PROCEDURE TO BE FOLLOWED
1) Buyer issues Irrevocable Corporate Purchase Order with Banking Details.
2) Seller issue’s Full Corporate Offer (FCO)
3) Buyer signs the Full Corporate Offer as acceptance and send it back to the seller.
4) Seller issue’s Draft Contract to buyer for review and subsequent signing.
5) Buyer and Seller sign the Final Contract.
6) Proof of Funds Buyer sends MT799 via SWIFT from Bank to Bank
7) Buyers Bank sends an Irrevocable Non-transferable, operative /non-operative, Stand-By Letter of Credit 48 hours after the visit if buyer visit the warehouse or only once they have received the Bank Comfort Letter from the Sellers nominated fiduciary bank, thereafter the reception of the Bank Guarantee the Seller will issue 2% Performance Bond, The 2% Performance Bond will automatically make the SBLC operative if SBLC is non-operative.
8) After confirmation of SBLC by the sellers bank, the seller replies with:
Past Performance (SGS Report or Bill of Lading).
Current videos of warehouse showing available product including sellers name and buyers name and date
The Sellers fiduciary bank will send a Bank Comfort Letter (BCL) confirming that they will open two percent performance bond (2%PB) against the received Stand-By Letter of Credit, since this Order is on a Pre-Order basis. The Seller, will take Thirty (30) Days after the receipt and confirmation of the Bank Guarantee to produce the product and deliver the same to the destination via our bonded Warehouse (SACD/BIDVEST) in Durban, South Africa.
Invitation Letter so that the buyer can come to the site to see the stocks in person or send his representative. Before the visit, Buyer verbiage for SBLC and Seller verbiage for 2%PB must be in place at Bank level and confirmed by the sellers bank and the buyers bank. The visit is the buyers choice, and all costs are at the buyers expense.
9) Seller prepares consignment and transports the same to the Port of Loading within (Thirty) 30 days from the date of receipt of Bank Instrument at Sellers Bank.
10) The visit of buyer at Loading Port is allowed at buyers expense.