Procedures and Terms
Procedures and Terms Summary
- 1. BUYER sends LOI and soon thereafter followed by ICPO (Irrevocable Corporate Purchase Order).
- 2. BUYER to provide complete information about the issuing or confirming bank. Bank must be a TOP 50 bank. Buyer to also provide complete business information of the buyer.
- 3. SELLER to issue FCO (Full Corporate Offer).
- 4. BUYER returns the signed FCO and sends the BCL and draft of the SBLC or LC for approval by the seller's bank.
- 5. BUYER's ICPO, together with the BCl and draft Financial Instrument, will be examined for Compliance and approval. If approved, the procedure continues.
- 6. SELLER issues draft contract (SPA) after receiving the FCO approved by the buyer.
- 7. BUYER returns the signed, stamped contract by e-mail. It will not be considered a legal and official Sale and Purchase Agreement (SPA) until the copies are exchanged.
- 8. SELLER issues a Commercial Invoice.
- 9. BUYER returns the stamped and signed Commercial Invoice.
- 10. BUYER's bank issues SBLC or LC (MT 700/760) as a guarantee for one month and sends it to the seller's bank within 15 working days. The bank instrument must be revolving, transferable or non-transferable to SBLC only, and LC only transferable, irrevocable, divisible, operations, renewable and confirmed by the Top 50 bank, with payment via MT 103 upon presentation of the shipping documents (B/L + SGS) by the seller at the port of origin or as agreed with seller.
- 11. After the open banking instrument, the seller's bank sends to buyer's bank a Performance Bond (PB) of 2% within 12 working days in the amount of a remittance only for contract conditional on payment at origin. Seller will issue Proof of Product (POP) within 15 days for any form of payment.
- 12. BUYER will receive an invitation letter to accompany the shipment at the port if necessary.
- 13. In 35/45 days the ship will be loaded, and the loading can be anticipated.
- 14. Payment against the BL and SGS shipping documents, as per item 12.
- 15. We do not send BL or other shipping inspection certificates from previous customers for someone to review (Data Protection Act). No past performance is provided.
- 16. We do not ship physical samples without exception.
- 17. We do not upload photos or videos to avoid disturbing our sources' privacy and identity.
