6) Seller Bank issues via fax/e-mail or Bank courier service partial POP
7) Buyer Bank verifies and confirms acceptance of POP
8) Buyer Bank issues to Seller Bank 7% of first shipment value, the purpose of requesting for this 7% is to confirm by Seller/Refinery if buyer is real, we have had a lot of bad experience from buyers, Seller will guarantee and refund this initial payment upon confirmation of the Buyer's capability to close the deal after the payment instrument have been establish to Seller's bank and after seller's bank 2% performance bond to buyers bank to activate Buyer's payment instrument.
9) Seller Bank issues by SWIFT full POP and 2% Performance Bond Guarantee of Monthly Contract Value.
10) Buyer Bank issues Irrevocable non-Transferable Divisible Revolving Monthly Letter of Credit or MT103.
11) Delivery commences within 25-30 days
12) Each party pays its own bank charges
13) For FOB shipments, Payment is vs. documents including SGS at Destination CIF Port
14) SGS at Loading Port at Seller's expense and at Destination Port at Buyer's expense
15) All other procedures will be defined in the contract.
WE APPRECIATE YOUR EFFORT TO TRANSACT BUSINESS WITH US, WE WISH YOU ALL THE BEST WHILE WE LOOK FORWARD TO HEAR FROM YOU.