The buyer issues ICPO (Irrevocable Corporate Purchase Order) and RWA/BCL as POF Proof of Funds.To begin your purchase negotiation, we ask that you strictly follow the SALE PROCEDURES below. Commodity prices are strongly related to world productivity, since they are produced in large quantities, with no difference between brands, and can be stored without loss of quality. The price of commodities is governed by the free market, obeying the law of supply and demand and world monetary policy.Įverything that is essential raw material, with a low level of industrialization, is called a commodity. Standard SALE Procedure Example: Contract X 12 (CIF) Commodity prices are estimated by the stock exchange. Commissions will be released to intermediaries in seller sides and buyer sides within 24 hours of buyer’s payment confirmation according to and based on the NCNDA/IMFPA and its paymaster.ĥ. Amount of L/C releases to Seller by submitting documents to Buyer’s bank or buyer makes payment for each shipment via T/T MT103 within 5 banking days. Seller sends to buyer the cargo documents. Seller issues Commercial Invoice or Proforma Invoice and Buyer responds by issuing irrevocable, auto Revolving IRDLC – SBLC – BG revolving for per shipments. Buyers and sellers sign the base contract and NCNDA / IMFPA via email, which will be considered legally binding, each will submit contracts to their bank. Seller provides draft contract and NCNDA/IMFPA to buyer to revise and confirm by initial. The buyer sends ICPO and a soft offer to the Seller (CIS Corporate Banking) enabling a soft probe by the seller. Commercial procedure IRDLC/BG/SBLC (FOB or CIF)
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