ONLINE TRADING

To start and negotiate your commodity with SI Group, we ask you to read the following guidelines carefully: 

Before you send us an LOI / ICPO, please be sure to include the following so we may send you our detailed FCO:

  • Company Name
  • Legal Representation
  • Commodity Type
  • Amount needed per month
  • Spot or Contract
  • Destination Port
  • Target price (optional)
  • Payment terms needed
  • Are you End buyer or Intermediary Agent

Address this to:    tradedesk@sigroupco.com

 

 PROCEDURES:

1. After LOI is received Seller sends FCO with complete banking coordinates, which needs to be sealed and signed by legal signatory buyer; buyer must confirm quantity and port of discharge.

2. Upon approval of the FCO terms, Buyer issues irrevocable corporate purchase order (ICPO).

3. The Seller issues the Draft Contract for Buyer’s review, after FCO terms are agreed and signed.

4. The Buyer fills the missing information in the SPA; Ports, Banking details, signatory information, signs, seals and returns it to the Seller.

5. The Seller receives the SPA signed and sealed electronically returning it to the Buyer closed in PDF Format via security email. The contract is valid with both parties signatures and seals.

6. Since the Contract is signed and sealed electronically the Buyer’s Bank communicates with the Seller’s Bank to coordinate financial operations for the emission of the SBLC. The Buyer’s Bank has 5 Banking days maximum from date contract is sign to send the SBLC in favor of the Seller, Bank to Bank.

7. Buyer’s Bank Sends SWIFT MT799/MT199 Opening Bank Communication and Asking Approval To Seller’s Bank To Receive SBLC.

8. After Receiving Approval from The Seller’s Bank, Buyer’s Bank issues non-operational SWIFT SBLC MT 760 issued and Confirmed By TOP 50 Bank, within (5) working days.

9. After the Seller’s Bank receives and confirms the SBLC valid for 366 days from the Buyer’s Bank (non-transferable non-divisible and strictly sent as a guarantee should payment not be made by buyer after vessel has loaded), the Seller’s Bank sends 2% Performance Bond to Buyer’s Bank within 2-3 Banking days making the SBLC operational.

10. Shipment commences as agreed in the Contract no less than 21-45 days after the SBLC is open and operative from Buyer’s Bank to the Seller’s Bank.

11. At the time of shipping determination, the Seller will provide and confirm delivery details to the Buyer.

12. Upon vessel loading and completion, seller emits shipping documents of the goods and buyers bank makes payment within 3 banking days via MT103 swift to seller’s nominated bank account.

13. Contract to be renewed every year with consent of Buyer and Seller on price, total quantity and terms.

PAYMENT TERMS:

a) The Buyer will issue a SBLC (Stand by Letter of Credit) or other, Irrevocable, Unconditional, Non-Transferable, Non-Divisible, operational, valid for One year and 1 day according to Remittances to the volume of one month, for the same periods each month, until completing the full amount agreement, issued and confirmed by a Top 50 world Bank pre-advised MT799 and transferred by a Swift 760; 

b) The final decision on the issuing bank for the guarantees mentioned in the item above, will always be of the Seller if not top 50; 

c) After the signed contract, the Seller will issue a Commercial Invoice of the total amount, sent to the Buyer; 

d) Immediately upon receipt of the buyer’s bank guarantee, Seller will send to Buyer within 2-3 banking days, the following documents: 

  • Certificate issued by SGS Certification or similar authority;
  • 2% PB in the total amount of each deposited financial instrument.

e) each consignment, the Buyer’s Bank will pay full value of shipment with MT-103 to the Seller’ s Bank after the Seller’s Bank presents the S.G.S. or similar authority and the BL – (Bill of Lading) to the Buyer’ s Bank; via swift… 

DELIVERY:

1- The Seller will start the export activities within 21-45 days after receiving the bank guarantee and will arrange the shipments according to the schedule agreed with the Buyer; 

2 – The Seller sends a copy of the first Bill of Lading, SGS or similar and Vessel’s details to the Buyer for verification.

3 – At the reception of the shipping documents, the Buyer’s bank must pay the full amount of the invoice within 72 hours for the shipment to the Seller’s bank with the presentation of the SGS or similar authority Inspection Certificate and Bill of Lading by the Seller; 

4 – Shipments continue as per agreement between BUYER and SELLER Financial instruments as per “ICC 758 Standard” codes and any revisions as set by the International Chamber of Commerce (ICC) UCP 600. Any deviation of the above guarantee and payment terms are subject to acceptance by the Seller. The Buyer can claim no responsibility towards seller in the event that the acceptance of the financial instrument is refused. 

5 – SELLER reserves the right to export directly to its customers or to export through its affiliated companies, for the account and order of Industry SELLER maintaining the contractual conditions entered with buyer. The Parties agree that Industry SELLER will request that the shipment of the sugar be carried out directly by the producing company (sugar mill) to minimize tax impacts, or by affiliated companies or by whom Industry SELLER expressly indicates. 

Documents such as LOI / ICPO will only be reviewed and accepted if it meets the seller’s requirements, such as: 

– Total amount 

– Target Price (according to offer available), 

– Form of payment, 

– Form of guarantee, 

– Bank details (Top Prime 50), 

Note: The above procedures are an orientation and can be adjusted in the course of the negotiation at any given time. 


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