PROCEDURE

DOCUMENTARY PROCESS

Buyer sends LOI or ICPO to Seller.
Seller sends FCO to buyer for completion and signature.
By agreeing to the FCO Buyer sends Customer Information Sheet (CIS) completely filled out and amended by:

Passport Copy (Color)
Copy of Company Registration Certificate
Full banking data for operational and guarantee account to Seller.

4. Seller drafts Sales & Purchase Agreement (SPA), to be lodged in both banks. Seller and Buyer execute the final contract.

5. Seller and Buyer meet by contract signature.

6. Buyer’s bank sends SWIFT SBLC for the amount of one month delivery to Seller’s bank.

7. After confirmation of the instrument by Seller’s bank and depending on SGS inspection timeline Shipment starts as per delivery schedule agreed in the contract.

8. Upon completion the first delivery, payment with the agreed financial instrument as applicable will be automatically extended for the second shipment and further to be extended until the contract is completed totally for the quantity as specified in the contract.

9. Upon receipt of shipping documents for (each shipment)as agreed by the parties, required for the payment, buyer’s bank will make the payment as required to seller’s bank within the contract terms and conditions.

DELIVERY LOOP

Within 14 days (depends on the product and other parameters) after confirmation of the instrument by Seller’s bank and depending on SGS inspection timeline loading starts as per delivery schedule agreed in the contract.
Vessel sails to destination Port, Seller gives DTA at discharging port and Buyer makes Dip Test SGS or similar organization
Buyer’s bank pays for each shipment 100% by TT or MT103, at sight in the discharging port against presentation of the shipping documents.
Transaction closed