详情
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Procedures
1. Seller issues this Full Corporate Offer as accepted by the
buyer
2. Buyer issues ICPO along with sealed / signed FCO and returns the
same to the seller.
3. Seller issues the Draft Contract, open for any amendment (Buyer
Signs, seals and returns it)
• DRAFT CONTRACT WILL BE ACCOMPANIED WITH AN ICC WARNING LETTER TO
AVOID
ANY FORM OF FORGED DOCUMENTS TO BE EXCHANGED HEREON. THIS IS TO
ENSURE
PROTECTION OF BOTH BUYER AND SELLER.
4. Seller sends final / approved contract to Buyer and both Seller
and Buyer will Lodge with
respective banks.
5. Buyer’s Bank Issues MT **9/**9 SWIFT to Seller’s bank for
confirmation of buyer’s capability
toperform the transaction
6. Seller executes CONTRACT and Returns to Buyers bank with FULL
POP:
• Commercial Invoice
• Tank Receipts
• Authorization to Dip Test for liftable amount.
7. After verifying POP and results from Dip Test, within *2 hours
Buyer’s Bank makes payment by
irrevocable MT**3 or acceptable payment term by both buyer and
seller in the amount of the
Commercial Invoice for the liftable amount, and issues an SBLC /
IRDLC for the next *1 months to
Seller.
8. (Liftable amount will be at least *0% of First Month’s
Delivery)
9. Upon Seller’s bank receipt of MT**3, then releases permits to
export, transfers title and
ownership
and issues 2% performance bond.
*0. Delivery commences as per schedule
NON PERFORMANCE PENALTY CLAUSE:
IF A PARTY CANNOT PERFORM AND FULFILL THE ABOVE REQUIRED
PROCEDURE,
AFTER HAVING SIGNED THE CONTRACT, THERE WILL BE A
PENALTY OF 2% (TWO PERCENT) OF THE TOTAL CONTRACT SALE PRICE,
PAYABLE TO
THE INJURED PARTY, CHARACTERIZED BY THE FOLLOWING
SITUATION:
A) SELLER NON-PERFORMANCE OF THE DELIVERIES AS AGREED.
B) BUYER NON-PERFORMANCE OF THE FULL PAYMENT OF THE DELIVERED
GOODS AS AGREED IN CONTRACT.
