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IMC and Partners work globally with the highest standard of integrity

Specifications and procedures:
FOR SPOT ORDERS:
 
PAYMENT TERMS:
PAYMENT BY FULLY FUNDED DOCUMENTARY LETTER OF CREDIT (FFDLC): TRANSFERABLE, DIVISIBLE, CONFIRMED, PAYABLE 100% AT SIGHT AGAINST 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:
1. BUYER’S COMPANY DETAILS
2. BUYER’S BANK DETAILS
3. REQUESTED PRODUCT GRADE AND SPECIFICATIONS
4. TARGET PRICE (CIF)
5. DESTINATION PORT
6. ANY OTHER LOGISTICAL CONSIDERATIONS
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
5. BUYER SIGNS AND RETURNS CONTRACT TO SELLER AND ISSUES DRAFT FFDLC FOR APPROVAL BY THE SELLER’S BANK
6. BUYER'S BANK ISSUES NON-OPERATIVE FFDLC FOR TOTAL QUANTITY
7. FIRST SHIPMENT OCCURS WITHIN 30-45 DAYS
8. PAYMENT INSTRUMENT IS PAYABLE AGAINST FULL SET UP SHIPPING DOCUMENTS
 
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