25,000MT+/per month x 12 monthsPROCEDURE AND TIMING Buyer issues LOI/ICPO with full banking details with authorization for a soft probe. Seller issues FCO (5) five days later maximum. Buyer signs and seals the FCO and sends it back to the seller. Seller issues draft contract in favour of the buyer. Buyer signs and sends back the contract draft to the seller within 48 hours. Buyers bank sends a non operative DLC to the sellers bank for his check. Seller sends 4 (four) hard copies duly signed and sealed. Buyer duly signs and seals all copies and return back 2 (two) copies to the seller. Within 7 (seven) bank working days of signing the original contract, upon receipt of non operative DLC, seller will post the operative performance bond of 2% and proof of product (POP) which will activate the documentary letter of credit. Delivery and shipment to commence as per schedule mutually agreed.
