1. The Buyer issues an LOI/ICPO with CIS+RWA.
2. The Seller checks the LOI and issues an FCO.
3. The Buyer signs the FCO and issues an ICPO with the details of the order, the specifications, the Buyer's bank's data, the Buyer's passport copy and the certificate of constitution of his company + proof of funds (BCL) or MT199 bank to bank.
4. The Seller checks the ICPO and issues a SPA.
5. The Buyer updates the SPA (if necessary), signs and returns it to the Seller.
6. The Buyer's bank officer issues an RWA Pre-Advice to confirm their ability to issue an MT760 SBLC Cash Backed.
7. The Seller's bank officer replies via SWIFT MT799 that they are Ready Willing and Able to receive the Buyer's SBLC Cash Backed. (Using MT799 verbiage as attached appendix verbiage).
8. The Buyer's bank will provide a copy of the MT799 SWIFT RECEIPT.
9. Upon receive the Seller's SWIFT MT799 RWA reply, the Buyer issues the draft MT760 to the Seller within 10 days from the date of receiving
the signed original contract.
10. The Buyer's bank sends the SWIFT MT760 within 2 banking days to Seller's bank using the verbiage as provided.
11. Buyer’s bank issues irrevocable, confirmed, divisible, renewable, transferable, operative, cash backed, full refund (SBLC/MT760) to seller.
12. The Buyer's bank will provide a copy of the MT760 SWIFT RECEIPT.
13. The Seller sends an invitation Letter to the Buyer, so that
he can visit the Seller’s warehouse for first dispatch day.
14. Upon receipt and confirmation of the MT760 by the Seller's bank, the Buyer's bank sends a hard copy of the SBLC to the Seller's bank within 7 banking days.
15. Seller issues a Performance Bond of 2% in favor of the Buyer within 7 days from the date of Seller Bank receive SBLC MT760 Hard Copy.
16. The Seller starts to process of shipment within 30 days from the date of received SBLC hard copy.
17. Based on the documents stipulated in the contract and the qualified inspection report issued by CCIC/SGS at the loading port, the Seller collects the payment through TT at the loading port according to each shipment quantity. The Buyer shall make payment for each shipment by TT within 5 days a]er the qualified inspection report issued by CCIC/SGS at loading port.
18. Monthly shipping subsequently continues in accordance with the terms and conditions of the sale and purchase agreement between Buyer and Seller.
