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Copper Cathodes

  • USA USA  
  • Quantity Required: 1000 Metric Ton
  • Annual Purchase Volume: 10000 Metric Ton
  • Last Updated:
    Posted on: 17 Mar 2021

  • Buying Frequency: Monthly

RFQ Details

Buyer's procedure to get to Final Contract Execution with supplier:

1) SCO from seller to buyer;

2) LOI+NCND from buyer to seller;

3) Seller countersigns the LOI+NCD as FCO;

4) Draft contract opens with amendments to each other; then final execution;

5) Buyer instructs buyer's bank to send a pre-advice of DLC through SWIFT MT 799 to seller's bank;

6) Within maximum ten (10) banking days, seller instructs seller's bank to send to buyer's bank 2% Operative Performance Bond & Official Proof of Product (POP) in order to activate buyer's pre advice of DLC (SWIFT MT 799), and cause the buyer's DLC to become operative (it's at seller's sole discretion/choice to have seller's bank to have buyer's DLC to be "Confirmation by arrangement");

7) After loading, and producing SGS survey report on quality & quantity of shipment at loading port, seller through seller's bank presents the shipping documents & SGS survey report to buyer's bank, to negotiate 95% (% is negotiable) of DLC face value; the remaining 5% balance shall be negotiated no more than 35 days from the arrival date of vessel (Should Buyer fail to provide the SGS/CIQ Quality and Weight Survey Reports produced at discharge port within 35 days from the arrival date of destination, the invoice will be based on the Quality and Weight Survey Reports by SGS at the loading port) .

FYI, for 5 & 6 herein above, it also can be structured in another way around, seller instructs seller's bank to send to buyer's bank through SWIFT 2% non operative performance bond (pre-advice), upon receipt of buyer's operative DLC, seller's 2% performance bond become operative or be activated.

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