FULL PAYMENT TERMS AND CONDITIONS
Payment by IRREVOCABLE, CONFIRMED, TRANSFERABLE, UNCONDITIONAL, UNRESTRICTED, UNENCUMBERED, STANDBY LETTER OF CREDIT (SBLC) or BANK GUARANTEE (BG) to be FULLY FUNDED (to be confirmed by any 50 Top Bank in the World, and EACH shipment payable by TT (Swift Wire Transfer MT103/72), 100% on sight of documents at the Buyer’s Bank.
1. Buyer issues bank endorsed Letter of Intent (LOI) or bank endorsed Irrevocable Corporate Purchase Order (ICPO).
2. Seller issues Full Corporate Offer (FCO).
3. Buyer signs and seals EACH page of FCO and returns to Seller.
4. Seller issues Draft Contract which will incorporate full terms and conditions.
5. Buyer signs and seals EACH page of Draft Contract and returns to Seller. Seller signs and seals Final Contract and sends copy to Buyer.
6. Within 5 International banking day’s the Buyer’s Bank issues bank to bank pre-advise by MT 799 that they are ready, willing and able to issue LC/ SBLC / BG to the value of USD XXXXXXXXXXXXX and that the LC/ SBLC/BG format in this Final Contract is agreed.
7. Within 5 International banking day the Seller’s Bank issues to the Buyer’s Bank POP/ PB.
8. Within 5 International banking days the Buyer’s Bank issues an Operative, Irrevocable, Transferable, Confirmed (by Top 50 World Bank), Unconditional, Unrestricted, Unencumbered, LC, SBLC or BG to Seller’s BanK.
9. Within 5 International days the Seller’s Bank issues to the Buyer’s Bank the 2% Performance Bond (PB) by Swift MT 799.
10. Within 15-21 days of receipt at the Seller’s Bank of the operative SBLC/BG the shipment(s) will commence.
11. Payment by TT (SWIFT Wire Transfer MT 103/23) upon sight of documents.