PROCEDURES & TERMS
In order for you to be assertive in your negotiation, carefully follow the items below
Define your demand [ product type, total quantity, port of destination, target price]
Check if your company is ready to issue a financial instrument [SBLC or DLC] through one of the 50 largest banks in the world
Request a quote
Procedures
After receiving the supply proposal, check if your company is able to pay the quoted price and if it can issue a financial instrument through one of the 50 largest banks in the world, ie the TOP 50.Check the website below, and see if the bank where your company has credit is included in the list of TOP Prime 50 banks: https://accuity.com/resources/bank-rankings-top-banks-in-the-world/
BUYER sends ICPO (Corporate Irrevocable Purchase Order)
Complete buyer information about the issuing or confirming bank, it is essential to be a TOP 50 bank …We only accept full Bank ICPO from the recipient of the purchase, this document on PDF letterhead, complete banking and business information of the purchasing company (all information will be consulted).
Seller issues FCO (Full Corporate Offer).
The buyer returns the signed and stamped FCO and sends the BCL
Seller issues Contract Draft. (SPA). After receiving the FCO approved by the buyer!
The buyer returns the signed, stamped and scanned Draft Contract by e-mail and it will be considered legal and official Contract of Purchase and Sale until the copies are exchanged.
The seller issues a Commercial Invoice.
The buyer returns the stamped and signed Commercial Invoice.
The buyer sends the SBLC/ARDLC/DLC OR LC draft for approval by the seller’s bank or the seller’s financial sector.
The seller returns the above bank instrument with any changes or approvals.
The buyer’s bank issues SBLC/ARDLC/DLC or LC (MT 700/760) as a guarantee for one month and sends it to the seller’s bank within 15 working days. The bank instrument must be revolving, transferable or Non-Transferable to SBLC only, DLC and LC only transferable, irrevocable, divisible, operational, renewable and confirmed by the top 50 bank, with Payment via MT 103 upon presentation of the shipping documents (B/L + SGS) by the seller at the port of origin or port of destination as agreed with Seller.
After the open banking instrument, the seller’s bank sends to the buyer’s bank a Performance Bond (PB) of 2% within 12 working days in the amount of a remittance only for contract conditional on payment at origin, we will issue Proof of Product (POP) within 15 daysfor any form of payment
The buyer will receive an invitation letter to accompany the shipment at the port if necessary. .
In 35/45 daysthe ship will be loaded, and the loading can be anticipated.
Payment against the BL and SGS shipping documents, as per item 11.
We do not send BL or other shipping inspection certificates from previous customers for someone to review (Data Protection Act). No past performance.
We do not ship physical samples without exception.
We do not upload photos or videos to avoid disturbing our suppliers’ privacy and identity.
Payment Methods
SBLC + MT 103 | SBLC 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
DLC at sight, Conditional, Irrevocable, Transferable and Divisible Bank TOP 50
Payment against BL and SGS shipping documents, as noted above.
It is evident that SGS is the market leader in inspection, verification, testing and certification of companies, that is, it is recognized as a world reference in quality and integrity. For additional information, follow the website below: http://www.sgs.com