TRANSACTION PROCEDURES

TRANSACTION PROCEDURES

1. Buyer issues the ICPO and copy of company registration, banking information, and international passport of signatory.
2. Seller issues Draft Contract and sends it to the Buyer, Buyer returns the countersigned Contract to Seller Company.
3. Seller reviews signed contract, seal and return a copy of the signed and sealed contract. The seller provides loading documents (such as BL, Q88, Certificate of Origin, Certificate of Quality, Invoice, Notice of Reading from Captain (ETA), buyers Cargo Agent will register cargo with Chinese Customs within three days.
4. Buyer will provide SBLC (Deutshe Bank or Barclays Bank) to Seller to initiate first trial shipment.
5. Seller prepares shipment and sends to Buyer; NOR, Bill of Lading, Q88 and SGS inspection report conducted at loading port (POP), which is to be registered with China’s custom. This ensures protection for both Seller and Buyer.
6. Buyer prepares SBLC through Buyer’s bank as payment guarantee to Seller for all shipments per month valid for 1 year and 1 month for the contract – .
7. Seller issues 2% Performance Bond (PB) to Buyer as guarantee of monthly shipment for Non – Spot transactions.
8. All parties finalized the signing of the NCNDA/IMFPA.
9. Upon arrival of cargo at discharge port, and the conclusion of CIQ/Q&Q at discharge port, Buyer’s Bank release to Seller’s Bank the payment for the commodity via TT/MT103, within seven (7) bank working days.
Seller release payment to all intermediaries in accordance with the signed NCNDA/IMFPA within 48 hours of receiving the payment for the product from the Buyer’s bank.