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We follow strict I.C.C. (International Chamber of Commerce) rules to secure all parties involved in the process (seller, broker, and buyer), that’s the reason why we require these specific documents. Conditions may vary depending on the product and the seller, please check particular procedures in each product offer – they normally include the following:

  • -  Payment: in the form of UCP 600 Documentary Letter of Credit or MT 103/23, in some cases including Stand-By Letter of Credit or Bank Guarantee as contract collateral guarantees. All the payment instruments to be issued irrevocable, confirmed, transferable or non transferable -depending on the seller- and from Prime Western Banks.

    -  Contracts: minimum 12 months. Spot orders from 500-1,000 MT to 300,000 MT.

    -  CIF (ASWP): Ordinary first shipment in 25/40 days since payment documents are operative.

    -  Crops: 2009, 2010 or later

    -  Regular procedures:

    1- Buyer issues LOI or ICPO (in company letterhead) plus Soft Probe Authorization, Bank Endorsement, BCL or MT 799 (SWIFT) as Proof of Funds (POF). This should include full business description, product and quantity desired, port of final destination, desirable shipment cadence and target price. Some cases may include an RWA (SWIFT) + NCND Agreement inclusive of IMFPA.

    2- Seller issues FCO in favor of the Buyer.

    3- Buyer signs, seals and returns the FCO.

    4- Seller issues Draft Contract Agreement. Contract is discuss.

    5- Buyer signs, seal and returns the Contract, Seller signs the Contract and returns to the Buyer. ICC E-Terms (2004) are accepted from now on.

    6- Seller and Buyer exchange 3 (three) hard copies of the Contract simultaneously by courier.

    7- Within 3 (three) banking days Buyer’s Bank sends the non-operative payment to Seller’s Bank.

    8- Within 48 hours Seller’s Bank sends Proof of Product (POP) + Performance Bond (PB) via SWIFT bank to bank.

    9- Payment instrument becomes operative rendered.

    10- Shipment starts due to agreement.


 
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We provides consulting and trading support in the global market...
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            Latam Office
Hilarión de la Quintana 3614
Buenos Aires, Argentina
Tel +54 (911) 6243-2010
info@agrtrade.com.ar