Gold bars on CIF and No Upfront Payments Whatsoever
1. Seller shall send the (SPA) Sale and Purchase Agreement to Buyer where both Parties will review the draft (SPA) and make necessary amendment, Buyer returns SPA approved, signed and sealed with all pages initialed with company registered stamp.
2. Buyer’s Bank will issue (within 7 working days) only approved Revolving SBLC via SWIFT MT760 100%.
3. Upon receipt of Buyer Bank Swift Copy, under 7 days, Seller processes all Taxes and pays all insurance including the transportation of the consignment. The Seller then notifies Buyer of the time of arrival, etc. Upon Buyer acceptance, Seller/Seller’s Representative fly together with the first trial shipment of 100 kgs to the Buyer destination airport.
4. Buyer/Buyer’s Representative shall wait at the Buyer’s Arrival Airport for Seller/Seller’s Representative, where Buyer shall conduct the first check of the gold (Quantity and Quality). After confirmation, Buyer will clear the gold and handover the gold to Buyer Security Bullion Van, Buyer/Buyer’s Representative and Selle/Seller’s Representative proceed to Buyer Refinery with the 100 kgs.
5. Upon arrival at the Refinery, within 24 hours, the Refinery shall smelt the gold for Assay report and after Final Assay result which is to be 24 karats/99.95% Purity that will be accepted by the Buyer and the Seller.
6. Seller issues Commercial Invoice based on the final Assay Report to Buyer, Buyer makes payment agreed as the price to Seller’s Account. Seller shall also release payment to Agents’ and Brokers’ accounts the same banking day or withing twenty-four hours.
7. After the delivery of 100 kgs by the Seller, Buyer Bank shall proceed to issue BG via Swift MT760 to Seller Bank and copy swift to Seller, Seller Bank releases 2%Performance Bond to Buyer’s Bank. The 2% performance bond will become payable after (30) days of receiving Buyer bank SWIFT MT 760 covering compensation for non-delivery for the first trial of 100 kgs as agreed.
8. Upon Bank to Bank Confirmation, Seller shall process with above the same Procedure with Monthly 150 kgs or more X 12 Months Contract.
9. The same procedure follows as above stated.
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