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Procedure Spot
1. Buyer issues ICPO with
Soft Probe and BCL  or RWA (RWA bank to bank). 2. Seller Issue
a FCO
3. Buyer signs and returns the FCO
4. Seller
Issues the "SPOT" CONTRACT to Buyer to Sign and Return.
Contract is signed by both seller and buyer and each receives
copy and contracts are lodged at buyer and seller bank
officers. -- Buyer requests that FCO & CONTRACT be
sent at the same time so to expedite the process -- this is
not a requirement, just a suggestion
(4a) Seller bank send
conditional POP TO Buyer bank
5. Buyer instructs his bank
to issue conditional POF MT103/23 to seller's designated bank
on bank-bank level
6. Seller bank after verifying the POF
authenticity, then SENDS their "FULL" POP to Buyer's bank on
bank-bank level Consisting of following documents:
a) STORAGE TANKS
b) RECEIPTS CURRENT DATE
c)
SGS INSPECTION CERTIFICATES: Regarding product
quality and quality
7. Buyer bank verifies Product POP
authenticity ASAP. Buyer then sends transfer of funds by
MT103, the Seller transfers Merchandise TITLE, The DEED of
OWNER-SHIP to Buyer or his nominated party's name and present
the pertaining documents to Buyer's bank. Payment
effects through Swift wire Transfer within one (1) banking day
to seller's designated bank.
8. Complete process to close
the deal takes only 2-4 days
LOI
Letter of Intent
RWA
Ready Willing and Able
FOR DETAILED
BUYING AND SELLING PROCEDURE SEE ALSO OUR
BANKING
INSTRUMENTS & PROCEDURES
Contact us for more
info
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