Our Procedure.

1. The buyer sends us the genuine LOI (Completely filled, dually signed & sealed) on our company format. Kindly be advised that an LOI is never a very important document. It's just an purchase information & must not be considered as a purchase order. You can have our LOI format at: http://www.bizscrap.com/loi.asp

2. Seller provides SOFT OFFER.

3. Buyer approves the Soft Offer  and submits freshly dated  BCL.

4. Seller issues FCO or "Draft Contract".

5. Buyer accepts and signs FCO, (including his bank coordinates) and forwards to us.. We contact seller to countersigns including bank coordinates and copies thereof are forwarded to buyer, Sellers bank and Buyers bank (if required).

6. Seller issues contract for buyers signature and buyer returns signed contract to the seller by facsimile. Seller signs contract and returns copy to Buyer by facsimile. Buyer forwards signed originals by any established courier to Seller, Seller countersigns and returns copies of signed originals to buyer by any established courier.

7. Buyer's  bank confirms POF as well as their readiness to issue L/C with terms stipulated in the in the Sales Contract.

8. Seller's bank confirms POP and the availability of operative PB 2% as well as their readiness to issue it, to buyers bank.

9. Buyers bank and Sellers bank approve the format/ text/ verbiage of Buyers L/C and Seller's PB.

10. Buyers bank issues non-operative letter of credit, in return Sellers bank issues operative performance bond.

11. The operative performance bond activates the letter of credit.

12. Shipment commences as per contract.

Any question, email us at: trade@bizscrap.com

Best Regards

BIZ SCRAP (INDIA) INTERNATIONAL