PROCEDURES & PAYMENT TERMS
PROCEDURES FOR CONTAINERISED SHIPMENTS
1) Buyer issues a LOI + BCL or Bank Endorsed ICPO.
2) Seller issues Proforma Invoice to Buyer.
3) Buyer sign seal and return the Proforma Invoice to Seller.
4) Buyer sends Draft LC Verbiage to seller for approval.
5) Buyer Bank sends a DLC to the seller’s Bank
6) Shipment Starts
PROCEDURES FOR BULK VESSEL SHIPMENTS
1) Buyer submits LOI & BCL or Bank Endorsed ICPO.
2) Seller approves LOI and BCL. Seller Issues FCO.
3) Buyer sends signs FCO with all information completed.
4) Seller issues Contract for Buyer’s signature and Buyer returns signed Contract to Seller.
5) Buyer sends Draft LC Verbiage to seller for approval.
6) Buyer Bank Issues Non-Operative Letter of Credit to the Seller in 5 Days after Signing the Contract.
7) Sellers Bank confirms 2% PB and Activate the Letter of Credit.(Only for Contracts)
8) Shipment commences as per contract.