Certainly, here’s a list of the key documents required for each step of the modified procedure, along with an overview of the steps involved in issuing these documents:

1. Agreement and Contract Execution:

  • Document: Sale and Purchase Agreement (SPA)
  • Steps:
    • Buyer Issue us LOI, We reply the FCO if Agree Buyer issue ICPO attached wuth Proof of Fund and company documents.
    • Alternative if clinets want Ex-Stock. Clients can show the fund and we bring to the Sugar Warehouse.
    • After checking the fund.
    • Seller prepares the SPA, signs, and seals it.
    • SPA is sent to the buyer for review.
    • Buyer reviews, signs, seals, and returns the executed SPA to the seller.

2. Exchange of Contract Copies:

  • Document: Executed Sale and Purchase Agreement (hard copies)
  • Steps:
    • Both parties exchange signed hard copies of the SPA electronically in PDF format.

3. Draft Letter of Credit (LC) Submission:

  • Document: Draft Letter of Credit (LC)
  • Steps:
    • Buyer prepares a draft LC based on the terms of the SPA.
    • Draft LC is submitted to the buyer’s bank within 3 working days after signing the contract.

4. Contract Lodgment with Respective Banks:

  • Document: Executed Sale and Purchase Agreement (hard copy)
  • Steps:
    • Seller and buyer lodge the executed SPA with their respective banks, as agreed in the contract.

5. LC Opening Request:

  • Document: Letter of Request to Open LC
  • Steps:
    • Buyer submits a formal request to their bank to open an LC, specifying details from the SPA, including the seller’s designated account.

6. LC Opening by Buyer:

  • Document: Operative Letter of Credit (LC)
  • Steps:
    • Buyer’s bank opens an operative LC in favor of the seller’s nominated account within 3 days of receiving the request.

7. Seller’s Shipment Process:

  • Documents: Shipment-related documents such as bills of lading, invoices, certificates, SGS certification, etc.
  • Steps:
    • Upon confirmation of the operative LC, the seller initiates the shipping process according to the SPA terms and timeline.

8. LC Payment and Document Presentation:

  • Documents: Full set of required shipping documents as specified in the SPA, including but not limited to bills of lading, invoices, certificates, SGS certification, etc.
  • Steps:
    • Seller completes the shipment and provides all original shipping documents to the buyer, as specified in the SPA.
    • Buyer’s bank verifies the documents against the LC requirements.
    • Buyer makes 100% payment of the LC amount at the loading port upon successful document verification.

9. Delivery and Contract Performance:

  • Document: Shipment Receipt Acknowledgment (if applicable)
  • Steps:
    • Seller ensures the delivery of the goods as per the terms and conditions outlined in the SPA.

10. Payment of Banking Charges:

  • Document: Bank Charges Settlement
  • Steps:
    • Buyer covers all banking charges related to the LC, including confirmation charges if required by their bank.
    • Seller is responsible for any banking charges incurred at their bank.

Each step involves the preparation, submission, or exchange of specific documents. It’s essential to ensure that all documents are accurately prepared, comply with the terms of the SPA, and are presented in a timely manner to facilitate a smooth transaction. Working with experienced legal and trade professionals can help ensure the accuracy and completeness of these documents and the overall transaction process.