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| Contract procedure for steel buyers |
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- Once the volume, delivery terms and the price are agreed on, we would require LOI and BCL from the Buyer.
- Upon draft contract agreement, a final contract is signed by both parties - the Seller and the Buyer.
- A contract is signed by both parties - the Seller and the Buyer.
- We send a proforma invoice and the shape of the L/C (if needed) and the Buyer opens the L/C from his bank through a well known international bank.
Once we receive the documents at our specified bank, we then start the procedure of preparing the goods and the documents.
Please note, we work with irrevocable, confirmed, revolving payable on sight L/C opened in favour of a world class bank.
- If all the conditions in the L/C are met the payment is made upon the final loading of the ship and all of the documents together with the bill of the lading (B/L, Railways Bill or CMR) are presented to the bank (payable on sight).
Samples
Upon receiving LOI and BCL, we can send a sample of the product directly to the Buyer upon request.
The Seller will bear the cost of the sample and the Buyer may have to bear the cost of delivery.
However, please note, no sample will ever be from the same bag, batch, silo, consignment and order or shipment.
Any sample can easily be fabricated and does not represent a true sample of what will be received in a shipment.
Document sample downloads
- LOI - Letter Of Intent
- BCL - Bank Comfort Letter
- Non circumvention and non disclosure working agreement - available on request
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