Procedure for CIF Deliveries
1. Buyer sends LOI or ICPO to Seller. Seller sends FCO to Buyer. Buyer signs FCO and reverts to Seller.
PB BOND WILL BE GIVEN AFTER CONFIRMATION OF THE DLC AT THE BUYERS BANK .
Note: we will always verify each LOI or ICPO with the buyer himself.
2. Seller sends FCO to Buyer and Buyer reverts the following documents properly filled out to Seller: As per the documentations of the full details will be on the SPA. •Completed FCO with Buyer’s bank data, signed and sealed.
•Customer Information Sheet (CIS; template provided by Seller) on Buyer’s letterheads, containing also: a. Copy of Company Registration Certificate and. Passport copy of signatory/any government issued id.
•Authorization to verify the RWA letter by our bank.
3. Seller drafts Sales & Purchase Agreement (SPA) on favor of buyer, SPA and Commercial Invoice (CI) to be lodged in both banks. Seller and Buyer execute final contract. Seller sends final contract electronically in PDF format. An electronically executed final contract can stand as original.
Within 5(Five) banking days of SPA buyer sends 40% in advance or DLC draft and Seller provides all the mentioned documents in spa and the details of products to the buyers bank which is verifiable at loading port
( import and export certificate, sellers passport copy, company details, SGS or similar authority of quality test and proof of product , additional document at loading port along with BL copy to the buyers bank.)
4. Buyer’s bank sends 40% in advance by T/T or DLC by SWIFT to Seller’s bank and Buyer’s sends copy immediately to Seller’s company email address. After Seller has received the copy of the transferred SWIFT and forwarded to his bank, Seller’s bank opens communication with Buyer’s bank on basis of the lodged SPA to discuss all relevant items and documents for security on the deal for both banks (Buyer/Seller).
1. Buyer sends LOI or ICPO to Seller. Seller sends FCO to Buyer. Buyer signs FCO and reverts to Seller.
PB BOND WILL BE GIVEN AFTER CONFIRMATION OF THE DLC AT THE BUYERS BANK .
Note: we will always verify each LOI or ICPO with the buyer himself.
2. Seller sends FCO to Buyer and Buyer reverts the following documents properly filled out to Seller: As per the documentations of the full details will be on the SPA. •Completed FCO with Buyer’s bank data, signed and sealed.
•Customer Information Sheet (CIS; template provided by Seller) on Buyer’s letterheads, containing also: a. Copy of Company Registration Certificate and. Passport copy of signatory/any government issued id.
•Authorization to verify the RWA letter by our bank.
3. Seller drafts Sales & Purchase Agreement (SPA) on favor of buyer, SPA and Commercial Invoice (CI) to be lodged in both banks. Seller and Buyer execute final contract. Seller sends final contract electronically in PDF format. An electronically executed final contract can stand as original.
Within 5(Five) banking days of SPA buyer sends 40% in advance or DLC draft and Seller provides all the mentioned documents in spa and the details of products to the buyers bank which is verifiable at loading port
( import and export certificate, sellers passport copy, company details, SGS or similar authority of quality test and proof of product , additional document at loading port along with BL copy to the buyers bank.)
4. Buyer’s bank sends 40% in advance by T/T or DLC by SWIFT to Seller’s bank and Buyer’s sends copy immediately to Seller’s company email address. After Seller has received the copy of the transferred SWIFT and forwarded to his bank, Seller’s bank opens communication with Buyer’s bank on basis of the lodged SPA to discuss all relevant items and documents for security on the deal for both banks (Buyer/Seller).
