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Procedures

1.Buyer sends fresh LOI and BCL( can not be more that 5 days old)

 

2.Seller verifies LOI and conducts soft probe, then forwards FCO /draft contract. Draft contract will be issued prior to this verification.

 

3.Seller and buyer negotiate and finalize draft contract.

 

4.Seller releases final contract for signing by both parties.

 

5.Buyer opens non-operative L/C.

 

6.Seller issues Performance Bond guarantee for 2% of the value of the LC which will activate the Non-operative LC.

 

 

7.Seller provides POP (proof of product given back to bank)

 

8.Buyer’s L/C becomes operative

 

9.Buyer can request to send representative to the loading port if desired.

 

10.The First shipment will commence no later than 45 (forty-five) days from date issued of the operative Letter of Credit. The remaining consignments will be shipped in each 30 (thirty) day periods as defined in the Appendix.

 

11.Effect of payment for each consignment shall be effected within 3 (three) banking days after receipt bye the Seller’s Advising Bank of all documents required for payment.

 

Procedures Document's File 

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