Standard Procedures

Procedures for import and export of ICUMSA 45 Sugar from Brazil or Thailand
(1) BUYER ISSUES AN LOI WITH FULL BANKING INFORMATION (AND PERMISSION FOR SOFT PROBE) AND SIMPLE BANK LETTER CONFIRMING FINANCIAL CAPACITY
(2) SELLER ISSUES THE FCO TO THE BUYER
(3) BUYER RETURNS SIGNED FCO WITHIN 48 HOURS
(4) SELLER SENDS CONTRACT TO THE BUYER
(5) BUYER SIGNS & SEALS CONTRACT AND RETURNS TO THE SELLER, SELLER SIGNS & SEAL CONTRACT END RETURNED CONTRACT, BLOCKED IN PDF TO THE BUYER; THEN SELLER PROVIDE AFFIDAVIT TO GUARANTEE THE DELIVERY PER AS SCHEDULE AGREED
(6) BOTH PARTIES LODGE CONTRACTS IN THEIR RESPECTIVE BANKS
(7) WITHIN TEN WORKING DAYS OF RECEIVING THE FINAL HARD CONTRACT COPIES, THE BUYER WILL ISSUES THE NON OPERATIVE PAYMENT INSTRUMENT (AND/OR DEPOSIT) IN FAVOUR OF THE SELLER
(8 ) WITHIN TEN WORKING DAYS FOLLOWING RECEIPT OF THE NON OPERATIVE FINANCIAL INSTRUMENTS, THE SELLER WILL POST THE 2% PERFORMANCE BOND FOR THE MONTHLY SHIPMENT VALUE AND WILL PROVIDE PROOF OF PRODUCT TO THE BUYER (BANK-TO-BANK WITH DOCUMENTS FROM SGS OR OTHER INTERNATIONALLY RECOGNIZED INSPECTION COMPANY) WHICH WILL ACTIVE THE BUYER’S LETTER CREDIT AUTOMATICALLY
(9) DELIVERY COMMENCES AS PER SCHEDULED DELIVERIES MUTUALLY DEFINED AND AGREED