• BUYER SENDS ICPO
• SELLER SENDS A FCO TO THE BUYER
• BUYER SIGNS AN RETURNS THE FCO
• SELLER SENDS THE DRAFT SALES AND PURCHASE AGREEMENT (SPA) TO BUYER– THIS DOCUMENT
• WIHTIN 48 HOURS: BUYER SIGNS BACK THE SPA, INPUTS AUTHORIZED SIGNER’S PASSPORT, PROOF THAT THE SIGNER IS AUTHORIZED TO SIGN THIS CONTRACT, THE INCORPORATION CERTIFICATE OF COMPANY AND SENDS ITS OWN COMPANY CIS/KYC AND THE CIS/KYC OF THE ISSUER OF THE FINANCIAL INSTRUMENT IF BUYER IS USING A FINANCIER TO ISSUE THE PAYMENT GUARANTEE AND BUYER SENDS BACK
• SELLER SIGNS THE SPA AND SENDS BACK ACCOMPANIED WITH THE PROFORMA
INVOICE
• BUYER RETURNS THE PROFORMA INVOICE SIGNED
• AFTER HAVING BEEN SIGNED AND STAMPED MANUALLY BY THE SELLER AND BUYER, SELLER WILL SEND VIA THE “DOCUSIGN” SERVICE FOR THE MANAGEMENT OF ELECTRONIC SIGNATURES AND DIGITAL TRANSACTIONS (https://www.docusign.com/) AND DEEMED AS HAVING ORIGINAL VALUE WITH ALL THE ASSOCIATED LEGAL AND LEGAL SCOPE. IT WILL THEREFORE BE A SUBSTITUTE FOR THE ORIGINAL PAPER
• WITHIN 7 BUSINESS DAYS, BUYER ISSUES THE FINANCIAL INSTRUMENT DRAFT – REAL DRAFT FROM THE BANK WITH ALL RELATED INFORMATION FULLFILL
• SELLER VALIDATES DRAFT WITH FIDUCIARY LAW FIRM ACCOUNT IN NEW YORK AND INDICATES THE REVIEWS IF NEEDED OR ADVISES IF THE FINANCIAL INSTRUMENT CAN BE OPENED AND INDICATES THE DESIGNATED FIDUCIARY’S NAME AND ACCOUNT NUMBER IN FAVOR OF WHICH THE BLOCK FUND MUST BE OPENED
• BUYER’S BANK ISSUES A PRE-ADVICE SWIFT MT799 STATING THEY ARE READY TO
ISSUE THE BLOCK FUND.
• THE FIDUCIARY RESPONDS BY SWIFT AND ACCEPTS THAT THE BLOCK FUND IS OPENED AND BLOCKED ON THEIR NAME IN THE BUYER’S BANK
•BUYER’S BANK SENDS THE BLOCK FUND (MT760) SWIFT MESSAGE TO THE FIDUCIARY
BANK
• WITHIN 35/45 DAYS AFTER THE FINANCIAL INSTRUMENT IS OPENED, DELIVERY STARTS
• WTHIN 3 BUSINESS DAYS AFTER THE SHIPPING DOCUMENT INCLUDING SGS REPORT IS GIVEN TO BUYER’S BANK, REAL PAYMENT IS RELEASED BY MT103/TT AT LOADING PORT.
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