1. Buyer issue a LOI, Seller issues SCO. Buyer return SCO signed along with the ICPO.
2. Seller send FCO with the SPA.
3. After both parties agree on the terms and conditions and sign the SPA, by their respective authorities, the Buyer will issue DLC/SBLC at sight as a Bank-to-Bank Draft or Verbiage (serves as Proof of Funds).
4. The buyer sends the draft of the verbiage of the financial instrument to the seller bank for approval.
5. When Seller bank approves the SBLC/DLC Verbiage issued by Swift, The Seller will issue the partial proof of product and submit it to the Buyer as mentioned below(PPOP) :
i. Certificate of Origin
ii. Commitment to supply certified by the Chamber of Commerce
iii. Export Trading License.
iv. Proof of Product Existence Statement.
6. The Buyer will issue a DLC/SBLC.
7. The Seller will send the PB 2% within maximum 14 days after verifying the instrument to the seller account.
8. Within 20 to 30 Business Days Packaging, Inspection, Loading, and shipping commences.
9. The seller will send complete shipping documents to the Buyer and Buyers bank via email and DHL.
10. For each shipment, payment shall be released against a complete set of verifiable original shipping documents at the port of loading within three (3) business days of receipt of the original documents
11. The same procedure continues until the complete quantity is shipped.