Procedures.

Standard international banking procedures.

  1. The buyer issues LOI/ICPO (Irrevocable Corporate Purchase Order) and RWA/BCL as POF Proof of Funds.

  2. Seller / Exporter issues FCO (Full Corporate Offer).

  3. Buyer returns signed and stamped FCO.

  4. The seller issues the draft contract.

  5. Buyer and the Seller settle on terms and finalise the SPA in 5 business days; sign, seal and exchange the final copy of SPA in PDF format and is considered legal and genuine as per the ICC Contract guidelines.

  6. The seller issues Commercial Invoice.

  7. The buyer returns the stamped and signed Commercial Invoice with 24 hours.

  8. Buyer submits a draft of SBLC/ARDLC/DLC/LC within 3 business days as per seller approval.

  9. The seller returns the above bank instrument with required amendments.

  10. The buyer's bank issues SBLC/ARDLC/DLC (MT 700/760) with value equivalent to one month of supply and maturity of 1 year and 1 day, Irrevocable, Unconditional, Transferable and Divisible. Issued by the TOP 50 bank and payment for boarding the MT 103.

  11. The buyer will receive an invitation letter to accompany the shipment at the port at his expense.

  12. Shipment will be loaded as per the Loading Schedule.

  13. Payment against B/L, SGS Q&Q and other Shipping Documents, as per item 10.

  14. Shipment release.

  15. Next monthly shipment happens as per the calendar schedule as per the same procedures mentioned in the SPA.

 

Note:

  • Referring to item 3, the presentation of BCL or RWA as POF (Proof of Funds) is indispensable to continue trading.

  • All submitted documents must be issued on stamped letterhead, signed by the CEO and in PDF format. 

  • Documents such as LOI / ICPO will only be reviewed and accepted if they meet the seller's requirements, such as Form of Payment 
    Warranty form, 

  • Target Price must be as per exchange trading prices or subject to local markets.

  • Please click the link to see top 50 prime world banks (https://accuity.com/resources/bank-rankings/)

  • We do not approve blank enquiries, Buyer must issue a valid and latest LOI/ICPO as per his requirement. Download sample LOI/ ICPO model here