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Procedures

 

 

MT760


Buyer issues ICPO
• Seller, on receiving ICPO, sign and seal ICPO and return to Buyer
• Buyer issues Draft agreement
• Seller signs and accept Draft agreement; returns it to Buyer with full banking details.
• Buyer signs, seal and return agreement to Seller with full banking details - at this stage the draft agreement is now the FINAL AGREEMENT and the word DRAFT has been removed from it.
• Sellers bank issues to seller this attached Bank approval for Swift MT760 issuance - bank to issue must be top 25 west European.
• Seller sends bank approval letter to Buyer - procurement and sending of letter to Buyer must be executed in one banking day from signature of agreement.
• Buyer lodges agreement with buyers bank and confirm readiness of bank to receive MT760 POP
• Seller issues from a TOP 25 World Bank a Swift MT 760 Guaranteeing POP (Proof of Product).
• Buyer reply with Swift MT 760 guaranteeing POF (Proof of Funds) bank to bank within 3 - 5 international banking days
• Buyer issues SBLC (non operative) within 5 - 10 international banking days from issuance of POF MT760.
• Seller bank issues 2% revolving PBG operative – SBLC becomes operative.
• Start with supply and delivery of first shipment, with minimum tonnage of 12,500 Mt, within 25 - 30 days from receipt of financial instrument in favour of Seller

Notario Procedure


1) Buyer issues ICPO with all needed information and bank information.

2) Seller issues complete FCO with details including and passport numbers.

3) Buyer sign seller FCO and return with signed and sealed ICPO.

4) Seller issues draft contract, both parties sign, seal; lodged with respective banks. 

5) Seller nominates an Escrow account for deposit of 10% of first month shipment

6) Buyer and Seller each deposit 10% of cost of first month shipment to nominated Escrow account.(see qualification at end of procedures)

7) Seller bank notifies the Buyer bank that they are ready to issue (POP) by Swift along with 2% PBG within 5 bank working days.

8) Buyer issues 100% DLC for monthly shipment value to seller bank within five banking days.

9) Delivery commences per buyer’s choice of discharge port in seller expense

10) Final payment for each cargo against shipping documents must be paid within three bank working days at loading port.
Standard Procedure

1.  The Buyer issues an Irrevocable Corporate Purchase Order (ICPO) or a Letter Of Intent (LOI).
2.  The Seller issues a Full Corporate Offer (FCO) to the Buyer.
3.  The Seller issues a draft contract to the Buyer.
4.  The Buyer returns revised a draft contract to the Seller via, e -mail.
5.  The Buyer returns the final agreed contract duly signed and sealed via, e-mail.
6.  The seller will then scan the fully signed, sealed and initialed Contract and mail the “Soft Copies ” to the Buyer.
7.  Immediately, upon receiving the Seller's signed and sealed Hard Copies of the contract, the Buyer will sign and seal the four (4) Hard Copies and return two (2) originals to the Seller.
8.  The Buyer will t hen, within seven (7) days of signing the Hard Copies, open an operative payment instrument to the Seller´s bank in exchange for Proof of Product (POP) Bank to bank.
9.  The Seller will, within five (5) working days of receipt of an acceptable operative payment instrument, issue Bank to Bank a two percent (2%) Performance Bond.
10. Shipping of the cement will commence within thirty (30) to forty-five (45) days from date of Seller's receipt of the acceptable operative payment instrument.

 

 Special Point:

Notario Procedure-Point 6.


It is important for our Buyer’s Agents and Buyers to understand that money is placed in Escrow by both the buyer and seller, and that both are committing themselves to perform.

If one doesn't perform, the other gets all the Escrow money.

As a Buyer - the worst case scenario is the Seller does not have the cement. In this case your Buyer would get the Seller’s 10% deposited in the  Escrow Account. The best case would be he does have the cement, and you get the cement, which is hopefully what we are all here for. In short - this is an insurance policy for you - you as the Buyer can't lose either way.

The same goes for the Seller - worst case for him is the Buyer doesn’t have have all the money, and he will get your 10% deposit.

Best case for Seller is you do have the money, and he gets to sell you the cement. This is his insurance policy - he can’t lose either way.

If you are looking for a way to make sure the seller performs fully - this is it.

