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).
In the ICPO it is indispensable:
– Buyer’s website,
– Buyer’s corporate email,
– Copy of the buyer’s Passport,
– Bank informations,
– Together with the ICPO, it is indispensable to present a Proof of Funds (BCL or RWA) with a minimum amount equivalent to one remittance,
– For chinese buyers, it is indispensable to present the Import License from the Government of China,
5 – Seller/Exporter issues Draft Contract/SPA.
6 – Buyer returns draft contract, stamped and scanned by email and will be considered legal and official SPA (Sale and Purchase Agreement) until copies are exchanged.
7 – Seller sends DLC or SBLC model, Proforma Invoice and CIS with bank details.
8 – Buyer sends the verbiage of DLC or SBLC from his bank for seller to review and approve.
9 – Buyer returns the stamped and signed Proforma Invoice.
10 – The buyer’s bank issues SBLC or DLC (MT700 or MT760) as a payment guarantee for one month and also issues an MT103 to be used as a payment method. The banking instrument must be transferable, irrevocable, divisible, operational, renewable and confirmed by a top 50 bank.
11 – 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).
12 – The buyer will receive a letter invitation to accompany the loading together the port.
13 – Within 30 days the ship will be loaded.
14 – After loading, the seller sends the shipping documents to the buyer’s bank for payment by MT103.
15 – Payment by MT103 effected.
(If there is no payment by MT103, the SBLC guarantee is activated automatically)
16 – Ship release with following shipping documents:
Commercial Invoice Bill of Lading
Inspection Certificate by SGS Weight quality and issued by SGS
Origin Certificate Packing List in Triplicate
Phytosanitary Certificate Fumigation Certificate
Radiation Free Certificate
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 50),
And other information.
Please find below, model of LOI/ICPO: