LOI must be typed on Buyer’s own official letterhead showing full corporate name, registration number, office address, telephone and telefax numbers and email address
_________________________________________________________________________
Date: __ , 2009_ _
(Not more than 3 days old)
TO: GROUP XXXXXX TRADING COMPANY
LETTER OF INTENT
We the undersigned Buyer’s Name and Company Name of Buyer’s Full Address hereby confirm with full legal and corporate responsibility and under penalty of perjury that we are ready, to purchase the commodity XXXXXXXXXXX in the quantity and for the price as specified in the Terms and Conditions stated below. This representation is made with full corporate authority and also responsibility of the above stated buyer.
COMMODITY:
ORIGIN:
GRADE:
STANDARD:
TOTAL / CONTRACT QUANTITY:
EXPORT PACKAGING:
DELIVERY SIZE PER SHIPMENT:
(Only Mark with X) 12.500 MT
____ 25.000 MT
____ 50.000 MT
____
Please, do not send orders, if conditions of the Buyer are not including these sizes of shipments.
DELIVERY SCHEDULE: __________ MT Per month x 12 months.
DELIVERY TERMS: No sooner than thirty (30) days and no later than forty five (45) days following acceptable L/C from Buyer.
TARGET PRICE: US$ ____ per Metric Ton.
DISCHARGE RATE PER DAY: __________ MT per day.
INSPECTION: SGS/Loading Port at Seller’s expense.
PERFORMANCE BOND: 2% L/C value.
DOCUMENTS: Seller’s Commercial Invoice
Bill of Lading
SGS Certificates
Certificate of Origin
. ICUMSA 45 SPECIFICATIONS:
COMMODITY WHITE CANE SUGAR ICUMSA 45 RBU
Attenuation index units (method # 4-1978)
POLARITY AT 20 DEG CENTIGRADE 99.80 MIN.
SULPHATE & ASH CONTENT 0.04%
MOISTURE 0.04%
SOLUBILITY 100.0% DRT AND FREE FLOWING
GRANULATION FINE
ICUMSA MAX. 45 ICUMSA WITH INDEX UNITS METHOD NO: 4619871
SEDIMENTS NONE
COLOR SPARKLING WHITE
CROP 2010 – 2011
MAGNETIC PARTICLES MG/K 4.
SO2 70 MG/KG MAXIMUM
RADIATION NORMAL W/O PRESENCE OF CESIUM OR IODINE: CERTIFIED
SMELL FREE OF ANY SMELL & ALL PATHOGENS; STAPH AUREAS
REDUCING SUGAR 0.05% MAX
SUBTANCE SOLID CRISTAL MAXIMUM BY WEIGHT
MAX AS 1 P.P.M.
MAX OS 2 P.P.M. MAXIMUM.
MAX CU 3 P.P.M.
PAYMENT TERMS
SBLC-MT760 - Standby Letter of Credit to be Fully Funded to the value of three month’s shipments, (Irrevocable, Transferable, Confirmed by a World Top 50 Prime Bank to be in place for 15 months and 16 days for a 15 month Contract period) OR a Bank Guarantee MT760 (BG) FULLY FUNDED to the value of 3 month(s) of shipments.
AND
Revolving Documentary Letter of Credit (RDLC) or TT payments for the monthly shipments to be payable100% on sight of documents. RDLC will be (Irrevocable, Transferable, confirmed by a Top 50 World Prime Bank), assignable, devisable, unrestricted, unencumbered, to be in place for 14 months and 16 days for a 12 month Contract.
Or
Payment by monthly MT103, Telegraphic Transfer or Letter of Credit (either
Transferable or Non Transferable accepted) payable at loading port against documents,AND a MANDATORY 3 month Bank Guarantee or Standby Letter of Credit is required to secure contract, valid for a minimum of 15 months based on a 15 month contract to be inplace for the contract period.
AGREEMENT PROCEDURE
1. Buyer send the ICPO addressed to GROUP IMPERIAL TRADING COMPANY with BCL or RWA or ISSUES AN ICPO WITH SOFT PROBE AUTHORISATION OR BANK ENDORSEMENT.
DOES NOT ATTEND WITHOUT BCL OR RWA FOR CONTRACTS ABOVE 500,000 TONNES.
2. GROUP IMPERIAL TRADING COMPANY will send within 24 hours the SCO to the Buyer and the Buyer sends to GROUP IMPERIAL TRADING COMPANY this SCO signed back with the following:
• Authorization to conduct a soft probe addressed to “GROUP IMPERIAL TRADING COMPANY AND THE END-SELLER”
3. Within 2-international banking days of verification of the soft probe of the Buyer’s bank account, the Seller issues the Agreement (Draft Contract) to the Buyer through GROUP IMPERIAL TRADING COMPANY.
