Payment Terms

Payment terms for contract: (SBLC/BG) Stanby Letter of Credit/Bank Guarantee+(ARDLC)-Automatic Revolving, Documentary Letter of Credit-Transferable, Divisible, Irrevocable, Confirmed
Or
FFRDLC- Fully Funded Revolving Documentary Letter of Credit-Transferable, Divisible, Irrevocable, Confirmed

Payment terms for spot:L/C At sight-Transferable, Divisible, Irrevocable, Confirmed
Or
DLC – Documentary Letter of Credit- Transferable, Divisible, Irrevocable, Confirmed
Or
Payment Terms: Swift MT 103/23

Banks Accepts
Top 25/50

http://www.bankersalmanac.com/addcon/infobank/wldrank.aspx

Procedures

1 - Buyer issues ICPO+Soft Probe with bank endorsed + BCL to the Seller
2 - Seller issues F.C.O. to the buyer
3 - Buyer sign, seal and return the F.C.O. 
4 - Seller Issues Contract to Buyer
5 - Buyer and Seller sign, the Contract
6 - Within 7(seven) banking days after the signature of the Contract 
buyer’s bank will issue the non Operative SBLC Revolving to Seller’s Bank,
Validity 60 days to honour the first shipment
7 - Within maximum 7 (Seven) banking days Sellers bank sends Proof of Product
(POP) + PB 2% via swift to Buyer’s Bank to become the SBLC operative
8 - Shipments start as per the agreed schedule between seller & buyer