COMMODITY: FROZEN CHICKEN PARTS
CHICKEN PURCHASING PROCEDURES
PRICES TO BE QUOTED AFTER RECEPTION OF LOI
Following our new guidelines, we are pleased to offer our customers a new Safe Procedures and payment method for all poultry transactions.
This method makes it very easy for the customer, and at the same time we are required to perform in-depth and comprehensive checks to make sure that the buyer is the final buyer and that he has the financial capabilities to execute the transaction.
With the current method of payment, the buyer is required to open an SBLC, the seller’s bank issues POP and shipping documents to Buyer’s Bank, after all verification Buyer issues payment. (100% at Sight)
Here’s the New Procedure:
FULL CONTRACT VALUED SBLC (Standard Bank Letter of Credit), valid for 12 months shall be issued within FIVE calendar days after the Supply Contract is signed by the both parties and the procedure to send the swift correspondence shall start within 3 (three) days accordingly.
SBLC (Standard Bank Letter of Credit),: IRREVOCABLE, TRANSFERABLE, DIVISIBLE, ASSIGNABLE WITH MINIMUM VALID TIME: 12 (TWELVE) MONTHS, CONFIRMED, BY SWIFT MT720 DIRECTLY TO OUR BANK.
By SGS or equivalent at loading port at the expense of the seller; all costs in the loading port are the Seller’s expense.
- Seller issues Full Corporate Offer (FCO). Buyer reviews, signs and seals FCO and sends it by email to the seller with Proof of Funds (POF RWA or BCL directly to the seller for the twelve-month contract value. Seller will verify POF.
- Seller issues Sales and Purchase Agreement (SPA) with producers SIF, buyer reviews, signs and seals SPA and sends by email. Seller registers SPA at sellers bank.
- The buyer sends a draft SBLC for agreed value via SWIFT to Seller bank.
- Sellers bank confirms draft verbiage or requests any changes.
- Buyer issues SBLC via SWIFT within 48 hours,
- Seller confirms reception.
- Seller’s bank sends Performance Bonds (PB) for a value of two percent of the total contract value.
- Seller’s bank sends Proof of Product (POP) via Bank to Bank
- The seller starts shipping as per the contract.
- There is no trial shipment for less then 100 containers.
THE RELEASE OF THE DL/C FOR THE PAYMENT OF THE GOODS TO THE SELLER WILL BE CARRIED OUT, UPON DELIVERY OF THE FOLLOWING DOCUMENTS, WITHIN A MAXIMUM PERIOD OF X DAYS AND THE DOCUMENTS WILL TRAVEL FROM BANK TO BANK:
13.1. 3/3 ORIGINAL BILL OF LADING (B/L) IN ORIGIN, TO THE BUYER, CONSIGNED IN HIS NAME.
13.2. COMMERCIAL INVOICE ISSUED BY THE SELLER (ONE (2) ORIGINAL AND TWO (2) COPIES), BASED IN QUANTITY ISSUE BY SGS/BV/CCIC IN ORIGIN.
13.3. ORIGINAL CERTIFICATE OF QUALITY & QUANTITY ISSUED BY SGS/BV/CCIC IN ORIGIN.
13.4. CERTIFICATE OF ORIGIN ONE (1) ORIGINAL AND THREE (3) COPIES) ISSUED AND CERTIFIED BY CHAMBER OF COMMERCE IN ORIGIN.
13.5. EXPORT DECLARATION CERTIFICATE TWO (2) ORIGINAL
13.6. PACKING LIST TWO (2) ORIGINAL
13.7. PHYTOSANITARY CERTIFICATE TWO (2) ORIGINAL
13.8. CARGO INSURANCE CERTIFICATE, TWO (2) ORIGINAL
13.9. NON-WOOD PACKING DECLARATION.
13.10. COPY SIF NUMBER.
THE FOLLOWING CHICKEN PRODUCTS ARE AVAILABLE:
WHOLE CHICKEN GRADE A, CHICKEN WING GRADE A, CHICKEN JOINT WING GRADE A, CHICKEN MIDDLE WING GRADE A, CHICKEN LEG QUARTER GRADE A, CHICKEN DRUMSTICK GRADE A, CHICKEN LIVER GRADE A, CHICKEN BREAST WITH BONE GRADE A, CHICKEN FEET GRADE A, CHICKEN PAW GRADE A, CHICKEN GIZZARDS GRADE A, CHICKEN HEART
LOI MUST BE ON END BUYER’S LETTERHEAD ADDRESSED TO “MADNOX TRADE DESK”, WITH FULL CONTACT DETAILS, AND MUST INCLUDE THE ABOVE PROCEDURES. PLEASE NOTE, THAT AS OF TODAY, WE DO NOT DEVIATE FROM OUR PROCEDURES. OUR PROCEDURES ARE THE SAFEST ON THE MARKET, TRANSFERABLE L/C 100% AT SIGHT, UNTIL ALL SHIPPING DOCUMENTS ARE SENT BANK TO BANK, DOCUMENTS ARE VERIFIED AND PAYMENT IS MADE BY TT.