 COMMERCIAL FUNDING LTD
follows the following procedures:
1. Buyer Sends LOI in proper format with BCL not more than 3 days old, complete banking coordinates and authorization of a soft probe (see pro forma documents)
2. We issue FCO and Draft Contract to the buyer/buyer's mandate directly or through their intermediary.
3. Buyer sends accepted and signed draft of contract.
4. Seller sends Final Contracts (soft and hard) copies to the buyer.
5. POF. Buyer issues a Non-Operative FFLC (no other LC or other payment instrument will be accepted).
6. Seller activates the LC by sending POP (Bank to Bank) and posting 2% BG |
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 7. Shipments start as per mutually agreed schedule
8. SGS or equivalent inspection will be undertaken by Seller at his expense.
Full Documentation supplied for payment:
One set of the following documents consisting of 3 originals and 3 non-negotiable copies will be presented to the Buyer's bank to release funds as payment for each shipment:
· Commercial Invoices
· Ocean Bill of Lading marked "Freight Prepaid" and "Clean on Board" issued to the order of "as per terms of L/C" and consigned to "as per terms of L/C".
· Certificate of Weight, Quantity and Quality issued by the Inspection Company (SGS or equivalent)
· Certificate of Origin issued and endorsed by the Chamber of Commerce of Country of Origin
· "No War Material" Certificate issued by the Inspection Agency
· Marine Cargo Insurance Cover Note covering 110% of invoice value drawn in favour of the Buyer. |
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Any commissions payable by you should be added on to this figure.
Payment by irrevocable transferable confirmed (by Top 25 bank) DLC 100% at sight.
There is some discount for quantity and quality of payment instrument.
To proceed we require LOI/ICPO + BCL with 2 bank officer signatures stating that the buyer company has the capability (either by funds or facility) to complete the entire contract (not just one month's shipments). (pro forma documents attached) |
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