"1. Buyer sends LOI, KYC INCLUDING BANK INFORMATION (seller needs to know which bank will issue
the SBLC)
2. Seller sends SCO including this SOP including verbiage SBLC so buyer can discuss with the banker
3. Seller and Buyer have a soft call to explain the procedure
4. Seller sends FCO
5. Buyer Signs FCO after filling in all missing information, in acceptance of the offer and the
whole procedure.
6. Seller locks the allocation for 48 hours within which the Buyer has to proof up funds
(MT199 or BCL-ATV) AND issue the SBLC/BLOCK FUND RWA VERBIAGE CONFIRMATION from its bank
(if RWA can be done in 48 hours no MT199 or BCL-ATV is necessary)
7. Seller sends Allocation letter and DRAFT SPA (in most cases exact copy of the FCO
converted in SPA) to Buyer and Buyer reverts signed after review in agreement with Seller.
8. Seller signs reviewed SPA and Seller issues Commercial Invoice (CI) to
be lodged in both operational banks.
9. Buyers bank opens MT760 (SBLC/BLOCKED FUND) as approved in point 6 in
favor of Sellers financial partner within 5 working days from signature of SPA from the same top 50
bank that has emitted the RWA draft of the SBLC/BLOCKED FUND and MT799 pre advise/MT760 is sent
by SWIFT message according to the standard bank protocol.
10. Sellers financial partner bank receives MT760 and within shortest practicable time
confirms the instrument from Buyer's bank by SWIFT message according to the standard bank
protocol.
11. Upon bank confirmation payment instrument, sellers initiate production/movements of stock
for FOB delivery.
12. Seller books SGS in the name of the buyer.
13. Seller provide SGS Bill of Lading - Packing list Safety data sheet and
all relative gloves documentation in original copy.
14. Buyer release funds immediate through Bank transfer MT103"