The Global trade involves over trillions of USD annually ; its important to safeguard the sellers from scammers and protect also the buyers from fraudulent sales . Hence ICC ( international Chamber of commerce ) have tested guidelines to do such transaction. As a buyer and seller ; its advisable to follow those guidelines for safety and security of the transaction.
Initiating a trade Inquiry
For International buyer ; delivery either ; (FOB or CIF) Incoterms 2.010.
The offer is short or long term contracts to meet the specific demands of buyer's company.
For general inquiries; please fill following info below in buyer's letter head and should include followings;
BUYER DETAILS :
Company: Representative: E-mail: Telephone:
Packing (Bulk) / Bag / Container
Shipment (Month) / Quantity
Total Quantity :
Contract or Spot:
Delivery Type (FOB, CIF)
Preferred country of Origin if any
Shipment (12 shipments)
Target Price if any:
Type Currency ($ / €)
FOR INTERMEDIARY /BROKERAGE COMPANY:
Representative: E-mail: Telephone:
Mention LC/ SBLC/ TT / Cash & Carry - Whichever applicable
Country of Bank location
Commercial Department will send you the best offer as soon as possible.
FOR GENERAL & INTERNATIONAL TRANSACTION :
1) Buyer issues the LOI
2) Seller sends SCO / or FCO
3) Buyer issues ICPO ( BANK APPROVED )
4) Buyer signs and sends the FCO/ or SCO back to seller
4.1. All stake holders and agents ( if applicable) has to sign NCNDA ( non disclosure agreement
5) Important step: either of the documents is a must before we move to payment and contract procedure : Buyer issues BCL (As fund proof ) or any trade/ import permit copy issued to them from respective country Government to importer a large company, who has authorized them to do the negotiation on behalf of them.
6) Seller send draft contract after receiving BCL for negotiation and to show his approval / Or issues proforma invoice ( as applicable)
7) Buyer agrees on draft contract/ or proforma invoice and with the draft of letter of credit or bank acceptation.
7.1 ) All stake holders and agents ( if applicable) has to sign IMFPA ( commission agreement if applicable ) alongwith NCNDA ( non disclosure agreement
8) Seller sends the original contract with signature , seal, passport copies
9) Contract to be verified by the seller and buyer, and signed the electronic version.
10) Buyer’s bank sends the pre-advice ( draft LC copy ) within 5 working days to seller’s bank for acceptance.
11) Seller’s bank confirms within 5 working days the acceptability of the terms and conditions of the Letter of Credit otherwise advise the amendments, if any.
12) Buyer issues the operative LC/ DLC/SBLC as applicable to seller’s bank within 7 banking days.
13)Seller conduct the Inspection ( SGS / or similar) at port of loading.
14) Load the cargo and;Seller send original shipment documents to the buyer’s bank and buyer
Bank will send 100% invoice value via mt103 / or similar instrument to seller’s bank
15) Steaming of the vessel./ Or loading the Air cargo
FBI ( Federal Bureau of Investigation ) is directly involved in monitoring such trade ; hence a buyer / or seller always can report to FBI if at any point they found being scammed. A link of FBI information is there insight section..
ICC ( international Chamber of Commerce ) & FBI ( Federal Bureau of Investigation ) is directly involved in monitoring global trade ; hence a buyer / or seller always can report to ICC and FBI if at any point they found being scammed. A link of ICC and FBI below and can refer our Blog section .
To lodge a complaint with ICC :
please contact ICC Commercial Crime Services. Tel: +44 20 74236960. E-mail: email@example.com.
To lodge a complaint with FBI : Direct Complaint link