Description

We work with a Platform that has access to more than *5 Cement Manufacturers around the world. PRELIMINARY PROCEDURES: Buyer submits LOI. Seller issues Soft Offer indicating the price, terms of payment and procedures. Buyer signs Soft Offer (with detailed delivery schedule) and submits it along with Bank Endorsement to receive an FCO and Draft Contract. (The wording of the Bank Endorsement, please see next page). Buyer signs Draft Contract and makes amendments if needed, subject to sellers approval. Signing and Exchanging the Final Contract. CONTRACT PROCEDURES Upon signature of contract Buyers Bank transfers within five banking days to Sellers Bank a non-operative Irrevocable Fully Funded Letter of Credit covering the entire amount of the contract, based on the agreed schedule of deliveries and listing Sellers name as beneficiary, for an amount of US$ sufficient to cover one hundred percent (**0%) CIF included, at sight of the shipment for the entire contract amount (+/- 5). All bank instruments shall be either issued or endorsed by a Prime Bank. Within Ten banking days from receipt of Letter of Credit Seller will send POP (Proof of Product) and 2% Performance Bond of the Fully Funded LC issued, and Buyer sends the List of Shipments for approval. In the event that the Buyer fails to issue the required payment instrument within five banking days in compliance with the above clause then the value of two percent (2%) of contracts value shall be paid at site of demand upon the Buyer without protest as a penalty for contract breach. Shipment of the Cement Portland will commence within thirty (*0) to forty-five (*5) days from the date of receiving the first payment instrument and will continue according to the shipping schedule stated in the Letters of Credit. PAYMENT TERMS: By Revolving, Divisible, Letter of Credit (Transferable) - negotiated terms. For Non-Transferable payments please add $2 per MT Send e-mail for Price List