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TERMS AND PROCEDURES FOR IRANIAN BITUMEN.
PAYMENT TERMS:
Payment Type: 100% L/C at sight or DP and Cash Advance for all ports,
except Nhava Sheva Port Which is DP and cash advance only.
Port of loading: Bandar Abbas Port Iran.
Country origin: Islamic Republic of Iran
PROCEDURES:
1. BUYER issues LETTER OF INTENT (LOI) to SELLER (seller gives soft offer)
2. Buyer confirms this Soft Offer and issues an ICPO within 3 days and sends it to the Seller complete with permission to SOFT PROBE.
3. SELLER issues a FULL CORPORATE OFFER (FCO) with full specification and schedule.
4. BUYER countersigns FCO with comments if there's any and returns to SELLER with letter of accepted and agreement to seller's procedure.
5. SELLER issues a SALES AND PURCHASE AGREEMENT (SPA) or DRAFT CONTRACT.
6. Buyer signs and seals the draft contract and returns by protected e-mail to Seller.
7. Seller notaries and legalize the product officially with their refinery under the Iranian ministry
8. Seller issues 8 hard copies contract for final signatory, both party exchange hard copies of contract via courier. Seller and buyers' lodges' contracts in respective banks.
10. SELLER issue a bank letter to confirm SELLER is ready and able to issue a 2% PERFORMANCE BOND and FULL PROOF OF PRODUCT within 5 banking days after received BUYER's non-operative BG/SBLC/LC. If Seller fails to supply the
delivery of the goods according to agreement, this 2% PB will be paid to the Buyer as compensation.
11. BUYER issues non-operative BG/SBLC/LC for first shipment within (10) working days.
12. Delivery commences as per agreements in schedule and the shipment arrive at Buyer's discharge port within 20 - 35 days after the DLC receiving by the Seller's bank.
Serious buyers and their mandates should contact info@fremonteng.com for more details.
Thank you
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