4. Within 3-international banking days from receipt of this Agreement by the Buyer, the Buyer signs, seals and stamps the Agreement, and returns it to Seller for his signature, sealing and stamping.
5. Within 3-international banking days from exchanging contracts, the Seller issues to Buyer the pre Proof of Product in the form of an Affidavit.
6. Within 3 international banking days from receipt of the Affidavit, Buyers Bank will issue in favor of Seller the Non Operative Payment Instruments.
The Non Operative Payment Instruments are to be issued or confirmed and guaranteed by a top 50 world prime bank acceptable to Seller.
7. Within 10-international banking days of the receipt, verification and authentication of Buyer’s Payment Instrument(s) at Seller’s bank, the Seller’s bank will issue a 2% Performance Bond for the value of the monthly shipments and the Non Operative Payment Instruments becomes automatically operative.
8. Within 10-international banking days from the date that the Buyer’s Non Operative Payment Instrument(s) becomes operative by issuing the 2% Performance Bond, Seller’s bank will issue to Buyer’s bank the Proof of Product by SWIFT MT 799.
9. The initial shipment of 12,500 MT or 25,000 MT or 50,000 MT product loads begin within 30-45 days from the date of receipt, verification and authentication of Buyer’s Payment Instrument(s) at the Seller’s bank, and continues until the Agreement quantity is shipped and delivered.
10. Payment will be released to the Seller upon negotiation of shipping documents at the Seller’s bank. Partial shipments are allowed.
11. Within 21-days of Buyer and Seller signing the Agreement, the Buyer will
advise the Seller in writing the particulars of the discharge ports relevant
to this Agreement.
This ICPO is the only current active and valid ICPO and has been exclusively offered to GROUP IMPERIAL TRADING COMPANY, for the release of the Draft Contract.
Please note that effective immediately all new deal submissions are required to have a letter from the Buyer giving us permission to contact their bank to confirm the Buyers capability to issue a Letter of Credit or any other agreed upon financial instrument.
This letter of authorization addressed to GROUP IMPERIAL TRADING COMPANY is required in every instance when an ICPO is issued. We’re interested in a BCL, we would simply like permission from the Buyer to contact their Bank so we are given the assurance we need in order to proceed.
BUYER’S INFORMATION:
NAME:
POSITION:
COMPANY NAME:
ADDRESS:
CITY/ZIP:
COUNTRY:
BUSINESS TELEPHONE:
BUSINESS FAX:
E – MAIL:
BUYER’S BANK INFORMATION:
ISSUING BANK: CONFIRMING BANK:
BANK NAME:
ADDRESS:
CITY/ZIP:
BANK SWIFT CODE:
ACCOUNT NAME:
ACCOUNT NUMBER:
BANK TEL:
BANK FAX:
BANK OFFICER NAME:
BANK OFFICER EMAIL ADDRESS:
IF NOT IN TOP 50 WORLD BANKS, IT IS OBLIGATORY TO FILL BANK OF THE BUYER BELOW DATA BANK CORRESPONDENT TOP 50 WORLD BANKS.
TO: XXXXXXXXXXXXX
WE, “AS X_BANK……………………………..,COUNTRY”, AND THE UNDERSIGNED BANK OFFICERS, HEREBY CONFIRM WITH FULL RESPONSIBILITY THAT “BUYER _____________” IS KNOWN TO US TO BE CAPABLE TO REALIZE A PROJECT FOR THE PURCHASE OF PRODUCT OF ICUMSA 45 (WHITE REFINED CANE SUGAR), A QUANTITY OF XXXXXXX FOR THE VALUE OF USD XXXXXXXXX.
SHOULD THIS PROCEED INTO A SIGNED CONTRACT BETWEEN THE BUYER AND SELLER, THEN OUR BANKS ALSO READY TO ISSUE THE RELATIVE NON-OPERATIVE PAYMENT INSTRUEMENT TO SELLER’S BANK AS IT WILL BE SPECIFIED IN THE CONTRACT AFTER THE CONTRACT IS SIGNED, SEALED AND EXCHANGHED BETWEEN OUR “BUYER X” AND THE SELLER.
Bank Officer (1) Name & Title Bank Officer (2) Name & Title
Bank Stamp/Seal
SHIPPING SCHEDULE:
STARTING MONTH SHIPMENT SIZE SHIPMENTS PER MONTH TOTAL
MONTHLY QUANTITY PREFERRED PORT OF DESTINATION ALTERNATIVE PORT OF DESTINATION
TOTAL QUANTITY:
For and on behalf of _______Buyer’s Company Name_______
SIGNATURE:
NAME: CORPORATE STAMP / SEAL
TITLE:
DATE: _______________, 2010
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