Business Procedures
The buyer sends ICPO / LOI according to the seller's procedure with full banking details.
The seller sends a draft sales purchase agreement (SPA) open for amendment.
Buyer and seller initial each page; sign the contract where the delivery protocol is delineated (Where signed copy signed electronic copies by the parties hereto are considered legally binding and enforceable).
The buyer signs, stamps and returns SPA with the passport copy of the signee and authorization to verify funds
Buyer’s commitment upon confirming Purchase Order (PO);
For low volume Purchase Order (PO), the buyer is required to make a payment deposit in advance via bank wire transfer (T/T) which shall range between 15% - 40% of the invoice value upon confirming PO and balance payments after receiving for sets of shipping documents (B/L) or upon shipment deliveries
For large volume Purchase Order (PO) contracted to exceed the value of five (5) Million United State Dollar, Buyer is allowed to issue a financial instrument as payment guarantee; Blocked Funds (MT799), Standby Letter of Credit (MT760).
Standby Letter of Credit and or Blocked funds or Letter of Credit from top-rated world banks in favor of the seller.
The buyer initiates the draft Standby Letter of Credit (SBLC) SWIFT MT760 for the seller Bank to review and confirm.
Once the seller has finalized the SBLC draft review and is ready to obtain the SBLC, the Buyer Bank should proceed to activate the SBLC and release the finalized Standby Letter of Credit (SBLC) to the bank or financial institution for issuance by SWIFT MT760.
The seller bank after receipt confirmation of SBLC shall immediately respond with 2% Performance Bond and full proof of product (POP) documents.
Within 15 (fifteen) Banking days, the seller shall submit all loading documents to the buyer Bank.
Upon submitting all required documents as per SBLC, The buyer Bank shall release the agreed amount of money within Three (3) Banking days.
Buyer claims ownership of goods immediately Seller receives payments in full.
Implementing a procedure for the copper cathode transaction in Zambia
Upon the arrival of the Buyer in Zambia, he/she will be taken to our office for a round table meeting with all our senior officials in Zambia to discuss the contract in detail and which will last for 1-2 hours.
At the meeting, a procurement agent will be engaged to assist the buyer as to procure all facilitating document from ITAC, Collector's License, police clearance, etc. notarize import documents on behalf of buyer and such fee will be incurred by the buyer directly.
The logistic/export agent company will be in the meeting to confirm the service to be provided and requirements.
On day two (2) one of our staff will make an arrangement with the buyer to travel and visit the storage site for inspection of the materials.
The signed contract will be forwarded to the public notary for it to be notarized and notary fee incurred by the buyer.
The contract will be submitted to the department of trade to secure the metal title reference number xxx which the seller will forward to the buyer.
Processing will commence immediately the buyer complies with the contractual obligation.
The buyer sends ICPO / LOI according to the seller's procedure with full banking details.
The seller sends a draft sales purchase agreement (SPA) open for amendment.
Buyer and seller initial each page; sign the contract where the delivery protocol is delineated (Where signed copy signed electronic copies by the parties hereto are considered legally binding and enforceable).
The buyer signs, stamps and returns SPA with the passport copy of the signee and authorization to verify funds
Buyer’s commitment upon confirming Purchase Order (PO);
For low volume Purchase Order (PO), the buyer is required to make a payment deposit in advance via bank wire transfer (T/T) which shall range between 15% - 40% of the invoice value upon confirming PO and balance payments after receiving for sets of shipping documents (B/L) or upon shipment deliveries
For large volume Purchase Order (PO) contracted to exceed the value of five (5) Million United State Dollar, Buyer is allowed to issue a financial instrument as payment guarantee; Blocked Funds (MT799), Standby Letter of Credit (MT760).
Standby Letter of Credit and or Blocked funds or Letter of Credit from top-rated world banks in favor of the seller.
The buyer initiates the draft Standby Letter of Credit (SBLC) SWIFT MT760 for the seller Bank to review and confirm.
Once the seller has finalized the SBLC draft review and is ready to obtain the SBLC, the Buyer Bank should proceed to activate the SBLC and release the finalized Standby Letter of Credit (SBLC) to the bank or financial institution for issuance by SWIFT MT760.
The seller bank after receipt confirmation of SBLC shall immediately respond with 2% Performance Bond and full proof of product (POP) documents.
Within 15 (fifteen) Banking days, the seller shall submit all loading documents to the buyer Bank.
Upon submitting all required documents as per SBLC, The buyer Bank shall release the agreed amount of money within Three (3) Banking days.
Buyer claims ownership of goods immediately Seller receives payments in full.
Implementing a procedure for the copper cathode transaction in Zambia
Upon the arrival of the Buyer in Zambia, he/she will be taken to our office for a round table meeting with all our senior officials in Zambia to discuss the contract in detail and which will last for 1-2 hours.
At the meeting, a procurement agent will be engaged to assist the buyer as to procure all facilitating document from ITAC, Collector's License, police clearance, etc. notarize import documents on behalf of buyer and such fee will be incurred by the buyer directly.
The logistic/export agent company will be in the meeting to confirm the service to be provided and requirements.
On day two (2) one of our staff will make an arrangement with the buyer to travel and visit the storage site for inspection of the materials.
The signed contract will be forwarded to the public notary for it to be notarized and notary fee incurred by the buyer.
The contract will be submitted to the department of trade to secure the metal title reference number xxx which the seller will forward to the buyer.
Processing will commence immediately the buyer complies with the contractual obligation.
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