No Down Payment | No Hidden Fees

**PAYMENT TERMS:**

**Trial Shipment:**
For the Trial Shipment of the Commodity, payment will be 100% by MT103 Guaranteed by Irrevocable, Transferable or Non-transferable, Assignable, Divisible, Confirmed and Operative Documented Letter of Credit (DLC) MT700. The DLC should be from any World’s Prime Bank or Confirmed by one of Prime World’s Banks, with a validity of Ninety days. The face value of MT103, Guaranteed by the DLC, shall cover the Trial Shipment value. This DLC will serve as payment for the Trial Shipment, and payment will be made by SWIFT MT 103, directly into the Seller’s Bank, payable immediately at Destination.

**Contract Monthly Shipments:**
For the Contract Monthly Shipments, payment will be by 100% MT103 Guaranteed by Irrevocable, Transferable or Non-transferable, Assignable, Confirmed and Revolving Operative DLC (MT700) from any World’s Prime Bank or Confirmed by one of Prime World’s Banks. The DLC should have a validity of One year One month Revolving until the end of the contract until final delivery, covering each monthly shipment’s quantity. The face value of MT103, Guaranteed by the previous DLCs (MT700), shall be sufficient to cover the amount in USD for each monthly shipment. This DLC will serve as payment for the last month’s shipment, and payment will be made by SWIFT MT 103, directly into the Seller’s Bank, payable immediately at Destination.

**Additional Conditions:**
– The DLCs MT700 or SBLCs MT760 must be sent to OCIO EXIM LTD.’s Bank or Partners Bank after signing the Contract and before Loading.
– In case of contract termination before execution, the terminating party should pay 5% (Five Percent) of the full contract value to the other party.

**TRANSACTION PROCEDURES FOR CIF (INCOTERMS 2020):**

1. End Buyer sends Official LOI Authorized mandates of the End Buyer if present to be mentioned in LOI, ICPO, and SPA. Negotiations are conducted between the Authorized Representative of the End Buyer and the Commercial Manager of OCIO EXIM LTD. for initial agreement on the Procedures, Conditions, and Prices.
2. Seller sends to the Buyer “Buyer’s Approval Document for OCIO CIF Non-negotiable Procedure.” Buyers sign and seal the Approval document, sign an updated LOI, and return it within 48/72 hours. This signifies approval of all terms and conditions. The FCO will be sent to the Buyer’s address.
3. Seller issues FCO according to the approved procedures document. Buyer fills up Buyer’s details, signs/stamps the FCO, and sends it with the Passport Copy to Seller along with ICPO following the approved seller’s procedure.
4. Seller issues Draft Contract or SPA. Buyers sign and seal and return it within 48/72 hours. Seller issues and signs and seals the final Contract or SPA and sends it to the Buyer. The Buyer signs, seals, and returns it within 24/48 hours.
5. Seller issues the COMMERCIAL INVOICE (CI), while the Buyer signs and seals the (CI) Invoice and returns it within 24/48 hours.
6. Buyer issues SWIFT MT199 bank to bank and sends a draft DLC copy. After accepting the SWIFT MT199 by the Seller’s bank, for the Trial Shipment, Buyer issues Swift MT700 DLC. For the Contract Monthly Shipments, Buyer issues Swift MT700 DLC.
7. Seller makes Confirmation of the DLC from OCIO EXIM LTD.’s bank. Within 7 days, the Seller issues a 2% (PB) performance Bond.
8. After confirming the DLC, within 10 to 15 days, Seller sends Full POP to Buyer. Buyer confirms shipping documents with the vessel’s captain while delivery commences to Buyer discharge port according to the contract.
9. If the Vessel arrives at the destination port within three days and Buyer does not carry out SGS inspection, the Seller is entitled to consider SGS of the loading port as the final inspection and confirmation of delivery of the shipment in the discharge port.
10. Buyer’s bank will release the payment for the total value of each Shipment to Seller’s bank (MT103) within two (2) working days. The payment will be 100% guaranteed payable directly to Seller’s bank, payable immediately at Destination, for the whole of each monthly shipment loaded with the delivery of documents and SGS Inspection documents from the Discharge Port.

**N.B.:**
– The DLC must be confirmed by a prime World Bank, and the confirmation must be written in Clause 49 in the Verbiage.
– SWIFT CASH BACK (SBLC) Standby letter of Credit is acceptable under the same conditions, and all papers should be Bank to Bank.
– We work only with CIF Procedure.
– We don’t provide any confidential documents from a third party.
– The Buyer’s ICPO sent to OCIO EXIM LTD. should be issued exactly according to this document’s Terms and Conditions, and the approved document should be attached in a combinatorial manner with the ICPO.