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1. Cash in Advance: Up front cash to exporters before shipment.
2. CFR (Cost and Freight) (... Named Port of Destination) :
A Term of Sale where the seller pays the costs and freight necessary to bring the goods to the named port of destination, but the risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer when the goods pass the ship's rail in the port of shipment. The CFR term requires the seller to clear the goods for export.
3. CIF (Cost, Insurance and Freight) (... Named Place of Destination) :
A Term of Sale where the seller has the same obligations as under the CFR but also has to procure marine insurance against the buyer's risk of loss or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The CIF term requires the seller to clear the goods for export.
4. CIP (Carriage and Insurance Paid To) (... Named Place of Destination) :
A Term of Sale which means the seller has the same obligations as under CPT, but with the addition that the seller has to procure cargo insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIP term the seller is required to obtain insurance only on minimum coverage. The CIP term requires the seller to clear the goods for export.
5. Consignment: Payments deferred until goods sold.
6. CPT (Carriage Paid To) (... Named Place of Destination) :
A Term of Sale which means the seller pays the freight for the carriage of the goods to the named destination. The risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered to the carrier, is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier. If subsequent carriers are used for the carriage to the agreed upon destination, the risk passes when the goods have been delivered to the first carrier. The CPT term requires the seller to clear the goods for export.
7. DAF (Delivered At Frontier) (... Named Place):
These terms of sale means the sellers fulfill their obligation to deliver when the goods have been made available, cleared for export, at the named point and placed at the frontier, but before the customs border of the adjoining country.
8. DDP (Delivered Duty paid) (... Named Port of Destination):
"Delivered Duty Paid" means that the seller fulfills his obligation to deliver when the goods have been made available at the named place in the country of importation. The seller has to bear the risks and costs, including duties, taxes and other charges of delivering the goods thereto, clear for importation. While the EXW term represents the minimum obligation for the seller, DDP represents the maximum.
9. DDU (Delivered Duty Unpaid) (... Named Port of Destination):
A Term of Sale where the seller fulfills his obligation to deliver when the goods have been made available at the named place in the country of importation. The seller has to bear the costs and risks involved in bringing the goods thereto (excluding duties, taxes and other official charges payable upon importation) as well as the costs and risks of carrying out customs formalities. The buyer has to pay any additional costs and to bear any risks caused by failure to clear the goods for in time.
10. DEQ (Delivered Ex Quay, [Duty Paid]) (... Named Port of Destination) :
These terms of sale means the DDU term has been fulfilled when the goods have been available to the buyer on the quay (wharf) at the named port of destination, cleared for importation. The seller has to bear all risks and costs including duties, taxes and other charges of delivering the goods thereto.
11. DES (Delivered Ex Ship) (Port of Destination):
These terms of sale means where the seller fulfills his / her obligation to deliver when the goods have been made available to the buyer on board the ship, unclear for import at the named port of destination. The seller has to bear all the costs and risks involved in bringing the goods to the named port destination.
12. EXW (Ex Works) (... Named Place):
These terms of sale means the seller fulfills the obligation to deliver when he or she has made the goods available at his / her premises (i.e., works, factory, warehouse, etc.) to the buyer. In particular, the seller is not responsible for loading the goods in the vehicle provided by the buyer or for clearing the goods for export, unless otherwise agreed. The buyer bears all costs and risks involved in taking the goods from the seller's premises to the desired destination. This term thus represents the minimum obligation for the seller.
13. FAS (Free Alongside Ship) ( Port of Shipment):
A Term of Sale that means the seller fulfills his obligation to deliver when the goods have been placed alongside the vessel on the quay or in lighters at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that moment.
14. FCA (Free Carrier) (Named Place):
A Term of Sale that means the seller fulfills their obligation when he or she has handed over the goods, cleared for export, into the charge of the carrier named by the buyer at the named place or point. If no precise point is indicated by the buyer, the seller may choose, within the place or range stipulated, where the carrier should take the goods into their charge.
15. FOB (Free on Board) ( Named Port of Shipment):
An International Term of Sale that means the seller fulfills his or her obligation to deliver when the goods have passed over the ship's rail at the named port of shipment. This means that the buyer has to bear all costs and risks to loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export.
16. Letter of Credit:
A letter issued by a bank authorizing the bearer to draw a stated amount of money from the issuing bank, its branches, or other associated banks or agencies. (see our issue L/C)
17. Open Account:
An unpaid credit order.
18. Telegraphic Transfer (T/T payment):
Electronic transfers of funds through bank wire.
Notice: Explanation to these terms is for reference only.
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(Should be submitted on Buyer's Letter head)
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Date: (Day, Month, and Year)
To: Four Seasons Asia Pacific Ltd.
ICPO Reference No:
We, (Company Name), acting with full corporate responsibility as the potential buyer hereby submit our formal Irrevocable Corporate Purchase Order to purchase the following goods.
By signing, we state with full legal responsibility that we are ready, willing and able to purchase the product / commodity as illustrated below and are the legal signatory with full corporate power to produce the acceptable banking instruments to activate a valid sales contract between ourselves and the supplier / exporter.
