the goods have been shipped, or in some cases before the goods have been manufactured.
Payment can be effected by SWIFT transfer.
This enables the employer to get a refund of advance payments made in the event of default by the contractor.
It is issued for the full amount of the advance payment, but may contain reduction clauses, which enable a reduction in the maximum amount upon evidence of progressive performance.
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