sexta-feira, 17 de setembro de 2010

. Methods of Payment/Financial Instruments: SBLC/SLC ( Stand By Letter of Credit)


A. Buyer sends an “Irrevocable Corporate Purchase Order (ICPO) with full banking information to Seller’s Mandate.
B. Seller in reply sends per E-mail FCO (Full Corporate Offer) to Buyer.
C. Buyer accept this Seller’s FCO with signature, seal and send it back to Seller’s mandate.
D. Seller sends per E-mail a draft contract to Buyer.
Next actions as follows:

1. Buyer/ Seller signs this draft contract per E-mail and Buyer sends 6 pre-signed contracts to the Seller and each party.

2. Buyer/Seller should both lodge the executed contract in their respective banks.

3. After signing of the electronic contract, Buyer has to send swift message (MT760-BCL) to Seller’s bank, with readiness of Buyer to provide MT760 (POF) to Seller in an amount equal to last-month’s shipment of PRODUCT and readiness to provide an irrevocable, auto-revolving, SBLC Letter of Credit payable 100% at sight against shipping documents to pay for each monthly shipment for the term of the agreement.

4. Seller arranges a table top meeting (TTM) to show the original POP documents to the buyer. After The Buyer issues a non-operative SBLC to the sellers bank, value of 0.000.000 MT of xxx PRODUCT at the contract price.

5. Seller, within 48 hours of receiving non-operative SBLC, delivers the non-operative 2% PB and full POP documents (Proof of Product) to buyer’s bank of the monthly shipment value of 0.000.000 MT of xxx PRODUCT at the contract price, to buyers bank.

6. Buyer’s bank issues an IRREVOCABLE, OPERATIVE AND TRANSFERABLE CONFIRMED SBLC (ICC458) for monthly payments, buyer issues revolving TT by SWIFT Wire MT103/23 after sighting of documents, except for the last month of shipment

7. Contract comes into force.

8. The Seller shall issue the first cargo delivery confirmation and date.

9. Shipment will start according to conditions of the contract and according to agreed schedule. Payment for each monthly shipment shall be by irrevocable, auto-revolving, confirmed SBLC Letter of Credit payable 100% at sight against shipping documents.

10. Each party hereto will bear its respective banking costs / charges.

12. The Verbiage of Bank Instrument (SBLC), and Performance Bond will be mutually agreed by both parties panel Bank, Any reasonable variations being acceptable.

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