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PROCEDURE ICUMSA 45

 1. Buyer send LOI together with a Bank Confirmation Letter (BCL) or ICPO  addressed to Seller with BCL banking details addressed to Seller, on buyer’s official company letterhead with letter of acknowledgment, scanned copies of the buyer’s company registration and international passport of the authorized representative sign company stamp plus the BCL.

 2. Seller Issues FCO once the Seller receives the LOI together with BCL.

 3. Buyer signs and stamps the FCO plus buyer ICPO and returns to seller and Seller will issues Draft Contract / Draft Sales & Purchase Agreement (SPA Open for amendments), Seller shall issue the Sales and Purchase agreement (SPA) to the buyer.

4. Buyer signs, stamps, and returns the SPA. 

5. Seller will registers and legalize the contract officially with the appropriate authority BRAZIL MILL to facilitate the booking of allocation and securing a legitimate approval for the transfer of ownership title/allocation holder  to the buyer’s company name at the seller expenses immediately upon confirmation that the instrument payment is accepted by seller's bank

6. Seller issues a Proforma Invoice.

7. Seller sends the countersigned SPA to the buyer with a Quantity Approval Letter. 

8. On confirmation of the receipt of the Quantity Approval Letter, Buyer issues the Bank Guarantee in the form of, irrevocable, transferrable, divisible,(SBLC MT760 /DLC MT700) of the order quantity to Seller bank, failure to issue the said bank guarantee within the stipulated days, buyer to pay a penalty of 10% from the total contract Buyer for Defaulted. This is to enable Seller to secure the service of the Vessel for the transportation of the product to the buyer’s destination port as mentioned in the SPA.

9. Within Ten (10) Business Days, Packaging, Inspection, Loading, and shipping commence. (Max 30-45 Days). Once the Shipment commences as per contract and upon arrival of the vessel tanker at the discharge port, the buyer conducts CCIC /SGS or CIQ Inspection and CIC or SGS inspection takes place (Buyer is welcome to visit the loading port to accompany the International Bureau Q & Q Inspection process with buyer expenses).

10. Seller, on confirmation of the above clause, loading commences and shipment schedule and shipping documents to the buyer’s bank along with 2% PB (Performance Bond). Seller will send complete shipping documents BL (Invoices and Other Relevant Documents) to Buyer and Buyer’s bank via email.

11. Within Five (5) business days Buyer’s bank sends MT103 transferrable, confirmed, and irrevocable wire transfer to the Seller’s bank account as per SPA and the seller's Bank verifies and confirms MT103. For DLC MT 700 at sight

12. Seller will release payments to the INTERMEDIARIES involved within 7 working days of receiving the full Payment for the product from the Buyer’s bank. Seller will issue the NCNDA/ IMFPA documents(International Standard).

13. After successful delivery of the first monthly shipment of the Product, the Buyer transfers the full amount of the following month's delivery to maintain the Standby Letter Credit 100% SBLC MT760/ DLC MT700 at sight and the contract continues for subsequent Eleven(11) months subject to this Contract. 

SHIPPING DOCUMENTS:

The seller will provide a list of shipping documents to the buyer via email and local Post (DHL). 

1.      Commercial Invoice (2 originals)

2.      Packing List (2 originals)

3.      Bill of Lading – Freight Prepaid (2 originals & 2 Non-Negotiable)

4.      Certificate of Origin (2 originals)

5.      SGS Inspection Certificate to ascertain both Quality & Quantity (2 originals)

6.      Insurance of 110% of cargo value at sellers’ cost (2 originals)

7.      Custom Check Approval Letter (2 originals)

8.      Health Certificate (2 originals)

9.      Phytosanitary Certificate

10.   Radiation-free Certificate

11.   Covid-19 Test Report

12.   Weight and quality by SGS

13.   Packing Label

 Both parties hereby agree to honour the terms and conditions stated in this SOP following the International Chamber of Commerce ICC Rules for International Trade. We highly appreciate the opportunity to supply your valuable order of Sugar ICUMSA 45. 


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