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TERMS AND PROCEEDURE
1. Owner or signatory mandate issue an a Full Corporate Offer on its Registered Company letter heading paper. under penalty of perjury including products specification. Buyer or its signatory mandate sign and seal the FCO as an acceptance and return to the owner or signatory mandate with an ICPO/PFPA.
2. The seller provides a draft contract for the buyers review and acceptance along with proof of product documents or on screen proof of product.
3. Buyer reviews the draft contract, incorporates agreed upon changes, initials the contract and return it to seller.
4. Seller provides a contract (The Purchase and Sales Agreement to include POP/MIFPA) to the buyer. The contract is completed by the buyer and returned to the seller.
5. Upon successful conclusion on the endorsement of the contract agreement. The buyer bank issues to the seller bank a Non-Operative SCL or BG.
6. With receipt of a Non-Operative SCL or BG, the seller will issue from his bank to buyers bank a Non-Operative Performance Bond (PB) sufficient enough to cover a value of 2% of the contract. This performance Bond will activate the buyers SLC/BG.
7. Within seven 7 International Banking Days from the receipt of Non Operative Performance Bond, the buyer Bank would issue to the sellers bank a Standby Letter of Credit or BG in favor of seller. This will activate the sellers performance Bond.
8. Seller arranges for the loading of the product to the buyer in accordance with the instructions in the contract.
9. The Original Documents are to be presented in buyers bank for payment, this document are then verified, inspection is made and the fund are released to seller.