PAYMENT : The Payment Will Be In US Dollars By CONDITIONAL SWIFT MT 103 Could Be For The First Monthly Delivered Ship, Cargo & Destination Port , A MT 768 or Bank undertaking Commitment for the whole remaining contract amount after That product delivered CIF, and paid by wire transfer MT 103 UNCONDITIONAL
PROCEDURES
Buyer issues ICPO signed and sealed by the buyer and not buyer mandate & BCL from top 50 banks with buyer’s Bank details,
Seller and Buyer Sign and seal CONTRACT.
Seller’s bank issues POP to buyers bank’s
Payment as per Conditional MT 103 already agreed
Seller presents full set of documents at counters of Buyer’s Bank/ Buyers at
Destination port
Upon receiving the ownership title and pertaining documents Buyer’s bank pays for 100 % of the value of the commodity by SWIFT wire transfer (MT103) directly to the Seller’s designated bank account.
Note: This transaction could be closed in no longer than five banking days (5)