Preliminary procedures
Buyer/Mandate sends LOI
WORLDTEC sends Soft Offer
Buyer signs Soft Offer (on each page) and returns to WORLDTEC within time period set on Soft Offer
WORLDTEC issues Full Corporate Offer (FCO)
Buyer signs FCO (on each page) and returns to WORLDTEC with Bank Endorsement
Seller issues Draft Contract via WORLDTEC
Contract Procedures
1. Within 3-international banking days from receipt of this Agreement by the Buyer, the Buyer signs, seals and stamps the Agreement, and return it to Seller for his signature, sealing and stamping.
2. Within 3-international banking days from receipt of the Agreement from Buyer, duly signed, sealed and stamped by the Buyer, the Seller will sign, seal and stamp the Agreement and issue to the Buyer the AFFIDAVIT as per this Agreement.
3. Within 3-international banking days of signing and exchanging this Agreement and from receipt of the AFFIDAVIT from Seller to Buyer, the Buyer’s Bank will issue in favour of the Seller the agreed financial instrument/s as per Article 13 of the Agreement and to the value of US$ XXXX (XXXXUnited States Dollars).
4. The Financial Instrument is issued, confirmed and guaranteed by a top world prime bank
acceptable to Seller, in accordance with the Agreement.
5. Within 7-international banking days of signing and exchanging this Agreement and from receipt of the Financial Instrument in accordance with this Agreement, Seller’s Bank will issue to Buyer’s Bank the Proof of Product by SWIFT MT 799.
6. Within 10-international banking days of the receipt, verification and authentication of Buyer’s Financial Instrument at Seller’s bank, the Seller will issue a 2% Performance Bond for the value of the Financial Instrument.
7. The initial shipment of 12,500/mt, 25,000/mt or 50,000/mt of product loads within 30-45 days from the date of receipt, verification and authentication of Buyer’s Financial Instrument/s for total funds of US$ XXXX (XXXX United States Dollars) at Seller’s bank, and continues until the Agreement quantity is shipped and delivered.
8. Payment will be released to the Seller upon negotiation of shipping documents at the Seller’s bank. Partial shipments are allowed.
9. Within 21-days of Buyer and Seller signing the Agreement, the Buyer will advise the Seller in writing the particulars of the discharge ports relevant to this Agreement.
TEXT OF AFFIDAVIT
I, the undersigned, XXXXXX, holder of Passport Number XXXXXX, issued by the XXXXXXX, Managing Director of the company, XXXXXX Ltd, from XXXXX, XXXXX, do hereby take an oath and say as follows:
Under penalty of perjury, I the undersigned, confirm that as Sellers hold a verifiable allocation for XXXXXX/mt of Ordinary Portland Cement, under strict terms and conditions of the executed Sale and Purchase Agreement Ref. Number XXXXXXXXXXXXXXXXXXXXXXXXXXX dated XX of XXXXX 2008.
The relative verifiable Proof of Product will be provided in favour of the Buyer, XXXXXXXXX from XXXXX, on bank to bank basis by SWIFT MT 799 upon receipt, verification and authentication from Buyer’s Bank to Seller’s Bank of the Buyer’s Financial Instrument/s as per text stipulated in this AFFIDAVIT as below and to the total Agreement value of US$ XXXX (XXXX United States Dollars). The verifiable Proof of Product will be provided to the Buyer on bank-to-bank basis by SWIFT MT 799 within the time set in the signed and exchanged Sale and Purchase Agreement
Buyer/Mandate sends LOI
WORLDTEC sends Soft Offer
Buyer signs Soft Offer (on each page) and returns to WORLDTEC within time period set on Soft Offer
WORLDTEC issues Full Corporate Offer (FCO)
Buyer signs FCO (on each page) and returns to WORLDTEC with Bank Endorsement
Seller issues Draft Contract via WORLDTEC
Contract Procedures
1. Within 3-international banking days from receipt of this Agreement by the Buyer, the Buyer signs, seals and stamps the Agreement, and return it to Seller for his signature, sealing and stamping.
2. Within 3-international banking days from receipt of the Agreement from Buyer, duly signed, sealed and stamped by the Buyer, the Seller will sign, seal and stamp the Agreement and issue to the Buyer the AFFIDAVIT as per this Agreement.
3. Within 3-international banking days of signing and exchanging this Agreement and from receipt of the AFFIDAVIT from Seller to Buyer, the Buyer’s Bank will issue in favour of the Seller the agreed financial instrument/s as per Article 13 of the Agreement and to the value of US$ XXXX (XXXXUnited States Dollars).
4. The Financial Instrument is issued, confirmed and guaranteed by a top world prime bank
acceptable to Seller, in accordance with the Agreement.
5. Within 7-international banking days of signing and exchanging this Agreement and from receipt of the Financial Instrument in accordance with this Agreement, Seller’s Bank will issue to Buyer’s Bank the Proof of Product by SWIFT MT 799.
6. Within 10-international banking days of the receipt, verification and authentication of Buyer’s Financial Instrument at Seller’s bank, the Seller will issue a 2% Performance Bond for the value of the Financial Instrument.
7. The initial shipment of 12,500/mt, 25,000/mt or 50,000/mt of product loads within 30-45 days from the date of receipt, verification and authentication of Buyer’s Financial Instrument/s for total funds of US$ XXXX (XXXX United States Dollars) at Seller’s bank, and continues until the Agreement quantity is shipped and delivered.
8. Payment will be released to the Seller upon negotiation of shipping documents at the Seller’s bank. Partial shipments are allowed.
9. Within 21-days of Buyer and Seller signing the Agreement, the Buyer will advise the Seller in writing the particulars of the discharge ports relevant to this Agreement.
TEXT OF AFFIDAVIT
I, the undersigned, XXXXXX, holder of Passport Number XXXXXX, issued by the XXXXXXX, Managing Director of the company, XXXXXX Ltd, from XXXXX, XXXXX, do hereby take an oath and say as follows:
Under penalty of perjury, I the undersigned, confirm that as Sellers hold a verifiable allocation for XXXXXX/mt of Ordinary Portland Cement, under strict terms and conditions of the executed Sale and Purchase Agreement Ref. Number XXXXXXXXXXXXXXXXXXXXXXXXXXX dated XX of XXXXX 2008.
The relative verifiable Proof of Product will be provided in favour of the Buyer, XXXXXXXXX from XXXXX, on bank to bank basis by SWIFT MT 799 upon receipt, verification and authentication from Buyer’s Bank to Seller’s Bank of the Buyer’s Financial Instrument/s as per text stipulated in this AFFIDAVIT as below and to the total Agreement value of US$ XXXX (XXXX United States Dollars). The verifiable Proof of Product will be provided to the Buyer on bank-to-bank basis by SWIFT MT 799 within the time set in the signed and exchanged Sale and Purchase Agreement
