Terms and Procedures
1. Buyer issues a Banking ICPO+BCL (Irrevocable Corporate Purchase
Order) with full information, granting permission to seller to
conduct soft – probe and BANK CAPABILITY LETTER..
ISUED TO ; END SELLER
TROUGH: Mr. FELIX BALTANAS
Via : BALTANAS CORPORATION
2. END SELLER issues and sends Draft Contract to the Buyer.
3. Buyer reviews the Draft Contract, if necessary, make modification
counter signs and return it to seller.
4. Buyer and Seller sign and exchange final contract.
5. Buyer and seller with Banks agree on the text for the SBLC/BG
5.1 Buyer will open a Non Operative SBLC/ BG
6. Seller provides a partial POP to Buyer.
7. Buyer issues non – operative 100% irrevocable, NON Transferable
Revolving DLC of Buyer’s choice to Seller’s Bank.
8. Seller issues full POP documents to Buyer through Bank to Bank.
10. Seller’s Bank issue 2% PB to the Buyer Bank.
10.1 All payment and guarantee instruments are activated.
11. Seller shall issue the first cargo delivery confirmation and date.
12. It is Mandatory to paste the procedures above in the ICPO prior to
lodge to the bank.
Buyer MUST copy and paste the seller’s
procedures on his ICPO and submit together with
BCL.