- Buyer send LOI
Buyer issues a LOI (Letter of Intent) including bank details
- Seller mandate send SCO
Seller or Seller Mandate issues a SCO (Soft Corporate Offer)
Seller issues a FCO (Full Corporate Offer) and a brief Company description
- Buyer send ICPO
ICPO on behalf of Gold Brocade Ltd, as per SCO received + Company registration + Passport + BCL / RWA
Buyer issues an ICPO (Irrevocable Corporate Purchase Order) and a BCL (Bank Comfort Letter).
- Both parties involved sign NCNDA
Non-circumvention non-disclosure agreement (NCNDA) is used in the preliminary stages of a business transaction where the seller and buyer are brought into contact with each other by one or more intermediaries to fulfill the transaction
- Seller send FCO to buyer and agent email. Buyer sign and return
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Seller / Exporter issues FCO (Full Corporate Offer). Buyer returns signed and stamped FCO. |
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The seller issues the draft contract. Buyer returns draft of signed, stamped and scanned |
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contract by email and will be considered legal and official Purchase and Sale Agreement |
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until copies are exchanged |
- Seller send Draft SPA (Sales Purchase Agreement) within two (2) business days. Buyer reviews, and then signs and returns it to the Seller. The Seller send the final SPA. Both sign and stamp
- Within 3 days after signing the SPA, the buyer issues a financial instrument DRAFT for seller verify (This procedure avoids unnecessary costs for the buyer). 7 days after signing the SPA, the buyer must iisue the financial instrument in accordance with the approved draft financial instrument
- Shipment commences as agreed within the SPA usually within 20-30 days depending on the Port, and after confirmation of the operative instrument is confirmed by Seller’s Bank
- PB 2% Within 10 to 15 days after the operative financial instrument
- At time of charter party determination, the Seller will provide delivery details to the Buyer. Seller also provides arrival of the vessel and all other pertinent matters if applicable
- The ship is loaded, in the presence of the SGS, which will certify, issuing the POP. The buyer is invited to be present when the vessel is loaded, at the port of origin. SGS (formerly Société Générale de Surveillance (French for General Society of Surveillance)) services. is a Swiss multinational company headquartered in Geneva, which provides inspection, verification, testing and certification. Its 98,000 employees operate a network of 2,650 offices and laboratories worldwide. The PoP is sent bank to bank, (from the seller’s bank to the buyer’s bank), and is documentary evidence that the product exists. The PoP is crucial from the buyer’s perspective, and buyers should care that the proof of product is authentic before agreeing to trade and/or signing any binding contracts
- All subsequent shipments will follow the same procedure if applicable
- All shipping documentation will be delivered to the bank, within 5 working days the seller will receive payment MT103
- MT103 (Message Type 103) is a specific SWIFT message type/format used on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system to send for cross border/international wire transfer messages between financial institutions for customer cash transfers
PAYMENT TERMS (TRANSFERABLE): Financial instrument, irrevocable, transferable, divisble, bank confirmed, top 25/50 worldwide, Patment MT 103
against shipping documents, inspection and certificates
CAD OR TT PAYMENT: Payment 30% after signed contract and 70% against copy of shipping documents (BL, packing list,
invoice, SGS, etc.) 100% CAD isn’t accepted
PAYMENT TERMS (NON-TRANSFERABLE) NOT AVAILABLE
ESCROW PAYMENT: It is only accepted for SPOT offers and depends on the due diligence done to the buyer. Escrow account will be made in a
fudiciary agency.
Payment at destination: Not available