OPERATION PROCEDURES

OPERATION PROCEDURES

  1. The buyer issues full LOI including full bank details , along with soft probe permission (Buyer need to provide BCL or Bank Letter issued by Top 100 Prime World Bank that stated the Buyer's Bank is ready to support the buyer to perform this transaction or the Buyer has previously performed similar transactions with the Bank, and Buyer's is ready to transact and allow Seller's representative to perform soft probe.)

  2. Seller/Seller's representative issues the FCO to the Buyer.

  3. Buyer signs, seals, and sends FCO to Seller along with Buyer's ICPO and full Banking Details.

  4. Buyer and Seller signed Contract

  5. Buyer's bank issue SWIFT Bank Comfort Letter (see sample in Annex B)

  6. Seller's bank SWIFT Seller's Ability Confirmation Letter to Buyer's bank (see Annex C).

  7. Buyer shall issue SWIFT non-operative irrevocable, Confirmed, transferable, revolving L/C at sight within 7 to 10 International banking days. 

  8. Seller shall issue 2% Performance Bond (PB) and POP to activate the non-operative Seller L/C.

    • POP document includes as follows

    • Copy of license to export

    • Copy of Approval to export

    • Copy of Statement of Availability of the Product
  9.           Delivery Commence as per Contract

SAMPLE OF LETTER OF INTENT

NOTE : (On Official Buyer's Letterhead Only)

LETTER OF INTENT 

I , the undersigned (     Buyer's Name     ), passport number (      state your passport number     ,), hereby declare and confirm that we are ready, willing and able to purchase the commodity as per specifications and the in the quantity and fort he price as specified in the terms and conditions as hereinafter set forth. This representation is made with full corporate authority and responsibility of the above.

The Buyer is aware that this Letter of Intent is being issued on ( Date………./………/…….. ) to EL-ONE RESOURCES SDN BHD , MR MOHAMMAD SARAEI acting as their representative, to be presented to the Seller's Agent /Facilitator .

 

Product : .................................................................
Quantity : .................................................................
Contract Period : .................................................................
Origin : .................................................................
Target Price : .................................................................
Destination Port/s : .................................................................
Payment :

Irrevocable, Transferable, Revolving, Confirmed, Documentary L/C payable 100%at Sight .L/C must be operative after received proof of product, Including SGS reports.

Shipping : .................................................................
Performance Bond : 2% by seller's bank in favor of the buyer. (Internationally accepted)
Packing Required : BULK
Loading : .................................................................
Discharge : .................................................................
Delivery : CIF buyer's OPTION'S

     

Special Conditions:

This letter of Intent/ RWR is subject to final approval and agreement by both seller and buyer and all the terms and conditions herein as well as the subsequent Contract of Sale including any amendments or variations thereof, all of which has to be reduced in writing and signed by both parties here to.

 

Buyer's Information:

 

Company Name 
:
................................................
Contact Person 
:
................................................
Company Registration No
:
................................................
Address
:
................................................
................................................
Postcode
:
................................................
Country
:
................................................
Tel. Office
:
................................................
Tel. Mobile
:
................................................
Fax Office
:
................................................
Email
:
................................................

 

Buyer's Bank Information 

Bank Name 
:
................................................................
Branch Code  
:
................................................................
Address
:
................................................................
................................................................
Postcode
:
................................................................
Country
:
................................................................
Account No.
:
................................................................
Account Name
:
................................................................
Bank Officer
:
................................................................
Tel Number
:
................................................................
Fax Number
:
................................................................
Email
:
................................................................
SWIFT No.
:
................................................................

 

We understand that any and all offers and/or contracts are subject to successful Seller verification of funds availability. We hereby give our written permission for the seller to conduct a soft probe of our account.

 

Buyer's Authorized Signature 
:
...............................................................
( Signatory's Full Name )
:
...............................................................
 For and on Behalf of Company
:
...............................................................
Seal
...............................................................
 Date   
:
……….../....………/……......................

 

 

SAMPLE OF BCL

 

TO
 :  
BANK NAME
 :  
BANK ADDRESS
:  
BANK TELEPHONE NO.
:  
FACSIMILE NUMBER 
 :  
SWIFT    
 :  
ROUTING NUMBER
:  
TELEX NUMBER
:  

Dear Sir,

We, the undersigned Bank Officers, hereby confirm with Full Responsibility that the amount of United States Dollars $ ________________________ has been reserved in this bank at the request of (Company Name) for the finalization of contract transaction for the purchase of ______________ MT of _____________________________ . These allocated funds are available for the purchase of the above identified product, and in this regards, the funds can be converted into a Irrevocable, Transferable Letter of Credit. This information can be verified on a bank basis via Key Tested Telex.
BANK OFFICER NAME
:
TITLE
:
BANK OFFICER SIGNATURE
:
BANK SEAL

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Last updated on March 26, 2008