Product Description

PAYMENT TERM: Irrevocable and Revolving Documentary Letter of Credit, issued by First Class Bank, with nominal value covering monthly quantity of Allow 3 days for CIQ inspection. After payment for **0% shipment value is paid , Letter of Credit remains as guarantee for the consecutive shipments. Issue ICPO to: (SELLER) BASIC PROCEDURE: 1. BUYER confirms soft offer and issues an ICPO Bank Information and soft probe. 2. SELLER issues FCO, of which BUYER endorses. 3. SELLER issues Draft of Contract, opened for amendments. Both parties confirm draft Contract by endorsement with signature and seal. SELLER issues the final approved contract in PDF format to BUYER. Buyer instructs end buyer bank to issue the Pre-Advice of LC via MT***5 by SWIFT to Seller nominated Bank, to show the financial capability to complete the transaction according to the issued Draft of Contract. This Pre-Advice must have a statement such as : Receiving the Notice of Readiness (NOR) and 2% Non-operative PB by swift from seller bank, within 5 banking days, buyer shall instruct buyer bank to issue the Operative, Irrevocable Revolving Documentary LC by swift to seller bank to activate 2% Non-operative PB to become active. This NOR is a certification that full proof of product (POP) has been lodged in the seller bank. 4. Receiving the Buyer pre-advice of L/C via MT***5 by SWIFT from buyer bank, within 5 banking days, Seller instructs seller nominated bank to issue Non-Operative 2% P/B and NOR. This NOR is a certification that full proof of product (POP) has been lodged in the seller bank. This list of Full Proof of Product (POP) is as Follows: