Procedure

1.  Buyer issues LOI with BCL.

2.  Seller issues Full Corporate Offer (FCO) or Draft Contract in name of the
  Buyer and the Buyer returns sealed and signed to the Seller.

3.  After buyer signs, seals and returns, Buyer's bank must confirm
  availability of the Financial Instruments (BCL) to the Seller's bank and
  their readiness to issue. The format/ text of such Financial Instrument to
  be supplied by the Buyer's bank and approved by the Seller's bank.

4.  Seller forwards four (4) hard copies of original final contract signed and
  stamped to Buyer by DHL or similar courier.
     
5.  The buyer signs and returns 2 hard copies of original final contract
   signed and stamped to seller by DHL or similar courier.

      Yard Visit: buyer’s bank issue MT799 or MT760 to seller, seller sends
     invitation to buyer for yard visit.
 
6.  Buyer opens the Financial Instruments, Non - Operative and pending the
  receipt of the Performance Bond (PB). Seller's bank confirms Proof of
  Product (POP) to Buyer's bank.

7.  Seller agrees that the 2% Performance Bond (PB) will be activates the
  Financial Instruments. After receipt of the Buyer's Non- Operative
  Financial Instruments.

     Port inspection: Seller sends invitation to buyer for port inspection.
     SGS, CCIC, AQSIQ, B/L all certificate or document will issue at the
     loading port.

8.  The First shipment will commence no later than 45 days from date issued
   of the operative Letter of Credit. The remaining consignments will be
   shipped in each 30 day periods.

9.  Effect of payment for each consignment shall be effected within 5 (five)
  banking days after arrival at discharge port.
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