Subsequent: Rolling deliveries every 30 days (as per contract)
PAYMENT TERMS Non-Transferable MT 700 or MT760 as Guarantee // MT-103 at destination port.
PERFORMANCE BOND Seller to issue 2% PB after receiving non-operative DLC to activate the instrument
INSPECTION SGS or Equivalent Inspection for Quality & Quantity at Port of Loading at Seller’s Cost
PROCEDURES
1.Buyer/Payer send LOI + CIS addressed to the business facilitator. Thend will do a NCNDA between the intermediary’s and buyer, Then the buyer must sign and stamp the Validation Agreement / ICPO Addressed to the seller mandate. (Documents must come from buyer´s corporate email) LOI must include this same procedure without any change.
2.Seller sends draft contract to Buyer, buyer review, fill in signed and resend to Seller who then signs, seal and forward final copy in PDF file to the seller. Buyer send POF/RWA bank to bank and the seller provides the past performance with redacted seller’s name and unredacted buyer name & entity and BL number.
3.Buyer is expected to issues bank payment guarantee by (DLC- MT700) instrument within 7 working days from day of signing the contract
4.Buyer processes initial payment Bank guarantee and sends SWIFT to seller with following standard process:
5.Buyer bank sends to seller’s financier bank declaring their readiness to issue MT700
6.Seller’s financier bank responds via MT799 confirming their readiness to receive MT700
7.Buyer bank issues MT700 to seller financier bank and sends confirmation of Swift copy to seller for verification and confirmation
8.Seller prepares buyer’s order and shipment within 14 Working days – Shipping forwarder / logistics company (estimate 21 days) for delivery.
9.Payment method shall be via 100% cash backed, confirmed, Non – transferable, divisible, and operative and Auto Revolving MT700 DLC to be affected via MT103 or T/T to Seller within 5 working days after delivery and inspection at destination port in China by an appointed SGS or other agreed and approved license regulated 3rd party.
10.Instrument MUST be durable for 12 months Period (One year and one month), revolving or for the term of the supply contract.
11.The seller will provide a business invitation letter to the buyer’s company for the purpose of inspecting the stocks at packing and loading warehouse. NOTE prior to inspection letter the buyer must provide a operative LC.
12.Intermeditrie to arrange group chat with the seller on receipt of the confirmed validation agreement & NCNDA confidentially document.
13.*Penalty Clause* The Buyer and Seller agree to a penalty clause of 20% of the total contract value. This penalty applies to both parties in the event that either the Buyer or the Seller fails to fully comply with any of the specified procedures in the SPA. Upon signing the SPA, both parties acknowledge and accept this clause
14.Buyer is invited to visit inspect their stock to confirm existaince and availability, before the stuffing and the loading in the presence of the Buyer and/or Buyer’s representative(s) upon confirmation of his operative DLC instrument with seller’s financier
NOTE Prices include US$2.00/MT commission
Prices are indicative and subject to change without prior notice
Updated offers available upon request, based on current LME rates and allocation
Looking forward to building a long-term and trustworthy partnership.
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