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Gold Bullion Transaction Procedure

TRANSACTION PROCEDURE:

 1. Buyer submits and Irrevocable Corporate Purchase Order (ICPO) in his corporate letterhead, with full banking information, authorization to soft-probe its bank account.

2. After soft-probe on Buyer’s Bank Account, the Seller issues a Full Corporate Offer (FCO) and a Contract Draft (CD) for Buyer’s analysis, within 24-48 hours.

3. Within (5) days, Buyer accept and agree with the terms and conditions of the FCO and Contract Draft (CD) by counter signature and Company Stamp, sending it to the Seller (Signed FCO & CD is sent via fax, or E-mail, which will be deemed as original and binding).

 4. Seller signs the Contract and electronically returns it to the Buyer, The Contract is now legally binding on both parties.

 5. Hard copies of the Contract to be issued by the Seller are exchanged with the Buyer via Courier, The Buyer Signs and Stamps are all copies and returns (2) hard copies of the Contract to the Seller via Courier. The Seller and Buyer lodge the hard copies of the Contract with their respective Banks.

 6. Within (5) Banking days of receiving the electronically signed copy of the sales agreement, the Buyer submits a draft of the Documentary Irrevocable Transferable Letter of Credit (TDLC) in accordance with the terms set out in the contract. When an approval is obtained from the Seller regarding the text of the Documentary Irrevocable Transferable Letter of Credit (TDLC), the Buyer proceeds to the next stage.

 7. A non-operative Documentary Transferable Letter of Credit (TDLC) is issued according to the terms set out in the sales contract and approved draft. Within (5) days of receipt of confirmation of the Letter of Credit the Seller shall issue by E-mail/Fax a Proof of product (POP) confirming any (2) of the 3 items listed below:

a.     License to Export issued by the Brazilian Government &/ or Approval to Export issued by the Brazilian Government.

b.     Statement of Availability of the product.

c.     Warehouse Receipt &/ pr Refinery commitment to produce the product.

 8. The Seller’s bank will also issue the Performance Bond (PB) to the Buyer according to the terms indicated in the agreement which will cause the Documentary Irrevocable Transferable Letter of Credit (TDLC) to become operative, immediately.

9. Vessels are chartered and deliveries take place as per Contract schedule


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