Below are detailed payment options which you may choose from when submitting your LOI (Letter Of Intent).
BG 100% Payable Instrument – A Bank Guarantee which is irrevocable, transferable, and confirmed, covers the cost of the entire order, is payable in its entirety on sight with the presentation of shipping documents, and is issued by or guaranteed by a major world bank.
FFSBLC – Fully Funded Standy By Letter of Credit which is irrevocable, transferable, and confirmed, covers the cost of the entire order, is payable in its entirety on sight with the presentation of shipping documents, and is issued by or guaranteed by a major world bank.
FFRDLC – Fully Funded Revolving Documentary Letter of Credit. As with the other forms of payment, this should be irevocable, transferable, and confirmed. It should also be payable on sight at the presentation of shipping documents, and issued or guaranteed by a major world bank. FFRDLCs should cover the cost of the shipment, and should revolve for the length of the contract, however long that may be. You may elect to have monthly shipments, quarterly shipments, or shipments at some other time interval of your choosing. A BG (Bank Guarantee) may also be requested to ensure that the entire contract is fufiled.
TT/SWIFT – Telegraphic Transfer. You may also make payment for the entire amount via telegraphic transfer.
SWIFT MT103.23 – An irrevocable SWIFT payment instruction.
Points To Note:
Whilst you may order ongoing shipments and pay those shipments with a revolving letter of credit, or some other form of partial payment, some form of guarantee that all shipments ordered will be paid for is necessary. This is usually provided in the form of a BG (Bank Guarantee).
To Expedite The Process:
Please note the following requirements for documentation.
- All documentation must be no older than five (5) days old.
- Names must match. The name on the letterhead of your LOI should match the name of the account for which the BCL and other documentation is issued.
- The LOI must be sent on official company letterhead paper which includes all contact information for the compay, and must contain the following information: Bank details, bank officer’s name and contact details, and authorization for a soft probe.
- The LOI must be signed, stamped, and verified by named officers of the company, and information regarding their positions in the company must be provided as proof that they are auithorised to enter into such deals.
- The LOI must also be accompanied by a BCL (Bank Comfort Letter), which states that the account holder can make payment on the order. This BCL must be verified by two bank officers.