1.1 The Buyer issues the LOI.
1.2 The Seller issues the FCO to the Buyer.
1.3 The Buyer signs and seals the FCO, then returns it to the Seller.
1.4 The Buyer returns the FCO with the Irrevocable Corporate Purchase Order (ICPO), Proof of Funds (POF), and the Seller's bank details.
1.5 The Seller issues the draft Sales Purchase Agreement (SPA) to the Buyer.
1.6 The Seller and Buyer sign the final contract (SPA).
1.7 The Buyer issues the SBLC, which will be visible to the Seller's bank.
1.8 The Buyer is responsible for providing its own inspection team on board the cargo ship. 1.9 The seller will be responsible for shipping the bauxite to the buyer's port of destination.
1.10 60 days after the seller's bank confirms receipt of the SBLC, the seller will begin loading the first vessel.
