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Seller will issue FCO and draft contract. Buyer must sign the contract and send to the seller for signature. The seller will sign originals of the contract and will send back to the buyer via email, with originally signed, hard copy documents to follow via courier service. The buyer will issue the non-operative L/C within 7 (seven) days from the date of the signing of the contract. Seller should provide 2% PB of the contract L/C Value to the buyer within 7 (seven) working days from the receipt of the L/C from buyer, and the said 2% PB in favour of buyer makes the L/C active immediately. Once the L/C has been activated, the seller will send an invitation to the buyer or his agent to be present at the designated port(s) of loading to physically inspect the goods as they are being loaded into the vessel(s). The first shipment will commence no later than 45 (forty-five) days from date issued of the operative Letter of Credit, with expected arrival as specified in the contract. The remaining consignments will be ship in each 30 (thirty) days periods. Effect of payment for each consignment shall be effected within 3 (three) banking days after receipt by the sellers advising bank of all documents required for payment. Upon clearance of funds, disbursement of funds received at the advising bank of the seller to pay facilitator fees, shipping fees and yard fees shall occur under Seller's mandate. |
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