STD CLOSING PROCEDURES:

Standard closing procedures, starting with Soft Corporate Offer (SCO) + P.P(Latest CoA/B/L’s) followed by Letter of Intent (LOI), Fixed Corporate Order(FCO) + Relevant Permits, Irrevocable Corporate Purchase Order (ICPO) + Full banking information and explicit authorization to soft probe on Buyer’s bank account, and fresh Bank Comfort Letter (BCL)(if required) only at contract stage.

 

 

1. Seller issues a Pre-offer - Soft Corporate Offer (SCO) + P.P (Latest CoA/B/L's) for Buyer's review.
2. Buyer issues LOI with Full Banking information and soft probe authorization.
3. Seller amends/confirms price and conditions of sale and responds with Full Corporate Offer (FCO) and Draft of Contract.
4. Contract discussion and signing. All copies sent via email or fax is deemed as legally binding. The hardcopies are exchanged via courier.
5. Buyers signs FCO, issues ICPO with BCL (if required), or a Purchase Readiness Letter (PRL) with soft probe authorization.
6. Seller conducts soft probe to confirm Buyers Proof of fund (POF).
7. The Buyer sends RWA or Proof of Funds (POF) via Bank to Bank (SWIFT MT799), and the Seller responds with Proof of Product (POP) in the same fashion.
8. Seller issues Draft Contract with all the terms and conditions for Buyer’s review.
9. Buyer and Seller sign contract and lodge/endorse with respective banks.
10. Buyer’s bank then issues a Pre-Advice L/C to Seller’s bank for review and acceptance.
11. Buyer will open agreed payment instrument, as indicated above, as pre-advice (non-operative). Buyer’s bank issues SWIFT Non-Operative RDL/C to Seller’s bank within 5 banking days after contract is signed.
12. The Seller issues the Performance Bond (PB) of 2% of monthly shipment amount, which activates payment instrument and issues a Proof of Product (POP) to buyer’s bank.
13. Shipments commence as per contract.
14. Where intermediaries are involved, the NCND (Non-Circumvention and Non- Disclosure) and IMFPA (Irrevocable Master Fee Protection Agreement) will be required and signed by parties involved.

 

 

 

IMPORTANT notes regarding documentation submitted for consideration:

More than half of all requests we receive are rejected due to inconsistencies found on them. Therefore, to avoid frustration and save precious communication time, please make sure the following is observed and respected.

 

1. The requests must be presented in a complete Irrevocable Corporate Purchase Order (ICPO) or letter of Intent (LOI), in the Company's letterhead (Corporate official stationery with full address and contact information), containing full banking information (including Account holder, bank address and officer's contact information, SWIFT Code, account coordinates, etc.) and must include explicit authorization for soft-probe (not necessary for oil transactions);
2. The Bank Comfort Letter (BCL) (if required) must be provided. A valid BCL must be issued in the Bank Letterhead, signed by two (2) bank officers, including full banking coordinates, and stating clearly that the Account Holder is Ready, Willing and Able (RWA) to undergo the transaction proposed (clearly identified including the product description, total volume and monthly volume transacted), and the total amount of the contract (clearly specified);

 

Notes:

1. Some Sellers will agree with a RWA Letter from the Bank, which are frequently transmitted to the Seller's Bank via SWIFT MT 799. Other generic letter terms, such as a simple referral letters indicating the good standing of the Account Holder in the banking institution, have no value as BCL. In case a RWA is presented, instead of BCL, the decision to send RWA bank to bank must be stated in the ICPO/LOI body text. The names, positions and contact information of the two (2) Bank officers signing the BCL/RWA must be clearly indicated;
2. The ICPO/LOI must be signed and stamped. The names and positions of the Company officers signing the LOI/ICPO must be clearly indicated. Otherwise, the document has no legal value;
3. The documents must be fresh (recent date – the most 3-5 days old max.);

 

VERY IMPORTANT, the letterhead of the Company requesting the commodity must correspond to the Bank Account Holder on the banking information provided.

 

These points will help you in verifying the legitimacy of the documentation provided. If your documents DO NOT PASS these verification points, please discuss them with your Buyers and get them corrected, immediately. This will save time in our process.

