CIF TRANSACTION PROCEDURE

 

1)  The buyer issue Irrevocable Corporate Purchase Order (ICPO) with CIS/KYC (with copy of company certificate and passport/ID) and Buyer’s Bank Details Information.

 

​2)  Seller issue Draft contract (SPA) open for any amendments and send back to seller within 3 working days in WORDS FILE for final signing and endorsement by E-Signature.

 

3)  Seller issues Commercial Invoice (CI) and ICC Warning Letter by E-Signature to buyer for signature and endorsement for buyer to makes payment 30% down payment deposit or within five (5) banking days issue bank instrument Operative Irrevocable, Transferable, Revolving, Divisible, for the total value of first shipment SBLC (MT760) 

 

4)  After 30% Down Payment Deposit or Swift SBLC (MT760) is confirmed by seller bank, within 5 banking days seller issue 2% PB. (2% PB only for Bank instrument)

 

5)  Delivery commences 40-45 days after 30% Down Payment Deposit or SBLC (MT760) is received

 

6)  After successful inspection at the loading port and upon presentation of shipping documents (Seller and Buyer mutually agree that SGS (or similar) will be appointed by the Seller to assess the quality and quantity of the goods according to the provisions, Inspection is at Seller’s cost), SGS Inspection Report, Bill of Lading and all export documents, the Buyer’s TT Wire Transfer 100% of the value of the goods to the seller’s bank account within 24 hours. Once the payment is successfully and confirmed, Seller will transfer the title to the Buyer’s name and the shipment is released.

 

7)  The Seller is responsible for the custom clearance at the port of loading and issuance of export documents and the Buyer is responsible for the customs clearance cost at the port of destination.

 

8)  Upon arrival the goods at the port of destination, the Buyer issues a proof of inspection by SGS or similar 3rd party inspection (at the Buyer’s expenses) as proof of Buyer’s confirmation and acceptance of the goods.

 

9)  Buyer must have legal requirements to be able to bring the goods into the country of destination.

Additions Documentation (applicable to orders from the Middle East, North African countries and other Muslim countries) 

- Halal Certificate Legalised by importing country's embassy or chamber of commerce 
- Certificate of Origin Legalised by country's embassy or chamber of commerce 
- Commercial Invoice Legalised importing country's embassy or chamber of commerce 
- Health Certificate Legalised importing country's embassy or chamber of commerce