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Our scrap trade procedure.
We adopt the simple & world wide accepted 'scrap trade procedure'. This
system keeps both importer an exporters at the safe ends. If you have any other
reliable option, then that can also be considered.
Our follow the widely accepted international procedure.
1. Buyer sends his product requirement details and requests for quote.
2. Seller provides quote.
3. Buyer approves quote and submits LOI, including a BCL.
4. Seller issues FCO.
5. Buyer reverts with approved FCO.
6. The Seller issues a draft contract to the Buyer.
7. Buyer returns with signed and sealed Draft Contract (Agreement), including
shipping schedule, wording of agreed payment instrument and a letter format of
the BCL / Bank letter.
8. The Seller reviews and confirms any changes made in draft contract by the
Buyer. If the Seller agrees to the changes made by Buyer, the Seller issues the
final binding contract via fax or email. The Buyer returns the final agreed
contract duly signed and sealed via email or fax.
6. The Seller will issue to the buyer four (4) original hard copies of the
contract via courier to Buyer’s address as stated in the contract.
9. Immediately upon receiving the Seller’s signed and sealed Hard Copies of the
contract via Courier the Buyer will personally sign and seal the 4 Hard Copies
and return two (2) originals by courier to the Seller.
10. Within the mutually agreed international banking days the buyer must issue
the agreed Letter of Credit in favor of the Seller.
11. Seller will then issue PB 2% in favor of the Buyer.
12. Buyers bank confirms POF and the availability of L/C as well as their
readiness to issue L/C to Sellers bank.
13. Sellers bank confirms POP and the availability of PB 2% as well as their
readiness to issue it to Buyer's bank.
14. Buyers bank and Sellers bank approve the format/ text/ verbiage of Buyers L/C
and Sellers PB.
15. Buyers bank issues non-operative letter of credit, in return Sellers bank
issues operative performance bond.
16. The operative performance bond activates the letter of credit.
17. Shipment commences as per contract.
Any question, email us at: info@bizexport.com
(Alternative ID: mytrade@hotpop.com)
Biz Exports (India) International |
