SALES PROCEDURES:
STEP BY STEP
1 – Buyer issues LOI (Letter Of Intent).
2 – Vaz Ferreira Trading (Export Broker) issues SCO (Soft Corporate Offer) as the seller’s representative.
3 – Buyer returns SCO signed and stamped.
4 – Buyer issues ICPO (Irrevocable Corporate Purchase Order).
Together with ICPO, it is indispensable:
– Presentation of Proof of Funds (BCL or RWA) with a minimum value equivalent to one remittance,
– Presentation of the Import License from the Government of China,
– Copy of the buyer’s Passport,
5 – Seller/Exporter with GACC/AQSIC sends:
– Draft SPA (Sale and Purchase Agreement)
– PI (Proforma Invoice)
– Draft SBLC (Stand-By Letter of Credit) to be completed by the buyer’s bank.
6 – Buyer returns the draft SPA, stamped, signed and scanned or in PDF format via email and it will be considered legal and official Sale and Purchase Agreement until copies are exchanged.
7 – Buyer returns:
– Proforma invoice stamped and signed.
– Draft SBLC completed by your bank and attach the CIS – Client Information Sheet.
8 – After approval of the draft SBLC by the seller’s bank, the buyer’s bank issues SBLC TRANSFERABLE or DLC TRANSFERABLE (MT760 or MT700) as a payment guarantee for one month and also issues MT103 to be used as a payment method. The banking instrument must be transferable, irrevocable, divisible, operational, renewable and confirmed by a top 100 bank. (See list of banks attached)
9 – After the opened bank instrument, seller’s bank send’s to the bank of the buyer the 2% PB (Performance Bond) on value of a shipment and POP (Proof of Product).
10 – The buyer will receive a letter invitation to accompany the loading together the port.
11 – Within 25 days the ship will be loaded.
12 – After loading, the seller sends the shipping documents to the buyer’s bank for payment by MT103.
13 – Payment by MT103 effected.
(If there is no payment by MT103, the SBLC/DLC guarantee is activated automatically)
14 – Ship release with following shipping documents:
- – Commercial Invoice
- – Bill of Lading
- – Inspection Certificate by SGS
- – Weight and Quality Certificate issued by SGS
- – Origin Certificate
- – Phytosanitary Certificate
- – Radiation Free Certificate
- – Fumigation Certificate
- – Packing List in Triplicate
- – Insurance Certificate
NOTE
1- All sent documents should be issued on letterhead, stamped and signed by the CEO and in PDF format.
2- Documents as LOI/ICPO will be analyzed and only accepted according with the requirements of the seller, such as:
– Form of payment,
– Form of guarantee,
-Target price (According to available offer),
– Bank (Prime Top 100),
– And other information.
Please find below, model of LOI/ICPO: