How Do I Get A Soft Quote?
We can provide you with a soft quote if you provide us with the specifics of your intended order. At a minimum we need to know the quantity of sugar you desire, the grade and specifications of the sugar you require, the intended destination of the sugar, and the form of payment you are willing to offer.
What Is The Best Form Of Payment?
We prefer a BG (bank guarantee), but will also accept a SBLC (stand by letter of credit), or a FFDLC (Fully Funded Documentary Letter of Credit) . The Letter of Credit must not be revocable, should be payable on sight, should be transferable and divisible, should be from or confirmed by a major world bank, and if you are wishing to secure more than one shipment, it should be auto-revolving.
What Forms Of Payment Are Not Acceptable?
We do not accept non-transferable LC’s or revocable LC’s.
When Do I Have To Pay?
Payment is due when the shipment is confirmed as being sent. Deferred payment is not acceptable.
What Documents Do I Need To Buy Sugar?
Once we have sent you a soft quote, and you decide that you would like to purchase sugar from us, you will need to sign a NCND (Non Circumvention Non Disclosure Agreement), which protects both your details and ours, and then send in your LOI (Letter of Intent), and BCL (Bank Comfort Letter). We will then issue you with a FCO (Firm Corporate Offer).
Do I Need To Supply A New LOI (Letter of Intent)?
Generally speaking, yes. If your LOI is over ten (10) days old, then you will need to issue a new LOI.
Do I Have To Supply Bank Details With My LOI?
Yes, in order for us to conduct a soft probe, we will need both your bank details and authorization for us to do the soft probe. Your bank details, authorization for a soft probe to be undertaken, and the contact name of your banking officer should all be included in your LOI. The purpose of a soft probe is to ensure that there are funds in place to cover the cost of the shipment and save the supplier from wasting time and money on a non existent deal if there are not.
Why Does It Take So Long To Get An FCO (Firm Corporate Offer)?
The paper work required in order to obtain an FCO is in place to protect both the buyer and the seller. The seller is able to ascertain that the buyer is proceeding in good faith and will be able to pay for the shipment, and the buyer is able to negotiate for terms and price that suit him or her. To expedite the process, it is recommended that close attention be paid to the accuracy of LOI and BCL documentation, as errors, old documents, and mismatched information can cause additional long delays.
Is It Possible To Obtain SGS (inspection agency) Reports Prior To Sending An LOI?
No. However there is a provision in standard procedures for a Proof of Product (PoP) to be supplied when a request for Proof of Funds (PoF) is made.
Is It Possible To See The Sugar Before Committing To A Purchase?
In most cases there won’t actually be any sugar to see, as the sugar will be transported from the refinery to the ship after the order is confirmed. Sugar is generally not stored in warehouses waiting to be purchased, and can therefore not be viewed.
Is It Possible To Order A Trial Shipment?
Buyers are welcome to order a smaller shipment than meets their requirements in order to trial sugar, but this is not considered to be a trial order by the seller, and no more sugar will be held for the buyer than is ordered.
Can I Request That My Own Procedures Be Carried Out In Place Of Standard Procedures?
No. The procedures in place are standard procedures that have been carefully designed to give the maximum protection to both buyer and seller.
Why Is There A Standard Procedure?
Standard procedures provide protection to both the buyer and the seller. They also allow the process to be expedited and save time on unnecessary paperwork and procedures which prove to be very costly to both buyer and seller.
What Is The Standard Procedure?
The standard procedure normally involves the seller preparing the goods for shipment and ensuring that vessels are available for carriage. Payment is only received once the shipment is underway.
How Do Broker Commissions Work?
We will quote prices with a standard commission of $1.00 for the broker. If you are a broker wishing to add more commission, then you will need to add it to the price. Commissions added to the price are shared between supplier and broker, so you will need to double the amount of commission you wish to receive before adding it to the price. For example, if you wish to receive an extra dollar in commission, you will need to add two dollars to the price.
How Do SGS Inspections Work?
The cost of the SGS Inspection is borne by the seller. SGS Inspections take place at the port of shipping and are declared final at that port.
I Need Millions of Tonnes Of Sugar. Can You Supply Me?
If you have hundreds of millions of dollars to invest in sugar it might be possible. However the vast majority of sugar is sold in smaller orders. Often the “big buyer” wants to get the price for one million tons or more and then comes with a proposal for opening Letters of Credit for every shipment of 25,000 at a one million price, and that, no one will provide.