1. Buyer issues the ICPO to Seller.
2. Seller issues the FCO to Buyer.
3. Buyer confirms acceptance of Full Corporate Offer (FCO) and, within the FCO validity period signs and stamps FCO by buyer’s authorized company official and returned within two working days of the issuing date to Seller.
4. Seller issues Sales Purchase Agreement (SPA) for Buyer sign off and acceptance.
5. Buyer signs off SPA and returns to Seller.
6. Buyer issues Proof of Fund (POF) and draft LC for Seller confirmation.
7. Buyer issues DLC to Seller nominated account.
8. Seller commences contract execution and export of cargo starts as agreed in SPA.
9. Seller sends copies of Bill of Lading and other Shipping Documents to Buyer by email and will submit the original to their bank for negotiation under the DLC.
10. Seller’s Bank acts in accordance with the terms and conditions of the DLC and sends the original documents to the DLC issuing bank for acceptance of the documents for constituting of payment.
11. Buyer’s bank conveys the acceptance of documents and effects payment on the due date by TT as per the instructions of the Seller’s negotiating bank.
12. Seller pays commission within 48 hours by swift MT103 to all intermediaries as signed NCNDA / IMPFA.
13. Subsequent Shipment continues as above during the contract period.