| 1. |
Buyer submits Letter of Intent (LOI) and Bank Comfort Letter (BCL).
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| 2. |
Seller issues the Formal Contract Offer (FCO).
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| 3. |
Buyer accepts and agrees the terms and conditions of the FCO by counter signature & companies seal and returning it to the seller.
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| 4. |
Seller issues Draft Contract with full banking details. Draft Contract shall be signed by both parties and sent via fax that will be deemed as original and valid.
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| 5. |
Hard copies of the Contract to be issued by the Seller signed and exchanged with the Buyer.
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| 6. |
Seller and Buyer will lodge the hard copies of the Contract with their respective banks.
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| 7. |
The Buyer's bank provides Proof of Funds to the seller's bank. The Proof of Funds is a non-operative, irrevocable, transferable, confirmed Letter of Credit.
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| 8. |
Seller will provide the Proof of Product bank to bank and all relevant documentation, including Port of Embarkation.
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| 9. |
Buyer will present pre-advised Letter of Credit to be approved by Seller's Bank.
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| 10. |
Seller will normally issue Performance Bond to activate the Letter of Credit.
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| 11. |
Once documentation is exchanged then inspection can be arranged via independent agent or buyer's representative at factory or Port of Embarkation .
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| 12. |
Delivery and Shipment commence as per Contract.
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