Procedures and Terms of Trade
Buyer issues ICPO/LOI with full banking (BCL) and soft probe ability.
2. Seller drafts contract and sends it together with samples of the commodity to buyer.
3 Within 3-international banking days from receipt of this Agreement by the Buyer, the Buyer signs, seals and stamps the Agreement, and return three originals to Seller for his signature, sealing and stamping together with the proposed Confirmed, Irrevocable, Auto Revolving Documentary Letter of Credit text and the First Month SBLC text to seller by DHL or other overnight delivery service.
4. The seller signs the contract and returns it to the buyer via fax or e-mail and sends the original hard-copy of the contract to buyer by DHL or other overnight delivery service. This facsimile/e-mail copy, when properly signed, will be considered as legally binding on the buyer and seller as the original. At the same time, seller confirms acceptance of the buyer’s LC text.
5.Seller’s bank sends via Swift Pre-Advice Proof of Product (POP) to buyer’s bank in form of Product Inspection and Analysis Report by a credible international inspection agent.
6.Within seven (7) banking days after receipt and verification of seller’s Swift POP message, buyer’s bank opens a Confirmed, Irrevocable, Auto Revolving Documentary Letter of Credit (DLC) to seller’s bank for the contract value.
7.Within five (5) banking days of receiving buyer’s Swift Pre-Advice Letter of Credit, the seller’s bank posts an irrevocable loading schedule to buyer’s bank. If buyer’s bank does not receive the irrevocable loading schedule as specified herein, seller’s bank must immediately return the LC to buyer’s bank free of any charges to buyer.
8.Seller’s irrevocable loading schedule will activate buyer’s non-operative LC to operative LC status.
9.Loading of the Commodity shall commerce within 5-10 banking days from the date of receiving LC from buyer’s Bank.
10. Payment is strictly by Confirmed Irrevocable Letter of Credit payable at sight, Wire Transfer or cash payment before dispatch of goods.
Site by EN
Multimedia Solutions | visitors