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IMC and Partners work globally with the highest standard of integrity

Specifications and procedures:

FOR CONTRACTS:
 
PAYMENT TERMS: 
GUARANTEE:  FULLY FUNDED, IRREVOCABLE, TRANSFERABLE, UNENCUMBERED, DIVISIBLE,
ASSIGNABLE, AND CONFIRMED STAND BY LETTER OF CREDIT (SBLC) COVERING ONE MONTH’S
QUANTITY AND VALUE, WITH A VALIDITY OF 14 MONTHS, TO ACT AS A COLLATERAL SECURITY
GUARANTEE TOWARDS SUCCESSFUL PAYMENT AND LIFTING OF THE FULL CONTRACT QUANTITY. 

OR
MT 760 COVERING THE ENTIRE CONTRACT VALUE (FOR HIGH CAPACITY BUYERS ABLE TO TAKE
ADVANTAGE OF LARGE DISCOUNTS OFFERED WITH MT 760)

MONTHLY PAYMENTS:
IRREVOCABLE REVOLVING DOCUMENTARY LETTER OF CREDIT (IRDLC):
TRANSFERABLE, DIVISIBLE, CONFIRMED, PAYABLE 100% AT SIGHT OF FULL SHIPPING DOCUMENTS. 

ALL  INSTRUMENTS TO BE ISSUED OR CONFIRMED BY A TOP 50 WORLD BANK. 


PROCEDURES:

1.  BUYER ISSUES LOI ON COMPANY LETTERHEAD, WHICH INCLUDES:
A. BUYER’S COMPANY DETAILS
B. BUYER’S BANK DETAILS
C. REQUESTED PRODUCT GRADE AND SPECIFICATIONS
D. TARGET PRICE (CIF) 
E. DESTINATION PORT
F. LOGISTICAL CONSIDERATIONS/ OTHER REQUESTS


NOTE: BANK COMFORT LETTERS ARE REQUIRED FOR ALL NEW CUSTOMERS

2.  SELLER ISSUES FCO
3.  BUYER SIGN, STAMPS, AND RETURNS FCO TO VERIFY ACCEPTANCE OF SELLER’S TERMS AND CONDITIONS
4.  SELLER ISSUES DRAFT CONTRACT TO BUYER
5.  BUYER SIGNS STAMPS AND RETURNS CONTRACT
6.  SELLER ISSUES PERFORMA INVOICE
7.  BUYER SIGNS AND RETURNS PERFORMA INVOICE TO SELLER AND ISSUES DRAFT IRDLC AND SBLC LANGUAGE FOR APPROVAL BY THE SELLER’S BANK
8.  BUYER'S BANK ISSUES NON-OPERATIVE SBLC/MT760 AND NON-OPERATIVE IRDLC
9.  SELLER'S BANK ISSUES PB (WORTH 2 % OF THE FIRST SHIPMENT VALUE)  TO  ACTIVATE SBLC/MT760 AND DLC
10. LOADING OCCURS WITHIN 30-45 DAYS AFTER RECEIPT OF THE OPERATIVE PAYMENT INSTRUMENT IN THE ACCOUNT OF THE END SELLER
 
 
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