BUYER

SELLER

1

Issues LOI

2

Issues the FCO

3

Issue ICPO

4

Issue a softcopy of Agreement   

5

Sign the Contract

Sign the Contract

6

Within 14 International Banking Days from receipt of executed contract  issue to the Sellers bank Blocked Funds Letter   

7

Within 5 International Banking Days issues a 2% Non-Operative PB. 

8

Within 21 International Banking Days of positive verification of the Blocked Funds Letter issue a RWA indicating that the POP is in the bank ready to be sent.

9

Within 5 International Banking Days issues   Pre Advise (MT799) of the Bank Guaranteed (BG)

10

Send by SWIFT the POP to the Buyers bank.

11

 Within 5 International Banking Days of Validation and Verification of the POP, will make the BG operative by MT760.

 On Verification, Validation and Authentication of the BG make the Performance Bond operative.

12

 Within 5 international banking days of the PB becoming operative, will issue to Sellers Bank an Operative RDLC.

13

Provide Charter Party Agreement within Fourteen (14) international banking days after the Seller send RWA of the POP.

14

Within Forty Five (45) working days of verifying the Buyers Blocked Funds Letter proceed to start loading the Commodity The second and subsequent delivery will be within blocks of 30 days.

15

The Monthly Lot payment shall be made against the Sellers invoice on presentation of the listed documents to the Buyers bank, the RDLC shall then be automatically topped up for the next months shipment.