PROCEDURES OF TRANSACTION (CIF)
Seller’s representative issues Soft Offer to Buyer.
Buyer issues ICPO with wording that mirrors the Soft Offer, with Company profile or Import License and full banking coordinates, along with passport photo. ICPO should be issued with PoF with authority to verify to the Seller.
The NCND/IMFPA is completed and signed by Buyer, Buyer Mandate Group and all Intermediaries and passed to Seller Side for completion.
Sellers issue contract to Buyer open for amendment if any.
Both Parties, Seller and Buyer, sign contract and lodge to both their respective bank.
Within 7 banking days after both parties signed the contract, Buyer’s bank issues DLC to Seller’s assigned bank.
Within 10 banking days after positive verification on the DLC from Buyer’s bank by Seller’s assigned beneficiary’s bank, Seller’s bank issue 2% PB to Buyer’s bank.
Within 25 banking days after positive verification on the said DLC from Buyer’s bank, Seller will issue FULL POP to Buyer by Email.
Within 10 banking days after Seller issue FULL POP to Buyer, commodity delivery commencement as per contract details, Buyer’s bank will TT to Seller’s bank within 3 banking date against satisfaction SGS inspection report at discharge port and BL title transfer to Buyer for each shipment.