CONTRACT PROCEDURE FOR BUYERS

1. Once the volume, delivery terms and the price are agreed on, we would require LOI and BCL from the Buyer.
2. Upon draft contract agreement, a final contract is signed by both parties - the Seller and the Buyer.
3. The Seller sends a proforma invoice and the shape of the L/C (if needed) and the Buyer opens the L/C from his bank within 48 hours through a well known world bank. Once the documents are received at the specified bank, we then start the procedure of preparing the goods and the documents.
   
   Please note, in most cases, we work with once transferable, confirmed, revolving payable on sight L/C opened in favour of a world class bank. The last beneficiary can be mentioned as the cement factory. The reasons for transferrable L/C are: firstly, we need to see Buyer's method of payment and secondly, the majority of manufactures accept prepayments only. After the first 2 deals, however, we can work on non-transferable L/C.
4. If all the conditions in the L/C are met the payment is made upon the final loading of the ship and all of the documents together with the bill of the lading (B/L, Railways Bill or CMR) are presented to the bank (payable on sight).