Step 1 – ICPO / LOI
Buyer issues ICPO/LOI on official letterhead addressed directly to the Seller including:
1) Commodity
2) Spot quantity or contract quantity and contract period
3) CIF or FOB
4) Destination port
5) Payment instrument (Transferable or Non-Transferable)

Step 2 – FCO Issuance
Seller issues signed and stamped FCO to Buyer via email including: - Quantity
- Price
- Specifications
- Origin
- Payment terms
- Expiry date of quotation

Step 3 – FCO Acceptance
Buyer signs and stamps the FCO and returns it within validity period.

Step 4 – POF vs POP
Buyer sends Proof of Funds (POF) to Seller’s head office via email or courier.
Seller verifies POF and issues full Proof of Product (POP) via email or courier.

Step 5 – SPA
Seller issues signed SPA to Buyer.
Buyer signs and returns SPA to Seller.

Step 6 – Payment
Payment instrument must be executed and received by Seller within five (5) working days.

Step 7 – Loading
Loading commences as soon as payment is received.
Estimated to be faster than most suppliers. Final timeline confirmed in FCO.