Payment Terms Commodeties
  • Buyer issues the LOI (letter of intent), + CIS;
  • Seller issues SCO (Soft Corporate Offer);
  • The buyer issues the ICPO (Irrevocable Corporate Purchase Order) with proof of funds;
  • Seller issues FCO (Complete Corporate Offer) after positive bank compliance of the buyer;
  • The buyer returns the signed and stamped FCO on letterhead within 24 hours + BCL as Proof of Funds (POF) bank to bank (officer bank email to officer bank email);
  • The seller issues the "draft" of the contract within 72 hours;
  • The buyer, within 48 hours, returns the signed, stamped and scanned draft of the contract by e-mail and it will be considered a Purchase and Sale Agreement, legal and official until the copies are exchanged;
  • The buyer returns the scanned draft of the contract stamped and signed within 72 hours with possible changes (market in yellow);
  • The seller issues a Proforma Invoice;
  • The buyer returns the Proforma Invoice, stamped and signed, within 24 hours;
  • The buyer sends the verbiage (Draft) of the Letter of Credit (LC / DLC / SBLC), within 48 hours;
  • The seller returns the bank instrument above with possible changes;
  • The buyer's bank issues a Letter of Credit (LC / DLC / SBLC) - (MT700 - MT760), as a guarantee for one-month shipment, and sends it to the seller's bank within 5 working days. The bank instrument must be transferable, irrevocable, divisible (Batch payments authorized), operational, renewable and confirmed by one of the Top Prime 50 banks;
  • Payment by MT 103 (payment at loading port) upon presentation of shipping documents (B/L + SGS);
  • The buyer will receive an invitation letter to accompany the shipment at the port of shipment with SGS inspection;
  • Within 45 days the first shipment will be loaded;
  • Payment against BL and SGS shipping documents, according to item 14, It is evident that SGS is a market leader in inspection, verification, testing and certification of companies, that is, it is recognized as a world reference in quality and integrity;     
  • Release of the shipment.