 

 


Aus Global Trading

 

Info Tabs

 

 

Procedures

 

 

MT760 Procedure


Buyer issues ICPO
• Seller, on receiving ICPO, sign and seal ICPO and return to Buyer
• Buyer issues Draft agreement
• Seller signs and accept Draft agreement; returns it to Buyer with full banking details.
• Buyer signs, seal and return agreement to Seller with full banking details - at this stage the draft agreement is now the FINAL AGREEMENT and the word DRAFT has been removed from it.
• Sellers bank issues to seller this attached Bank approval for Swift MT760 issuance - bank to issue must be top 25 west European.
• Seller sends bank approval letter to Buyer - procurement and sending of letter to Buyer must be executed in one banking day from signature of agreement.
• Buyer lodges agreement with buyers bank and confirm readiness of bank to receive MT760 POP
• Seller issues from a TOP 25 World Bank a Swift MT 760 Guaranteeing POP (Proof of Product).
• Buyer reply with Swift MT 760 guaranteeing POF (Proof of Funds) bank to bank within 3 - 5 international banking days
• Buyer issues SBLC (non operative) within 5 - 10 international banking days from issuance of POF MT760.
• Seller bank issues 2% revolving PBG operative – SBLC becomes operative.
• Start with supply and delivery of first shipment, with minimum tonnage of 12,500 Mt, within 25 - 30 days from receipt of financial instrument in favour of Seller

Notario Procedure


1) Buyer issues ICPO with all needed information and bank information.

2) Seller issues complete FCO with details including and passport numbers.

3) Buyer sign seller FCO and return with signed and sealed ICPO.

4) Seller issues draft contract, both parties sign, seal; lodged with respective banks. 

5) Seller nominates an Escrow account for deposit of 10% of first month shipment

6) Buyer and Seller each deposit 10% of cost of first month shipment to nominated Escrow account.(see qualification at end of procedures)

7) Seller bank notifies the Buyer bank that they are ready to issue (POP) by Swift along with 2% PBG within 5 bank working days.

8) Buyer issues 100% DLC for monthly shipment value to seller bank within five banking days.

9) Delivery commences per buyer’s choice of discharge port in seller expense

10) Final payment for each cargo against shipping documents must be paid within three bank working days at loading port.
Standard Procedure

1.  The Buyer issues an Irrevocable Corporate Purchase Order (ICPO) or a Letter Of Intent (LOI).
2.  The Seller issues a Full Corporate Offer (FCO) to the Buyer.
3.  The Seller issues a draft contract to the Buyer.
4.  The Buyer returns revised a draft contract to the Seller via, e -mail.
5.  The Buyer returns the final agreed contract duly signed and sealed via, e-mail.
6.  The seller will then scan the fully signed, sealed and initialed Contract and mail the “Soft Copies ” to the Buyer.
7.  Immediately, upon receiving the Seller's signed and sealed Hard Copies of the contract, the Buyer will sign and seal the four (4) Hard Copies and return two (2) originals to the Seller.
8.  The Buyer will t hen, within seven (7) days of signing the Hard Copies, open an operative payment instrument to the Seller´s bank in exchange for Proof of Product (POP) Bank to bank.
9.  The Seller will, within five (5) working days of receipt of an acceptable operative payment instrument, issue Bank to Bank a two percent (2%) Performance Bond.
10. Shipping of the cement will commence within thirty (30) to forty-five (45) days from date of Seller's receipt of the acceptable operative payment instrument.

 

 Special Point:

Notario Procedure-Point 6.


It is important for our Buyer’s Agents and Buyers to understand that money is placed in Escrow by both the buyer and seller, and that both are committing themselves to perform.

If one doesn't perform, the other gets all the Escrow money.

As a Buyer - the worst case scenario is the Seller does not have the cement. In this case your Buyer would get the Seller’s 10% deposited in the  Escrow Account. The best case would be he does have the cement, and you get the cement, which is hopefully what we are all here for. In short - this is an insurance policy for you - you as the Buyer can't lose either way.

The same goes for the Seller - worst case for him is the Buyer doesn’t have have all the money, and he will get your 10% deposit.

Best case for Seller is you do have the money, and he gets to sell you the cement. This is his insurance policy - he can’t lose either way.

If you are looking for a way to make sure the seller performs fully - this is it.