1. On receipt of the Pro Forma Offer from the Contractual Seller,
the Contractual Buyer issues Letter Of Intent on Buyer’s
corporate letterhead to the Seller, or, if the Buyer wishes to
expedite procedure, he can Issue his Irrevocable Corporate Purchase
Order (ICPO) under the terms of 3. below and Seller will respond
under terms of 4. below.
2. On receipt of the Buyers Letter of Intent, Seller issues a
Formal Offer.
3. The Buyer’s issues a signed and sealed ICPO on Buyer’s
corporate letterhead, which must include Buyer’s full banking
details, conditional upon the Buyer’s decision to proceed
with the purchase after receiving the Formal Offer from the Seller.
4. On receipt of Buyer’s ICPO, Seller issues draft SPA
(Sale & Purchase Agreement) along with proof of product by
E-mail or Fax together.
5. Buyer and Seller agree terms of draft SPA, each enter their
respective details including full Bank coordinates, sign and seal
the “Agreed draft SPA” and exchange copies electronically
or by Fax .
6. After acceptance and completion of the above procedures, Buyer
and Seller shall execute the SPA, each signs and seals the designated
number of hard copies and exchange the hard copies.
7. Buyer will issue non-operative Documentary Letter of Credit
as per the SPA.
8. Seller issues the 2% performance Bond as per the SPA in order
to activate the DLC.
9. Shipping starts per Loading Schedules (TBA).