- Buyer issues LOI/ICPO with full coordinates. Seller sends SCO and the buyer approves and returns SCO/ICPO signed to the seller accompanied by a RWA.
- Seller issues the draft contract for review, mediation, seal, date, and exchange by e-mail first. Buyer’s approved copy of the returned draft contract must be accompanied by a copy of company registration, passport representative and draft of the financial instrument that will be issued.
- Seller and buyer execute final contract: seller sends final contract electronically in pdf format. An electronically executed final contract can stand as original. Contract is lodged with the buyer’s and the seller’s respective banks.
- The buyer sends proposed draft verbiage of issuing bank to seller for approval, followed by pre-advice (MT799) of the draft of payment instrument (SBLC/IRDLC) to the seller’s bank. Seller’s bank then confirms pre-advice with full bank responsibility. The bank instrument must be issued by a Top 50 Bank or being confirmed by a such bank or any acceptable bank from the seller.
- After the confirmation from seller’s bank for the pre-advice, within fifteen (15) working banking days, buyer’s bank will issue the payment instrument (SBLC/IRDLC) acceptable to seller for the shipments in favor of the seller at seller’s bank valid for the total quantity as per the contract.
- Shipment starts as per delivery schedule agreed in the contract.
- The seller guarantees on his account that the shipment will be provided with inspection of weight and quantity and quality at the time of loading, certificates shall be provided by SGS at seller’s expense and shall be binding for both parties. Seller instructs such authority to carry out the inspections under strict rules and in accordance with the specifications in the contract and or the ICC rules (Incoterms 2010 latest edition, with all amendments).
Upon receipt of shipping documents for the payment, buyer’s bank will make the payment within three (3) banking days by MT103 or IRDLC as required to seller’s bank within the contract terms and conditions.
Payment Terms (***Will be discussed case to case basis)
- The Buyer must send pre-advice of the financial instrument via MT799 to the Seller’s Bank.
- The financial instruments must be issued by Top AA rating Bank Top 50 (Fifty) or to be confirmed by such a bank or any acceptable bank from the Seller.
- As a guarantee, Buyer’s Bank issues a 12-months operative if for contract, confirmed, Transferable or Non Transferable LC as applies, irrevocable, Revolving Documentary Letter of Credit for the delivery quantity as per contract.
- Shipment payable 100% (One Hundred percent) at sight at loading sea port for the amount within three (3) banking working days by MT103/IRDLC against documents to the Buyer’s Bank.
- We respect everyone service and support and so do our buyers and sellers.
- If there is a mediator or a group of mediators between us and the end buyer or end seller, we would require a direct contact with the buyer or seller, allowing us to directly work with them to successfully sign the deal, without any distortion or misinterpretation of our advices, communication will be deemed transparent for all parties involved, except for buyer-seller confidential or sensitive information.
- NCNDA would be signed between all the mediators once a draft contract is issued.
- Please note that for a mediator to receive his commission, it is necessary that the end buyer and the end seller finalize the deal first. Many mediators insist on a certain commission without being sure that their buyer is capable of closing the deal. Many deals are not finalized because of such irresponsible and unprofessional attitude. The earliest stage when an IMFPA could be issued is after the buyer and the seller have signed the final contract.
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