Description
Iron
Ore *3.5% | Fe *3.5% Iron Ore | Iron Ore *3.5% | Iron Ore
Suppliers | Iron Ore Exporters | Iron Ore Traders | Iron Ore
Producers | High Quality Iron Ore | Fe *5% Ore | Hematite Iron Ore
| High Grade Iron Ore | Iron Ore Rock | Iron Ore Mineral | Fe *5
Ore | Non-Concentrate Fe Iron Ore | Iron Ore Lumps | Bulk Iron Ore
Fines | Iron Ore Powder | Magnetite Iron Ore | IR Seller | Export
Quality Iron Ore | Buy Iron Ore | Iron Ore Buyers | Iron Ore
Importers | Import Iron Ore | Iron Ore Price
CLOSING
PROCEDURES
1. Buyer
Provides an ICPO to seller (with all banking
details)
2. Seller
Issues FCO and buyer sign the FCO on the acceptance of the term and
procedures
3. Seller
provides Draft Contract to Buyer to revise and confirm by initial.
Seller and Buyer exchange the signed and notarized contract with
EDT and via electronic mail which shall be
deemed legally binding and enforceable.
4. THE
Buyer’s bank via Buyer provides the Text / Verbiage of SBLC/BG/PG
being issued by Bank; acceptable and approved Format by seller
herein as per APPENDIX of this coded contract.
5. Seller
after receipt of the Text / Verbiage of SBLC/BG/PG from the buyer’s
bank and also payment receipt of the Bank Charges for the
SBLC/BG/PG; Seller will provide Technical / SGS Report of one of
the mining area from which the product described in CLAUSE 2 will
be delivered to the Buyer.
6. The
Buyer’s bank issues IRREVOCABLE SBLC (URDG **8/**8) (APPENDIX 4B)
by swift (MT**9). The face value of the SWIFT would be as per the
Pricing guidelines stated herein.
7. AFTER
the SWIFT MT**9/MT**0 acceptance,Buyer and Seller can meet for Lay
Can or might be for Site Visit at Loading
Port
8. Seller’s
bank will provide NON-OPERATIVE 2% of PBafter
swift SBLC byMT**9 from buyer bank. The Partial POP/POP provided for buyer verification
and satisfaction.
POP shall
consist of the following documents:
Related Document for export and SGS
Report at Loading Port. Copy
of Charter Party Agreement (s) to transport the product to
discharge or Authority number, name of loading port contract
number
9. Buyer
Banks RE-SWIFT OPERATIVE IRREVOCABLE SBLC (URDG **8) by
MT**0.
*0. Seller
nominates the vessel and gives to the Buyer: Ship Name, Call
Letters, Captain’s name and a copy of the Charter Party agreement
and ETA6. Buyer provides Import Licenses to
Seller
*1. Buyer
obtains Free In and Free Out permit of Seller’s vessels at
discharge port and Shipments commence according to the agreed
contract.
*2. The
Seller will arrange for the Principle Buyer issuing Guarantee to
Seller , at the Buyer’s sole cost, to visit Loading Port or
mine to be advised after the Buyer’s Bank swift Guarantee (SBLC/BG)
by MT**9/MT**0 acceptance, receive PB and after TTM.
*3. The
Product is delivered as per
Contract CIF to buyer’s designated port.
*4. Payment
will be done after each shipment via Telegraphic Transfer (TT) via
MT**3/*3 with in 5 – 7 days after Buyer discharge port after SGS or
CIQ inspection
*5. Detail
in the contract.
