Offers v Bids Commodities
Buy, Sunflower Oil, Crude, CHI
Buyer is ready to buy (LOI), receive commodity is looking for Seller are ready to offer (SCO), transfer commodity on Incoterms basis using FOSFA contract. SUBJECT OF THE LETTER OF INTEND (LOI). The SELLER undertakes to supply and transfer to the BUYER, and the BUYER undertakes to accept the Goods and to pay it on the terms of the present LOI. Title of goods. Notwithstanding delivery of or the passing of risk in the goods to Buyers or any rule, regulation or provision to the contrary, title of goods shall not pass to the buyers until sellers have received payment of their invoice value in full in accordance with the terms of this LOI.
Quality in accordance with specification: Sunflower Oil, Crude,
Quality and Quantity of goods final at place of loading as per Certificate issued by inspection company at the Seller's account.
Date of delivery corresponds to date of B/Ls, CMR.
Terms of payment: Payment for goods to be made by the Buyer in US dollars by LC at sight or cash transfer CAD (Cash Against Documents) to the Seller’s account within 3 banking days against presentation to buyer following documents:
- Commercial Invoice;
- Full set of 3/3 original;
- Certificate of Origin;
- Quality and Quantity certificate;
- Phytosanitary Certificate;
- Packing List
All other terms, conditions and rules, not in contradiction with the above contained in FOSFA, Incoterms 2010, UCP 600 in force of which the parties admit that they have knowledge and notice, apply to this transaction. The parties undertake not to reduce at execution of the Present LOI cooperation to observance only requirements containing by the Present SCO, to support business contacts and to take all necessary measures for maintenance of efficiency and development of commercial communications.
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