Procedures (cement, UREA):

1. Buyer issues ICPO with full detail bank information.
2. Seller issues the FCO.
3. Buyer signes FCO and sends together from current BCL to Seller.
4. Buyer and Seller sign the Contract from date of effective signature.
5. Within (10) days of the Buyer and Seller signing the final copy, the Buyer will provide the Seller with a copy of the operative payment instrument in Seller's favour, thereby confirming the Buyer's commitment to this transaction.
6. The Seller will within (10) days issue on a Bank-to-Bank basis, the required proof of product. There will be no need to issue a Proof of Fund (POF) to the Seller's Bank, because the operative payment instrument will satisfy the Seller's requirement. It should be noted that requesting the Seller's Bank to issue a Proof of Product without any financial act of commitment by the Buyer would not be acceptable to the Seller's Bankers. Therefore, the Seller will inform the Buyer if the payment instrument and Booking Deposit is suitably phrased. The Seller further undertakes to issue the 2% Performance Bond on a Bank-to-Bank basis.

Note that without exception the Confirming Prime Bank must be a Top 50 World Bank and must be included before draft contract can be issued. The issuing bank may be the same bank as the Top 50 confirming bank.
Click here to see Top 50 Banks in the World.