1. Buyer accepts the Seller’s SCO, then submits ICPO with soft probe / BCL.
2. Seller issues FCO by e-mail to the Buyer; Buyer officially signs and seals it, and returns it by e-mail.
3. Seller issues draft contract to the Buyer by email, Buyer prints them (4 copies) in color.
4. Buyer signs, stamps, notaries four (4) copies of the original of the contract and returns the original contract to the Seller within 48 hours, by FEDEX, UPS or DHL, and copy by e-mail.
5. (This step is optional) Buyer and Seller can arrange a TTM (table top meeting) in Florida, New York, L.A., Arkansas, London, or Germany. At this meeting all past performance documents (SGS reports) are provided to the End Buyer or End Buyer’s Legal Representative with signature power.
6. The Buyer’s bank issues the Non Operative Transferable Divisable Letter of Credit to the Seller’s bank from top 50 banks. WILL ONLY WORK WITH TOP 50 BANKS.
7. Simultaneously, the Seller’s bank issues a 2% performance bond to the Buyer’s bank with copies to the Buyer.
8. The Seller starts to load the first vessel for the Buyer within 20 to 30 days from the acceptance of the Letter of Credit.
9. Once the vessel is loaded, the Seller sends POP and all other documentation to the Buyer’s bank and to the Buyer for the payment to be released.
10. After the first vessel is loaded, the Buyer needs to activate the BG (Bank Guarantee) for a one (1) month quantity and it stays active for the duration of the contract. No BGs are necessary for spot contracts.
11. Shipment as per agreement schedule issued in contract.
12. Delivery of product at discharge port from loading port CIF within 20 to 30 days.
13. Buyer has the option to inspect the first loading of the vessel at the Buyer’s expense.
