Procedures

Each of our commodities have different procedures and this varies from seller and product and type of purchase. Here we will outline what a general procedure for all of the products that we offer.

Sugar

1. BUYER issues ICPO with BCL + NCNDA (Must write the ICPO to Nick Smith)
2. SELLER issues DRAFT CONTRACT
3. BUYER sign and return DRAFT CONTRACT
4. SELLER and BUYER deposit a copy of the executed Contract to their respective banks
5. SELLER issues the SOFT POP via swift 999 bank to bank. (At this point the buyer may come to seller’s office to get the POP personally if he wants)
6. BUYER issues the Non Operative, Transferable or Non-transferable SBLC
7. SELLER issues the 2% of the PERFORMANCE BOND
8. BUYER makes Operative the SBLC
9. SHIPMENTS can start 30/45 days or sooner depending of the weather
10. BUYER make the payments with MT103/23 against shipments documents every month


Iron Ore


1. SELLER MANDATE SENDS THIS SOFT OFFER.
2. BUYER SEND AN LOI OR ICPO TO “xxx” IF HE ACCEPTS THE TERMS ACCORDING TO THIS SOFT OFFER.
3. SELLER SENDS THE DRAFT CONTRACT TO THE BUYER. (IMPORTANT NOTE: after we receive the Buyer LOI or ICPO, we will provide the SELLER DRAFT CONTRACT AND SGS CERTIFICATE, immediately)
4. BUYER REVIEWS THE DRAFT CONTRACT, SIGN, SEAL (With all required information) AND RETURNS.
5. SELLER SENDS TO BUYER BY EMAIL THE PROOF OF PRODUCT, FOR BUYER VERIFICATION OR SENDS INVITATION TO BUYER FOR VISIT TO THE MINE.
6. BUYER’S BANK SENDS TO SELLER’S BANK THE DOCUMENTARY LETTER OF CREDIT – DLC PER CONTRACT AND MT 103/23 PER AVAILABLE QUANTITY.
7. SELLER BANK SENDS TO BUYER BANK BY SWIFT THE PERFORMANCE BOND OF 2% OF THE VALUE OF THE DLC TO FAVOR OF THE BUYER.
8. SELLER SENDS TO BUYER THE FULL LOADING DOCUMENTS FOR COLLECT THE DLC OR MT 103/23.
9. THE DELIVERY COMMENCES AS PER INDICATING IN SCHEDULE PROGRAM ON THE FINAL CONTRACT.


Urea


1. Buyer sends to Seller their ICPO/LOI or some way to verify funds or accuracy
of this bussines.
2. Seller sends Buyer the FCO, Buyer sign/seal and return back to seller
3. Seller send Draft Contract, Buyer with in 3 working days counter amend Draft
contract and seal AND Seller issue NCNDA/IMFPA.
4. Seller Bank Swift to Buyer Bank Partial Proof of Products (POP) Documents
which consist of:
i) Certificate of Products Ownership.
ii) Certificate of Products Origin
iii) Statement from Factory stating the Availability of the Products.
iv) Confirmation of Transshipment and delivery of products to the Port of loading
5. Buyer Bank Swift Transferable DLC divisible to Seller Bank.
6. Shipment Commences.
7. Seller immediately within 3 working days of receiving the LC pays all Parties
involved their commissions by TT wire transfer.


Ethanol


1. BUYER issues ICPO with BCL + NCNDA (Must write the ICPO to Nick Smith)
2. SELLER issues DRAFT CONTRACT
3. BUYER sign and return DRAFT CONTRACT
4. SELLER and BUYER deposit a copy of the executed Contract to their respective banks
5. SELLER issues the SOFT POP via swift 999 bank to bank. (At this point the buyer may come to seller’s office to get the POP personally if he wants)
6. BUYER issues the Non Operative, Transferable or Non-transferable SBLC
7. SELLER issues the 2% of the PERFORMANCE BOND
8. BUYER makes Operative the SBLC
9. SHIPMENTS can start 30/45 days or sooner depending of the weather
10. BUYER make the payments with MT103/23 against shipments documents every month


Coal


1. Buyer sign FCO and sends back to us
2. Buyer sends LOI / ICPO
3. Buyer / seller send draft contract + draft LC /payment draft
with buyer detail information , specs , price and terms
4. Revise the draft both parties
5. IF TERM and price are macth
6. Prepare NCNDA/IMFPA Fee Protection
7. Send Buyer’s Company Profile
8. Important document is given / shown in sign contract meeting
or after we receive buyer’s data and revise for a second time


JP54, D2 MAZUT


1. Seller issues SCO
2. Buyer issues ICPO
3. Seller issues FCO
4. Buyer signs and returns FCO along with NCNDA and IMPFA
5. Seller issues Contract & Commercial Invoice
6. Buyer reviews Contracts for changes if any required & signs Contract and Commercial Invoice.
7. Buyer returns Contract & Commercial Invoice signed & stamped with bank pre-advice letter (on bank letterhead) made out to xxx
8. Seller issue’s POP documents consisting of SGS Report, Dip Test Authorization, and Storage Tank Receipt for first lift-able amount as stated within commercial invoice. These documents take between 3 -10 business days to receive from the refinery. They will be swifted, faxed or e-mailed directly to Buyer, Buyer Mandate, or Buyer Bank Officer only. No Broker’s or Intermediaries’ will get these documents.
9. Buyer sends POF via Buyer Bank to Sellers Bank by SWIFT and e-mail.
10. Sellers sends Non-Operative 2% PB to activate Buyers POF to MT103 or MT760 and releases Full POP to Buyer.
11. Both parties exchange hard copies of contract via Carrier and lodge contracts with their banks.
THE BELOW DOCUMENTS WILL BE GIVEN TO BUYER AFTER FULL PROOF OF FUNDS IS ESTABLISHED
1. A copy of the transfer contract to transport to buyers port of destination
2. A copy of the Pro-forma Invoice
3. A copy of the Certificate of Origin
4. A copy of the Commercial Invoice
5. A copy of the Bill of Lading
6. A copy of the Storage Agreement
7. A copy of the seller’s license to export
8. A copy of the seller’s approval to export
The delivery will commence as scheduled, buyer releases payment to xxx Bank as agreed to by both parties upon receipt of all relevant shipping documents. The FULL POP will be released when POF is issued and Final Contract is signed.
 

These procedures are to be used as examples and are not final and may vary without notice. They are for reference only.

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