Description
Procedures and Terms:
*- Buyer issues the
following documentation:
· LOI
or ICPO with Seller’s procedures “copied & pasted”,
addressed to the Seller.
· RWA
or BCL from Bank (World Top *0) signed by two officials addressed
to Seller.
· Profile
of Buyer.
· Company
registration sheet, with whom has signatory right.
· Copy
of passport from the one who is signing the ICPO.
NOTE:Seller
will not issue FCO or Price Quotation without receiving the above
mentioned documentation.
*- Seller issues Draft Contract in favor of the
Buyer.
*- Buyer and Seller
will sign the Contractonly digitally via email.
*-The
Buyer’s bank or the buyer will send a draft SBLC with the complete
wording
*-On
buyer’s request, only after receipt of the Draft SBLC from the
buyer’s bank, the seller will send via mail two signed Original
contracts and the Pro Forma Invoice.
*-The payment instruments have to be
issued, confirmed and guaranteed by a TOP *0 world prime bank or
have to be confirmed by a top *0 world bank acceptable to the
Seller.
*-Upon receipt of the Operative,
Irrevocable, Confirmed, Divisible, Transferable, Assignable,
Unencumbered SBLC, from the Buyer’s Bank, the Seller will send
within *0 days, via courier or Swift, at Seller’s choice, the
“Proof of Product” (POP) in the form of a hard copy POP, and 2%
performance bond.
*-The initial shipment of product
loads within ****0 days from the date of receipt by the seller’s
bank of the operative, confirmed and transferable Standby Letter of
Credit.
*-Bank contact is only permitted
between the buyer’s bank and the Seller’s bank. Direct contact with
the Seller’s Bank by the buyer will be considered as contract
breach, liable to pay an indemnity of 2 % over the non delivered
goods.
TERMS OF PAYMENT FOR SPOT:
BUYER’S BANK
PAYMENT INSTRUMENT (DLC OR MT **3/*3) WILL BE AN IRREVOCABLE,FULLY
FUNDED, TRANSFERRABLE, UNENCUMBERED, DIVISIBLE ,
OPERATIVE,CONFIRMED AND ASSIGNABLE DOCUMENTARY LETTER OF
CREDIT OR MT**3/*3. COVERING THE CONTRACT VALUE WITH A
VALIDITY OF TWO (2) MONTHS. PAYMENT OF EACH SHIPMENT WILL BE
DEDUCTED FROM THE DLC OR MT **3/*3 AND PAYABLE **0% AT SIGHT
INTO THE SELLER’S BANK WITHIN FIVE (5) BANKING DAYS FROM THE DATE
OF PRESENTATION OF SHIPPING DOCUMENTS.FINANCIAL INSTRUMENTS SHOULD
BE ISSUED AND OR CONFIRMED BY A TOP *0 WORLD BANK ACCORDING TO THE
ICC **0 LATEST PUBLICATION. FOR SPOT, NO PERFORMANCE BOND AND NO
POP WILL BE ISSUE BY THE SELLER.
TERMS OF
PAYMENT YEARLY CONTRACT:
BUYER’S
BANKPAYMENT
INSTRUMENT WILL BE AN IRREVOCABLE,CONFIRMED, TRANSFERRABLE,
UNENCUMBERED, DIVISIBLE AND ASSIGNABLE STAND BY LETTER OF CREDIT
COVERING ONE (1) MONTH SHIPMENT QUANTITY AND VALUE THAT WILL ACT AS
A COLLATERAL SECURITY GUARANTEE TOWARDS SUCCESSFUL COMPLETION AND
LIFTING OF THE CONTRACTED QUANTITY WITH A MATURITY DATE OF THIRTEEN
(*3) MONTHS.THIS SBLC WILL SERVE AS PAYMENT FOR THE LAST
MONTH SHIPMENT .PAYMENT OF EACH SHIPMENT WILL BE MADE BY DLC
OR SWIFT MT **3/*3 PAYABLE **0% AT SIGHT INTO THE SELLER’S BANK
WITHIN FIVE (5) BANKING DAYS FROM THE DATE OF PRESENTATION OF
SHIPPING DOCUMENTS.
PERFORMANCE BOND
AFTER
RECEIPT OF NON-OPERATIVE FINANCIAL INSTRUMENT, THE SELLER’S BANK
SHALL POST AN OPERATIVE PERFORMANCE BOND FOR THE VALUE OF 2% OF THE
SHIPMENT VALUE ON AN AUTOMATIC REVOLVING BASIS UNTIL THE TOTAL
QUANTITY HAS BEEN SHIPPED.
