1. Seller and
Buyer Sign and Seal the Sales/Purchase Agreement and copies are
sent to both party’s bankers. The electronic signed copy by both
parties is considered legally binding and enforceable.
2. Seller provides POP for buyer’s independent verification.
3. Seller appoints SGS to perform Q&Q examination on the cargo
and presents the SGS Report together with the CPA to Buyer.
4. After positive verification of the above documentation, buyers
bank issues via SWIFT, a Non-Operative, Irrevocable, Unconditional,
Transferable, Divisible and Confirmed Letter of Credit or BG/MT***0
or MT***3 to seller’s bank in favor of seller.
5. Sellers bank issues a 2% PB to buyer’s bank which automatically
activates the Buyers LC and the Buyers LC becomes Operative.
6. After confirmation of LC or BG or MT**3, under *4 hours seller
issues (NOR)/Estimated time of arrival (ETA) to buyer’s harbor
master and shipping agent at port of discharge.
7. Re-assignment of cargo is done in buyer’s name.
8. Vessel sails to buyer’s port of discharge.
9. Seller’s bank lodges valid shipping documents.
*0. Seller’s loaded vessel arrives at the buyers discharge port and
Buyer conducts Q&Q inspection at buyer’s expenses.
*1. After satisfactory Q&Q inspection buyer gives permission
for vessel to discharge.
*2. Buyer pays by swift MT**3 to sellers account and to accounts of
intermediaries in respect of commissions within *2 hours after
discharge and receipt of all relevant cargo documentation from the
Captain.
*3. The Buyer shall be responsible for all duties and taxes levied
on cargo by the authorities of the country of discharge. Title
shall pass from Seller to Buyer when the complete discharge of
cargo is made to the Buyer.
