We serve our suppliers dilligently by purchasing directly from entities with physical possessionof their offering, and take fullliability as buyers, where we initiate irrevocable contracts and financial instruments to initiate purchase.
What do we request?
All we request from our export partners is a valid offer for goods based on workable and applicable terms & rules. Offer is to be renewed every 45 days with price only. We seek long-term partnership and access to supply,and expect a discounted price from the price of Platts.
Initiation of purchase procedures are outlined below:
Offer- We release an offer advised with a validity date; which forms a legally binding situation once accepted. Offer
is updated with a new price monthly thereafter.
2. Contract- A draft contract is issued by the supplier which is to be accepted within 10 days of issuance. Once accepted it becomes the formal contract to the deal at hand
3. DLC- Documentary Letter of Credit is issued to the supplier first, as defined on contract; within 7 days of contract signing date. The DLC must be accepted by the supplier within 5 banking days
4.P.G- Performance Guarantee is advised in the form of a SLC (Stand-by Letter of Credit) as per contract. If P.G is not offered a LDD (late delivery discount) in the form of an agreed discount on invoice in favour to buyer.
5.First Delivery- Once DLC is officially accepted by supplier and its nominated bank, 1st delivery is initiated in 30 days there-
6.Delivery- Delivery is initiated by clean presentation of documents stipulated on contract to its beneficiary bank.
7.Arrival- Ship may or may not have slipped its moorings, by the time collection proceedings take place, regardless the goods are headed to the destination of the end buyer.
8.Collecting Goods- Title documents for goods are handed to the end buyer, who pays for all import duties and taxes to local
customs and clears goods for delivery to their premise.
9.Remedy- Justifiedlegitimateclaims of remedies are settled outright within 30 days of any successful claim for single
shipments. Successful claims pertaining to revolving deals will be deducted from the value of the next delivery in-line, as applied on the suppliers invoice.