PROCEDURES FOR LONG TERM CONTRACT

PROCEDURES FOR LONG TERM CONTRACT: 1- BUYER SEND THE LOI + ICPO ENDORSED BY BUYER OFFICER’S BANK (SIGNED AND STAMPED) 2- SELLER SENDS THE FCO & DRAFT TO THE BUYER AND THE BUYER RETURNS SIGNED AND SEALED. 3- BUYER’S BANK ISSUE DRAFT SBLC/ BG (AS % FULL CONTRACT THE DEAL TO GUARANTEE THE DEAL – 12 MONTHS + 15 DAYS) AND SELLER’S BANK SEND BACK SWIFT OF POP (POF X POF VIA SWIFT BANK) BANK TO BANK 4- THE BUYER ISSUE SBLC/BG FOR THE VALUE OF CONTRACT ABOVE AND ARDLC OR MT103 OF THE CONTRACT QUANTITY TO SELLER'S BANK ACCOUNT. {THE FORMAT TO BE PROVIDED BY THE SELLER FOR APPROVAL FROM BUYER’S BANK}. 5- SELLERS PERFORMACE 2% TO BE OPERATIVE THE SBLC/ BG 6- SHIPMENTS START AS PER THE AGREED SCHEDULE BETWEEN SELLER & BUYER. Seller/Buyer reserves the right to use one of its alternate corporate bank accounts. In the event an alternate account is to be used, seller/Buyer will notify buyer of new coordinates within 48 hours of receipt of signed and sealed contract. Seller/Buyer requires that the notification shall be prior to forwarding any financial instrument or correspondence to Buyer/Seller bank. SELLER COULD ADVISE BANK CHANGE TO MAKE SECOND MONEY TRANSACTION PRIOR 15 DAYS BEFORE TO BUYER ISSUE THE FINANCIAL INSTRUMENT CONTRACT WILL BE NULL IF SELLERS BANK NOT APPROVE THE FINANCIAL INSTRUMENT