 

ROCESS/DEALING NOTES:

• Under BITC, we act as Consultants introducing genuine Buyers to Sellers depending on the type of commodity in transaction.
• We are confident, with our professionalism and experience, enduring pursuit of excellence, with our code of ethics and integrity. Dealing and negotiating with reliable experienced source suppliers with operational know-how is a guaranteed short-cut to the path of successful product supply for the benefit of both parties to enjoy a long term business relationship and the end of wasted time trying to locate a reliable source producer or supplier. Experience and knowledge come together to result in excellence.
• We follow a proven procedure which we believe is fair to both the Buyer and the Seller and we will not deviate from it.
• We look forward to serving qualified Buyers and or Sellers who are serious about expanding their international trade transactions.
• Without End Buyer`s LOI OR Trader`s LOI and BCL OR End Buyer`s Mandate-ship and LOI, we wouldn't be interested.
• Kindly send us full styles of your company, for our verification and study, if you are not the buying company and are acting as an intermediary, broker or authorized agent/mandate we still require your complete information.
• We also require you inform us end buyer`s official web and profile full styles, in order to verify and qualify them as end buyers or re-sellers.
• In addition, we require a formal RFQ/LOI on Letterhead, because much time is wasted on unqualified inquiries.

 

 

FURTHER NOTES :

We will ONLY accept to start negotiations upon receipt of Buyer's LOI (including full banking coordinates and authorization for soft-probe on Buyer's account), which should be nominal, and not older than 5 banking days.

 

1. BITC's non-exclusive offer on behalf of Miner/Seller is subject to prior sale, and it is presented as first come and first serve basis.
2. The payment instrument conditions are irrevocable and non-negotiable.
3. The contract conditions are irrevocable, unconditional and non-negotiable.
4. No visit to yards or stock will be allowed prior to contract and Fee Payment Agreement signing.
5. No information regarding previous shipments or contracts will be provided.
6. The terms of the payment instrument must be approved by the Seller and Seller’s Bank.
7. The Buyer agrees that no product will be delivered to either any United States or United Nations sanctioned port, or those that may still be considered Safe World Ports, but are located in current war zones or areas or conflict.
8. The presentation of a Full Corporate Offer (FCO) is always contingent to the presentation of the Buyer’s Letter of Intent (LOI) containing full banking coordinates and explicit authorization for soft probe. In addition the Buyer must present the Bank Comfort Letter (BCL).
9. The Buyer also agrees that his response to this offer constitutes the acceptance of a Non-Circumvention and Non-Disclosure Agreement, with corporate and individual responsibilities, extended to heirs, assignees, and/or successors, to be signed with our Corporation, according to standard terms suggested by the International Chamber of Commerce (I.C.C.) 500, and valid for 5 (five) years, or the length of the contract, which ever lasts longer.

 

Post SCO (with P.P & POP):

1. Initially we negotiate the terms and procedures with the Buyer to achieve an acceptable Letter Of Intent (LOI), with every detail correct as required by the Supplier.
2. It should be noted that all LOI or Irrevocable Corporate Purchase Order (ICPO) should be on Buyer’s letterhead and have complete details of the Buyer’s requirements including full banking coordinates and details of his Confirming Bank. This will include details of the product and specification required, total quantity and period of delivery, destination port, target price per metric ton and validity of the LOI in days after being issued.
   In order to accept your LOI order, we require:
   1. Profile of buyer and website.
   2. PP docs, copies of past performance docs of previous importations done.
   3. Target price, Quantity, Destiny port.
3. PP docs of previous import`s made Or BCL for our verification, if your company does not have such capability or past history docs to present us; then end buyer`s LOI issued to BENRL with complete details, including end buyer`s contact person in charge, tel/cellular to have direct communication for the Contract definition; Without end buyer`s LOI or trader`s LOI and BCL or end buyer`s mandate-ship and LOI.
4. Once the end buyer confirms us the order, if required, we will send strictly confidential past Fresh BL shipped / SGS certificate and updated photos of the offered material in order to give the buyer a confidence position.
5. Once acceptable LOI/ICPO and Bank Comfort Letter (BCL) or Ready Willing and Able (RWA) are received and approved (Note, this process may take anywhere from several days up to a week’s time for processing, if BCL/or POF were NOT issued, then we will not be able to process clients order), we will then pass the deal over to a selected Supplier and or Manufacturer pertaining to the Soft Corporate Offer (SCO) in question, who will then Issue the Full Corporate offer (FCO) and Draft contact directly to you, the end Buyer.
6. You have our Pre-offers (SCO), the offers sent to you are not the final prices, as prices change from time to time; We negotiate prices and start the buy process after receiving the LOI, issued to our company; we move forward to (FCO) or (SPA/contract) once end buyer has been ascertained and verified; We are in the position to send our client`s Past Performance latest historical records, SGS certificates, B/L`s and /or CIQ certificates history, Only with their explicit authorization.
7. In order to prepare the EXW/FAS/FOB/CFR specific offer, we require end buyer/importer´s LOI or trader/re-seller`s LOI/PP docs or BCL, detailing target price, destiny port and complete details.

