1.) Buyer submits a Letter of Intent (LOI) or ICPO
2.) Seller submits a Full Corporate Offer (FCO)
3.) Seller submits draft of contract/sales and purchasing agreement.
4.) Buyer and seller sign and seal the contract/sales and purchasing agreement.
5.) Buyer submits non-operative, transferable divisible, Letter of Credit (LC).
6.) Seller submits 2% Performance Bond (PB)
7.) LC Becomes operative against the Performance Bond.
8.) Seller loads the vessel within three (3) weeks.
9.) LC is cashed against documents. |