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Procedures


Procedures
  • The buyer issues seller their ICPO
  • The seller reviews the ICPO and upon acceptance issues draft contract to buyer for comments and acceptance, the buyer returns the draft contract showing all amendments required initialed and adds their full banking coordinates, confirming banking information and contact information
  • The seller, after finalizing all amendment amends where necessary the contract, and signs, seals and issues to the buyer a final copy of the contract for the signature of buyer and its completion.
  • The buyer reviews the final contract and upon acceptance signs the final copy contract and returns it to the seller. Any facsimile or electronic copy shall be considered as the original.
  • Upon receipt of the accepted signed and sealed final contract from the seller via fax or email, buyer will print a copy of the contract as a hard copy, sign it and return it to us. Seller will then send three (3) hard copies to the buyer of their final contract signed and sealed.
  • Before the payment instrument is issued to a designated account the text of the payment instrument must be reviewed and approved by a representative of Equity Business Trust and/or the Seller and notification of approval shall be sent to the buyer.
  • The non-operative irrevocable prime bank letter of credit is issued, confirmed and guaranteed by a top world prime bank acceptable to the seller, in accordance with the agreement within 7- international banking days of signing and exchanging this agreement and from receipt of the irrevocable prime bank Letter of Credit in accordance with this agreement, the seller’s bank will issue to the buyer’s bank the proof of product by Swift MT 700 that will activate the letter of credit.
  • Within 10-international banking days of the receipt, verification and authentication of buyer’s irrevocable prime bank Letter of Credit at seller’s bank, the seller will issue a 2% performance bond for the value of the monthly shipment.
  • Delivery and shipment shall commence after the fulfillment of the procedure, stated above, as per the terms and conditions of this contract.

Performance Bond
Two (2%) percent Performance Bond of the monthly shipment value will be issued within ten (10) international banking days of receipt, confirmation, verification and acceptance of letter of credit acceptable to the seller and the sellers bank.

Proof of Product
Full POP shall be provided by seller after receipt of a non-operative letter of credit acceptable to seller and seller’s bank by Swift MT799. Or a partial POP can be provided in form of an AFFIDAVIT,CONFIRMED BY THE SELLERS BANK.

Product Documentation per Lift
A full set of the following documents will be presented to the buyer, buyer’s bank:
  • Three (3) original and three (3) copies of signed commercial invoices;
  • Three (3) original and three (3) copies of full set of clean on board ocean Bill of lading (b/l) marked "fright pre-paid" issued to the order of buyer;
  • Two (2) original and four (4) copies of certificate of quality quantity and weight inspection issued by SGS only;
  • One (1) original and four (4) copies of certificate of origin, issued by the chamber of commerce and industry of the country of origin;
  • One (1) original and two (2) copies of shipping company statement confirming that the age of the vessel does not exceed twenty (20) years and the vessel is registered under Lloyds registry;
  • Pre-shipment condition survey of cargo, inspection certificate for the vessel (cargo hold cleanliness/suitability to load);
  • One (1) original and two (2) copies of packing list showing: i) gross / net weight; ii) the number of ocean bill of lading;
  • International maritime bureau certificate;
  • Copy of charter party agreement;
  • The insurance certificate in the buyer name covering 110 % of the cargo



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