SUGAR CONTRACT PROCEDURES
From: Author: Publish time:2011-01-24 10:41 Clicks:368
- CONTRACT PROCEDURES
1) BUYER ISSUES ICPO/LOI WITH FULL BANK DETAILS
2) SELLER ISSUES THE FCO IN FAVOUR OF THE BUYER FOR APPROVAL AND SIGNATURE.
3) SELLER ISSUES DRAFT CONTRACT IN FAVOUR OF THE BUYER.
4) BUYER SIGNS AND SENDS BACK THE CONTRACT DRAFT TO THE SELLER WITHIN 48 HOURS.
5) SELLER SENDS BACK A SIGNED CONTRACT ELECTRONICALLY.
6) Buyer sends POF via MT799 within 3 (three) working days after signing the final contract
7) Seller sends POP bank to bank after POF within 3 (three) working days after receiving POF.
8) WITHIN 15 (FIFTEEN) BANKING DAYS OF SIGNING THE FINAL CONTRACT (DRAFT), THE BUYER WILL ISSUE THE NON-OPERATIVE NON-TRANSFERABLE DOCUMENTARY LETTER OF CREDIT IN FAVOUR OF THE SELLER.
9) WITHIN 10 (TEN) BANKING DAYS OF RECEIPT OF THE NON-OPERATIVE NON-TRANSFERABLE DOCUMENTARY LETTER OF CREDIT, THE SELLER WILL POST THE OPERATIVE PERFORMANCE BOND 2% IN FAVOUR OF THE BUYER WHICH WILL ACTIVATE THE NON-OPERATIVE DOCUMENTARY LETTER OF CREDIT.
10) DELIVERY AND SHIPMENT COMMENCE AS PER SCHEDULE MUTUALLY AGREED