Our Procedure 1
- The buyer will present the ICPO (Irrevocable corporate purchase order) once the price and procedure is accepted.
- The seller presents the SPA (Sales & Purchase Agreement), Buyer returns the SPA duly signed and sealed. The exchange of contract with buyer shall be by electronic transmission / fax or by courier services.
- The Buyer and seller will present the signed SPA to their respective nominated Banks, & both Banks confirms the receiving of documents by email to proceed with the transaction.
- The seller sends the soft copies of the documents such as Invoice, packing list, BOL, SGS report & IMO number through their bankers to buyer bank.
- Upon verification of the shipping documents, buyer bank will block the funds through SWIFT MT799 against the invoice value.
- once the seller Bank verifies the SWIFT and confirms the possession of original documents, Buyer initiates the payment of the complete Invoice value in USD to seller’s bank through SWIFT MT103 (Wire Transfer / TT) within 24 hours. All the bank charges related with transferring of money is to Buyer Account. The seller should get the Invoice Value in his account.
- The Seller will switch the Bill of Lading to the buyer’s name after receiving the full payment for the Invoice value; the seller bank will also send the Original documents to buyer bank through a bonded courier.