| ≥1 piece |
Detailed introduction to ICUMUSA 45:
WE ARE THE ALLOCATION/TITLE HOLDERS OF THE SUGAR. WE ARE READY, WILLING AND
ABLE TO DELIVER.
The procedures below MUST be listed on the ICPO the buyer submits.
PROCEDURES:
FIRST BUYER(S) & BROKER(S) COMPLETE & RETURN ATTACHED NCND…THEN…
1. SELLER ISSUES DRAFT CONTRACT IN FAVOR OF THE BUYER.
2. BUYER SIGNS, SEALS AND SENDS BACK TO THE SELLER THE FINAL DRAFT CONTRACT
WITHIN 24 HOURS.
3. SELLER SENDS BACK AN ELECTRONICALLY SIGNED CONTRACT.
4. BUYER’S BANK ISSUES NON OPERATIVE DOCUMENTARY LETTER OF CREDIT IN FAVOR
OF SELLER, THROUGH SELLER’S BANK.
5. SELLER AND BUYER EXCHANGE 02 HARD COPIES SIMULTANEOUSLY BY COURIER AND
COPIES ARE DULY SIGNED & SEALED. THE FINAL DRAFT CONTRACT WILL BE CONSIDERED
AS HARD COPIES UNTIL THE ORIGINAL HAVE BEEN EXCHANGED AND WILL NOT
DELAY THE BUYER IN ISSUING THE DOCUMENTARY LETTER OF CREDIT.
6. SELLER ISSUES THROUGH ITS BANK PROOF OF PRODUCT (POP) AND ADVISES BUYER’S
BANK VIA MT-799, ALSO. THIS PROCESS WILL TAKE 10 - 12 DAYS. BUT IT COULD
TAKE LESS TIME DEPENDING ON THE SPEED OF THE BANK PROCESS. THIS PROOF OF
PRODUCT WOULD CONVERT THE NON OPERATIVE DOCUMENTARY LETTER OF CREDIT INTO
OPERATIVE LC.
7. WITHIN 5 (FIVE) BANKING DAYS OF PROOF OF PRODUCT BEING ISSUED, THE SELLER
ISSUES AUTO REVOLVING 2% (TWO PER CENT) PERFORMANCE BOND OF THE VALUE OF A
SINGLE SHIPMENT, IN FAVOR OF THE BUYER.
8. DELIVERY AND SHIPMENT COMMENCE AS PER MUTUALLY AGREED SCHEDULE
Icumsa 45 CIF PRICES: