Buyer’s Initial Steps

• Initial Corporate Order: The buyer places a straightforward corporate order, to be processed within two banking days.
• Irrevocable Corporate Purchase Order (ICPO): The buyer then issues an ICPO.

Seller’s Due Diligence & Contract Phase

• Seller’s Due Diligence: The seller conducts due diligence on the received ICPO, which takes 2-3 banking days.
• Draft Contract and Invoice: Within 48 hours of successful due diligence, the seller issues a draft Sale and Purchase Contract and an invoice.
• Contract Signing and Exchange: The buyer signs, seals, and returns the contract. The seller reviews, signs, and returns it to the buyer for their final signature. Both parties then exchange signed contract hard copies electronically via PDF.

Initial Payment & Product Certification

• Initial Deposit: Within 48 hours of the contract exchange, the buyer sends a value of USD 10,000.
• Product Certificate Issuance: After the seller verifies the initial deposit (which may take 7-10 banking days), the seller issues a product certificate (SGS or similar) for the specified quantity (e.g., XX,000 MT) on behalf of the buyer. This certificate is sent via email and courier (DHL or FedEx).

Financial Instrument & Performance Bond

• Financial Instrument: Within five banking days of receiving the product certificate, the buyer issues the required financial instrument.
• Performance Bond (If Applicable): Within ten banking days, if it’s a contract, the seller issues a 2% performance bond.

Delivery and Final Payment

• Pre-Loading Inspection: The product is delivered to the port 30-45 days after the previous steps, prior to loading.
• Final Payment Upon Loading: Once the product is loaded at the loading port, and upon presentation of shipping and other relevant documents, the buyer’s bank will transfer the payment via MT103 or another agreed-upon method.
• Delivery Commencement: Product delivery then begins as per the terms and conditions outlined in the contract.