CONTRACT PROCEDURES
1. BUYER issues ICPO/ PROVE OF FUNDS /COPY PASSAPORT BUYER with Name and Address of Buyer’s Bank and Correspondent/Confirming Bank if applicable
2. SELLER issues a Full Corporate Offer (FCO)
3. BUYER amends (as needed), signs, stamps and returns to the seller
4. SELLER issues Draft CONTRACT in favor of the BUYER. BUYER amends (as needed), signs, stamps and returns contract via email. SELLER and BUYER agree.
5. The Buyers Bank issues a one year NON operative instrument LETTER OF CREDIT TRANSFERIBLE OR NON TRANSFERIBLE- to the Sellers Bank for the entire shipment. If applicable, the Instrument is to be confirmed by Top 50 Bank
6. Seller issues Full Proof of Product (POP) including SGS report and the Bill of Lading as per Appendix C in contract to the Buyer thru the Buyers Bank (Bank to Bank) for each shipment. POP to be provided (5-10) days from receipt of the operative instrument for the first shipment which is to commence as agreed in the contract, but less than 30-45 days from receipt of said authenticated payment instrument and for subsequent deliveries will be on monthly basis.
7. The seller issues Performance Bond 2%
8. Buyer shall make payment via swift MT103 at loading port within 2-5 banking days after receiving shipping documents and commercial invoice per shipment.
9. Seller pays the mandate/intermediaries by TT within two business days from receipt of payment from Buyer.
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Past Performance Sugar