Used Rail R50/65
Procedure :
- Buyer sends LOI
-Seller answers with FCO.
-Buyer receives FCO and sends LC draft from his bank to the buyer's bank.
-Seller prepares contract and issues Invoice(s) with company ID code .
- Buyer sends a non-activated LC in anticipation to receiving the proof of product( POP) and the performance bond (PB) 20% in favor of the buyer .
-Seller sends through his bank to the seller bank the PB operative only after LC is activated , together with the POP to the buyer's bank including :
a-certificate of ownership
b-certificate of origin
c-Quality and Quantity report from SGS .
d-photos and video for the needed steel .
e- formal invitation to the buyer's representative to visit the warehouses to view the needed steel .
f-Buyer bank activates the LC.