Brokers, Traders, Manufacturers Representatives, Import-Export Agents |
Your
Global Resource for Quality Products
|
|
|
||
Conditions & Procedures: We work to strict rulings of the International Chamber of commerce (ICC) assuring full participation of all parties involved in the transaction (seller, agent and buyer). For this reason every type of transaction will need specific documentation and to follow in most cases standard procedures. The conditions can change slightly depending on the product and also the provider, for this reason you need to be sure of the procedures for each different transaction. Payments: Are most usually in the form of documented Letters of credit (UCP 600) or transfers via Swift M 103 (determines the delivery of the documents). In some cases it can include Bank Guarantees or Letters of credit as collateral guarantees of a contract. All forms of payment will have to be expressed in an irrevocable, confirmed, transferable or not transferable (depending on the seller), and with banks only of the top 25. http://www.accuity.com/useful-links/bank-rankings/ Contracts: The minimal contract is 12
months. The Sales ‘SPOT’ can be any where from 500-1000 tons up to
300.000 tons. CIF / ASWP: Conditions of selling CIF will differ depending on the locations but generally to 'Any Safe World
Port'. Normally the first delivery will depart from the port of origin
between 25 and 40 days from when the documents of payment have been
confirmed. Regular Procedures: The buyer emits or serves a Letter of
Intention LOI
or Irrevocable Corporate Purchase Order ICPO
together with an authorization FOR A BANK PROBE to test for solvency in
his bank account. Alternatively will need a Bank Letter
of Acknowledgement (BCL) or a Swift MT 799 for a Proof
of Funds (POF ). The bank letter will have to include complete
description of the business, required product and required quantity, port
of destination, delivery times and Target Price. In some cases a NCND
Agreement is signed with a master commission protection agreement of
commissions (IMFPA). The seller emits a Firm Corporate Offer
(FCO) in favour of the buyer. The buyer signs and seals the FCO
and returns it to the seller. The seller emits the draft of the
sales contract to be discussed with the buyer. The buyer accepts, signs, seals and
returns the Contract. The seller signs the contract and sends it to the
buyer. From this point from now on both parties accept the ICC and-Terms
(2004) with regard to transmission of digital documents. The seller and the buyer exchange 3
(three) hard copies of the contract, simultaneously, sent by courier
designating for the buyer. In 5 (five) bank days of
the signing of the contract the bank of the buyer sends the document of
non operative payment to the bank of the seller via Swift MT760. In 5 (five) bank days after
receiving the document of non operative payment the bank of the seller
sends the Proof of Product (POP) together with the Performance
Bond (PB) via Swift. The delivery begins according to
agreed contract. |
||
Copyright 2003 - 2020 Iberian Tradelink - All rights reserved. Privacy Policy |