1) Buyer issues official ICPO with company registration license.
2) Seller issues FCO to buyer for signing and returns with letter of acceptance letter stating to adhere to seller's terms and procedure.
3) Seller issues draft contract (SPA) open to amendment and review, buyer endorses and return to seller in word format for final contract.
4) Seller reviews and counter signs and notarize contract and send the final copy to buyer with letter of guarantee to supply, all expenses to seller.
5) Buyer acknowledges receipt with acceptance letter & RWA swift MT199 within
5 working days
6) Seller release to buyer the below listed soft performance guarantee POP documents:
- Commitment letter to supply product. - Letter of Availability of Product.
- Product Passport.
- Company Registration License.
7) Buyer's bank (a Top-50 bank in the world) issues bank instrument via BG MT760 or
DLC MT700 for the value of first month shipment to Seller's nominated bank coordinates, based on the acceptable verbiage to the Seller's bank within 10 (5+5) banking days. Loading commences. Failure to swift bank instrument within 10 working days, buyer pays a 10% deductible cost of shipment to shipping company as a provisional guarantee performance.
8) Within 5 working days from receipt of bank instrument, receiver bank issues 2% performance bond PB. However, note that seller will not issue a 2% PB on 10%
provisional guarantee performance payment to the shipping company.
9) Shipment commences at loading port and within 10 days issues full POP/shipping documents/legalized SPA via bank to bank and seller send scanned copies to buyer via email.10) Buyer conducts SGS/CIQ inspection at the destination port to ascertain quantity/quality of Product and within 72 hours make full payment via MT103/TT and seller releases
Title of Product and pays commission.