• If buyer is a qualified end buyer there is no need of past PP docs.
• If buyer is a re-seller we need profile, web, BCL or PP docs.
• P.P docs is an alternative for experienced re-sellers that cannot issue BCL.

 

FOR SELLERS:

If you wish to supply us and /or have us represent you:

 

1. We need to know if the supplier is a verifiable producer, OR if trader, we need their PP docs to verify them before we introduce you as a supplier to our clients.
2. We must conduct Due Diligence (DD) before introducing potential new product lines and sources suppliers to our clients.
3. We'll require NCND/Letter of Mandate ship/Authorization to initiate further dealing.

 

Therefore, we would like to inquire about the following information:

 

1. We need to know if the supplier is a verifiable producer, OR if trader, we need their PP docs to verify them before we introduce you as a supplier to our clients.
2. We must conduct Due Diligence (DD) before introducing potential new product lines and sources suppliers to our clients.
3. We’ll require NCND/Letter of Mandate ship/Authorization to initiate further dealing.

 

Therefore, we would like to inquire about the following information:

 

1. Seller's Status: Trader/Miner/Exporter, etc.
2. Miners/Sellers company profile.
3. If Seller is not the Miner/Exporter than need the relationship with the miner (Letter of Mandate ship/Authorization)
4. End Buyer will issue LOI to the exact entity of SCO to whom the L/C will be drafted in favour of.
5. Before LOI can be issued by End Buyer we will require SCO from End Seller (under Seller's letter head) with Proof of Performance (PP) & Proof of Product (POP):
   1. Proof of Product(POP): Latest ‎Analysis (CoA) from accredited agency; SGS (on SGS letter head) or Similar;
   2. Past/Latest B/L's under Seller's name;
   3. CCIC Export Certificate of Quality (CoQ), CoW - Quantity and Weight at Loading port;
   4. CIQ at the discharging port.
6. Validity of minimum 7 days.
7. For FOB offers, we’ll require track record;
   
Required:
1. Min 2% Non-operative Performance Bond Guarantee in favour of End Buyer.
2. Confirmation for logistical details: Port access permits/allocations/storage.
8. Post LoI & along with FCO we will need documented proof on Miner permits/Export permits/Port Allocations etc. along with a track record of exports before ICPO is issued & Permission for access to Mine/Factory/Refinery visits.

 

TRANSACTION FLOW:

 

1. SCO with quote (including Full CoA, Past B/L)(Sanitisation of past Customer's name is OK).
2. Buyer confirms the offer
3. Fresh SCO on End Seller's letter head (including Business Profile, Web Link, CoA, Past B/L, CoW, CIQ, CCIC)(Un-Sanitised)
4. Buyer issues LoI.
5. Seller issues FCO on letter head/Draft Contract with documented proof on Miner permits/Export permits/Port Allocations.
6. Buyer issues ICPO.
7. Contract.
8. Commencement.

 

Seller’s offers would not be accepted if following are requested/presented in their Offers:

 

1. Request for CIF ASWP basis.
2. Request for Buyer's Pre-advice L/C.
3. Request for Transferrable L/C.
4. Request for providing POP (Proof of Product) only on a Bank to Bank basis.
5. Request for BCL before contract stage.