Documents and Procedure PDF Print E-mail

 

The Procedure for the sale-purchase of commodities is as follows:
  1. The Buyer issues an ICPO (Irrevocable Corporate Purchase Order) or an LOI (Irrevocable Letter of Intent) with BCL or Soft Probe authorization
  2. The Seller issues a Full Corporate Offer (FCO) to the Buyer
  3. The Buyer to approve FCO
  4. The Seller issues a Draft Contract to the Buyer
  5. The Buyer returns revised Draft Contract to the Seller via email
  6. The Seller reviews and confirms any changes made in Draft Contract by the Buyer. If the Seller agrees to the changes made by Buyer, the Seller issues the final binding contract via email.
  7. The Buyer returns final agreed contract duly signed and sealed via email
  8. The Seller will then scan the fully signed, sealed and initialed Contract and email the “Soft Copies” to the Buyer.
  9. The Buyer will issue to the Buyer four (4) original Hard Copies of the contract via courie to Seller's address as stated in the contract.
  10. Immediately upon receiving the Buyer's signed and sealed Hard Copies of the contract via Courier the Seller will personally sign and seal the 4 (four) Hard Copies and reture three (3) originals copies by courier to the Buyer
  11. The Buyer will then with 7 (seven) days of signing the Hard Copies, open an acceptable operative payment instrument to the Seller's Bank
  12.  Seller will send Proof of Product (POP) to the Buyer
  13. The Seller will, within 7 (seven) workings days of receipt of an acceptable operative payment instrument, provide the Buyer with a 2% (or 1%) Performance Bond against confirmed value of each shipment.
  14. Shipping of the HMS 1&2 will commence within thirty (30) to forty-five (45) days from date of Seller's receipt of the acceptable operative payment instrument.

      Optional procedures: (This only applies to large quantity order)
    • Table Top Meeting with the Seller is allowed. Buyer must negotiate and sign draft contract before meeting. At the TTM, the Buyer will meet the Seller and both parties will sign final hard copies of contract. Past Performance Documentation will be shown.
    • Payment as destination port can be facilitated through the additional of a one month SBLC or BG to the payment terms above. The payment must be within 3 days after delivery and against the loading port documents only.