Name of the Product / Commodity (Urea, Iron Ore, etc.):
Specifications (Attach separate page, if necessary):
Quantity: MT/Metric Tones. Packing: 50Kg Bags, Bulk,
Destination Port / Country:
Delivery: CIF ASWP
Rate / Size of Shipment (Optional):
Discharge Rate at Destination Port (Optional) : Tones Per Day.
Inspection: By SGS or equivalent at seller's expense.
Target Price: USD CIF-ASWP per Metric Ton.
Payment Terms:
Performance Bond (PB 2%):
The following commercial banking institution will function as the Primary Bank of Record for this transaction:
Full Name of the Bank:
Full Address of the Bank (Address, City, Zip, Country) :
Phone No : / Fax No:
Bank Telex No: (Optional)
Bank SWIFT / Sort Code No :
Bank's Officer : (Name / Title)
Direct Phone No : Fax No :
Bank Account Holder or Name:
Bank Account No / IBAN:
Confirming Bank Coordinates:
Full Name of the Bank:
Full Address of the Bank (Address, City, Zip, and Country)
International Trade Department Phone No: / Fax No:
Bank's Officer (Name / Title):
Direct Phone No: / Fax No:
We understand that any and all offers and / or contracts are subject to successful seller verification of funds availability. We hereby give our written permission for the seller to seek usual bank reference and to conduct a soft probe of our account.
By signing, we understand all offers are subject to final agreement on the details of Commercial Invoice or other sales contracts.
Full Company Name :
Full Company Address (Address, City, Zip) :
State / Country :
Phone No : / Fax No :
E-mail : @
Web URL (Optional) :
Name of Signatory :
Title of Signatory (Registered CEO or Official Mandate of the Company) :
Dated (Day, Month, Year) :
Signature :
Company Stamp / Seal : |
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ON BUYER'S BANK LETTER HEAD
(Including all details: Address, Phone, Fax, E-Mail, etc.) |
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Date: (Day, Month, Year)
To: Four Seasons Asia Pacific Ltd. HK
Dear Sirs,
This is to confirm that our mutual clients (namely) maintain a banking account with us and is in good standing with our bank.
At their instructions we, (full name of the bank), with full authority and mandate hereby confirm that the said client is ready, willing and financially able to initiate the process of purchasing of ... tons of ... (product name) for the price of USD ... / MT during the next ...months / years and for the total value of USD ... subject to the seller, completing the Sales & Purchase Contract.
We, (buyer's bank), confirm our ability to issue in due course and after the signing of the Purchase Contract, required ...Letter of Credit (...LC) on behalf of our client and for the benefit of the seller, with full assurance for the full amount of the contract.
We certify that our client named above has sufficient funds and / or have credit facilities with our bank to complete the proposed transaction within the time period outlined in the above referenced contract.
Our client hereby gives authority to the seller to procure usual banker's references from our bank officer ... whose direct phone number is...
Yours truly
signed by a senior level bank officer: Full name of the signatory: Designation of the signatory: Clients' Name as written in account: Account No / IBAN: Bank Telephone No: Bank's Fax No: Bank Swift / Sort-Code:
Bank stamp: |
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( This must be on Buyer's Letter head) |
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Date : (Day, Month, Year)
To Four Seasons Asia Pacific Ltd HK
LOI Reference No :
We (company name) hereby declare and confirm that we are ready, willing and able under the act of perjury and penalty to purchase the following commodity as specified below and certify that we have available full funding for the purchase :
NAME OF THE PRODUCT :
FULL SPECIFICATIONS OF THE SUBJECT PRODUCT :
Quantity : metric tons (minimum shipment 12.500 m/t
Destination Port : ASWP
Contract Duration : 1 / 2 / 3 / 4 / 5 / 6 / 8 / 10 / 12 / 18 / 24 / 36 / 48 / 60 months.
Rate / Size of Shipment in metric tons per month.
Packing: (50Kg or Bulk)
Rate of Discharge at Destination : metric tons per day.
Target Price: ... US$ / MT CIF / C&F /
Terms of Payment (Please specify the type of L/C payment you wish to offer):
BG, SL/C, FFDL/C, FFRL/C, RL/C, DL/C, Joint Venture, Reserved Funds, Confirmed, Irrevocable, Transferable or Non-Transferable, Divisible, 100% payable at sight, from one of 50 World prime Banks.
Performance Bond 2% max. from sellers:
Full Name of the Bank:
Full Address of the Bank:
Bank Telephone No: Bank Fax No :
Bank Account Holder or Name :
Bank Account No / IBAN :
Bank SWIFT / Sort Code / ABA No :
We understand that any and all contracts are subjects to seller's successful soft probe of buyer's account. We hereby give legal authority and grant the right and permission to seller to procure usual bank references and to conduct soft probe of our bank account.
Full Name of the Company:
Full Name of Signatory:
Position of Signatory (Registered CEO of the company):
Yours truly
Signed: ................................
Signed for and on behalf of Company rubber stamp: |
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