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| Urea 46% Nitrogen, Prilled/Granular Spot and contracts.
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2010-07-31 |
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Product: UREA 46% Nitrogen
Contract:
Qty: 12,500 X 12= 150,000mt
Price: GRANULAR 255$ / PRILLED 245 $
Delivery: CIF ASWP
SPOT:
Qty: 12,500 MT
Price: PRILLED $305 GRANULATED$315
Delivery:CIF ASWP
Contract size can be increased
Seller's NON-NEGOTIABLE PROCEDURE:
Terms of payment for the above price is by Irrevocable, Revolving, Divisible, Transferable and Paid at sight and in favour of the Seller. Financial Instrument should be a Revolving Documentary Letter of Credit (RDLC) covering one-month quantity for each month.
1. Buyer shall issue the ICPO\ LOI+BCL to the Seller. Buyer shall submit a letter from their bank with ICPO\LOI+BCL stating they have adequate funds in their bank account to pay for XXX amount of shipments or have obtained financing from their bank to cover the shipments.
2. Seller accepts ICPO\LOI+BCL and sent FCO, and standard procedure.
Seller issues draft contract open for amendments
Both parties confirm draft Contract by endorsing it
3. The Buyer’s bank shall issue a Non-Operative, Irrevocable, Transferable, Divisible, Confirmed, Automatically revolving with one month’s shipment total value.
Within 5 banking days after received RWA\Buyer bank of Letter (Ready willing ABLE letter)
4. Buyer’s bank issue BCL if it is OK. Seller’s bank send a POP to buyer’s bank. Buyer present LC Non-Operative and this becomes Operative when seller presents PB 2% to buyer’s bank.
Within 5 banking days after seller bank issue 2%PB + the POP to the Buyer’s bank
Within 5 banking days after buyer’s bank issue 100% operative of Transferable RDLC for each cargo shipment of monthly delivery, this will automatically activate the 2% PB
5. All banking charges including confirmation from the Buyer’s bank shall be borne by the buyer and all banking charges incurred by the Seller at Seller’s bank shall be borne by the Seller.
6. Should any amendments to the RDLC be requested once the same had been issued, then the Party requesting the change will be responsible for the payment of the related costs, unless changes are needed to construct the instrument in compliance with the Agreement, those the costs shall be borne by the faulting Party.
7. The 2% PB will activate the Non Operative LC to Operative and shipment commence. Shipment commence as per contract.
Serious buyers and their mandate only should contact info@fremonteng.com
Thank you
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