1. FCO will be issued to buyer after seller receives the buyer’s LOI.

2. After the buyer has returned the completed, signed and sealed FCO, the seller will issue the sales and purchase agreement (SPA).

3. Seller signs the SPA and then send to buyer. after review, the buyer signs and returns the document to the seller.

4. Seller seal and send the final signed SPA to the buyer.

5. Both parties lodge copy of the SPA with their respective bank.

6. Buyer will prepare purchase payment procedure with their bank as follows:
a) buyer’s bank will send pre-advice by MT799 to seller’s bank confirming the text of the SBLC as mutually agreed in the SPA.
b) seller’s bank will respond with confirmation of acceptance and also readiness to issue 2% PBG
c) buyer’s bank will issue MT760 within 5 (five) days of receipt of seller’s bank response
d) seller’s bank issue 2% PB within 3 banking days after receiving confirmation the buyer’s bank instrument.

7. The seller shall commence delivery in shipments of gold bar within 14 working days and maximum of 21 working days after MT760 SBLC received by seller’s bank.

8. Within 24 hours after release and acceptance of assay report, seller shall issue the final commercial invoice and the buyer shall affect payment to the seller account.