We advise buyers to review the sales procedures before requesting a quote. This will allow your company to prepare to adhere to the procedures within the agreed timelines.
DO NOT SEND LAWS – Most will be rejected upon receipt.
To ensure effective negotiation with IBED regarding agricultural raw materials, please carefully follow the steps below:
Consult the global market, as it dictates the prices.
Reference Sources:
• INVESTMENT: Investing.com
• CME GROUP: CME Group
• ISO SUGAR – International Sugar Organization: Last 30 Days Pricing
• INVESTMENT: Investing.com
• CME GROUP: CME Group
• ISO SUGAR – International Sugar Organization: Last 30 Days Pricing
Summary of Procedures:
The Buyer sends an ICPO (Irrevocable Corporate Purchase Order)
Complete information of the buyer's issuing or confirming bank is required, and it must be a top 50 bank. We only accept a complete ICPO from the purchasing party, on official letterhead in PDF format, including the buyer's full banking and commercial information (all details will be verified).
The Buyer returns the signed and stamped FCO and sends the BCL and draft SBLC or LC for approval by the Seller's bank or financial sector.
The Buyer’s ICPO, along with the BCL and draft Financial Instrument, will be sent to the financier responsible for compliance. Upon approval by the Buyer, the procedure continues as follows:
The Buyer’s bank issues an SBLC or LC (MT 700/760) as a guarantee for one month and sends it to the Seller’s bank within 15 working days.
The financial instrument must be renewable, transferable or non-transferable (only SBLC), and only transferable, irrevocable, divisible, operational, renewable LC confirmed by one of the top 50 banks, with payment via MT 103 upon presentation of shipping documents (B/L + SGS) by the Seller at the port of origin or as agreed with the Seller.
IBED IS NOT AUTHORIZED TO:
- Negotiate with intermediaries.
- Appoint commercial representatives.
- Offer or pay commissions.
- Authorize a higher price.