1. Buyer issues a LOI or ICPO with buyer’s, Bank and Branch full contact details; quantity required, target price, port of delivery and full description of the commodity.

2. Seller check Buyer’s information and if acceptable, will issue a FCO (Formal Corporate Offer) or a Draft Contract.

3. Buyer accepts and signs the FCO or Draft Contract and returns the signed copies to the Seller.

4. Buyer and Seller sign and execute the Final Contract.

5. Buyer and Seller deposit signed copies of the contract with their respective Banks as applicable.

6. Buyer’s Bank issues to Seller’s Bank a Documentary Letter of Credit (DL/C). (IMPORTANT NOTE: The DL/C will state that the DL/C can only be drawn upon presentation of the agreed Documents included in the Final Contract. This is commonly referred to as the issuance of the “Non-Operative Documentary Letter of Credit”). 

7. Seller’s Bank will verify and may confirm, and then accepts DL/C.

8. Seller issues Proof of Product and 2% PB.

9. Shipment commences as per schedule. 

10. Seller’s Bank delivers documents to Buyer’s Bank per the language of the DL/C. (All documents listed on Final Contract).

11. Buyers bank releases payment to the Seller's bank as outlined in the final contract.