PROCEDURES:
- Buyer issues ICPO + RWA
- Seller issues Full Corporate Offer (FCO)
- Buyer signs FCO and returns to Seller.
- Seller issues Draft Sales and Purchase Agreement (SPA) to Buyer.
- Buyer issues Bank Confirmation Letter (BCL) with Authorization to Verify (ATV) by e-mail, or RWA with ATV via email, or Blocked Funds by MT799 providing Proof of Funding capability to purchase the product, or Authorization to Verify (ATV) with the Buyer's bank to verify the bank's readiness to issue the LC. Buyer also provides Client information sheet (CIS) for compliance with Anti-money Laundering (AlvfL), Anti-Corruption, and Patriot Act compliance verification.
- SPA agreed upon, signed and sealed by Seller and Buyer.
- Seller provides pre-approved Draft SBLC to Buyer for review, possible comments, and approval by Buyer.
- Buyer will send his finalized DRAFT SBLC for the Seller to verify and approve the verbiage Letter of Credit through his bank officer.
- Upon approval of LC verbiage, Seller sends written notice of approval to Buyer.
- Buyer and Seller deposit a copy of the contract (SPA) with their banks.
- DLC/SBLC verbiage to be finalized and agreed upon between Buyer's bank and Seller's Bank.
- Buyer's Bank issues SWIFT MT799 pre-advice for SBLC.
- Acceptance of MT799 by Seller's Bank.
- Buyer's bank issues SBLC via SWIFT MT760 to Seller's bank per mutually agreed Final verbiage.
- Seller issues 2% Performance Bond.
- Delivery is scheduled for vessel and commodity loading.
- Shipping documentation and inspection and material analysis report to be provided to Buyer's bank for release of funds.
- Vessel delivers to the delivery port.