UREA PURCHASE TRANSACTION PROCEDURES:

1. Buyer submits Letter of Intent (LOI) and Bank Comfort Letter (BCL)

2. Seller issues the FCO (Full Corporate Offer)

3. Buyer accepts and agrees the terms and conditions of the FCO by counter signature & companies stamp and sending it to the seller.

4. Seller issues draft contract with full banking. Draft Contract shall be signed by both parties and sent via fax that will be deemed as original and valid.  

5. Hard copies of the Contract to be issued by the Seller and exchanged with the Buyer.  

6. Buyer signs/stamps all the copies and return 2 (two) hard copies of the Contract to the Seller.

7. Seller and Buyer will lodge the hard copies of the Contract with their respective banks.

8. The Buyer bank provides Proof of Funds to the seller’s bank.

9. Seller will provide the Proof of Product Bank to Bank.  Buyer will present pre-advised L/C to be approved by Seller's Bank.

10. Seller will issue 2% Performance Bond to activate the Letter of Credit.

11. Delivery and shipment commence as per Contract