CANE SUGAR ICUMSA 45 – BRAZIL ORIGIN

    HS Codes 17019100 : HS Classifcations of Refined sugar containing added flavouring or colouring matter. Harmonized System Codes of Chapter Sugars and sugar confectionery. : Sugars and sugar confectionery.

    SpecificationIcumsa 45 Specifications

    PAYMENT METHOD FOR ANNUAL CONTRACTS

    1. BUYER SHARES ICPO AND CIS.
    2. SELLER GIVES SPA TO BUYER. THE PARTIES WILL SIGN THIS SHORTLY.
    3. AFTER SPA SELLER P.INV. LAYOUTS. BUYER SIGN AND CONFIRM.
    4. BUYER MAKE THE PAYMENT TO THE SELLER FROM BANK TO BANK AS STATED IN THE PROFORMA INVOICE.
    5. MT760 OR MT 700 –
      IF THE PAYMENT IS MT760 SBLC (SBLC TRANSFERABLE MT760 + MT103 AT DISCHARGE PORT), THE PAYMENT WILL BE RELEASED AFTER SGS AT THE PORT OF DISCHARGE.
      IF THE PAYMENT IS MT700 LC(BY IRREVOCABLE, TRANSFERABLE, DIVISIBLE AND CONFIRMED 100% L/C AT SIGHT (PAYMENT), THE PAYMENT WILL BE RELEASED AT THE PORT OF LOADING.
    6. ALL DOCUMENTS ARE SHARED THROUGH BANK AND BY 1ST CLASS CARGO ACCORDING TO ICC RULES.

     

    BRAZILIAN SUGAR SALE PROCEDURES AT FLOATING VESSEL

    1. The buyer issues ICPO to the seller, which includes a copy of the buyer’s passport and full Buyer’s Bank Details + CIS with trade, Licence. Additionally, Applicant bank issues proof of funds to Beneficiary bank.(Swift message MT199)
    2. Seller shall submit draft SPA containing IMO Number.
    3. If the Buyer returns the draft contract duly signed and sealed within 48 hours, replacing it by fax or E-mail attachment, the draft copy shall be considered legal.
    4. The Seller issues the P/Inv. containing the IMO Number
    5. After signing the contract the seller sends clean colour copies of SGS, Certificate of Insurance, Captain’s Manifest and Bill of Lading for verification by the Buyer.
    6. After the Buyer has made all necessary DD and verification on the SGS, Certificate of Insurance, Captain’s Manifest and Bill of Lading, both parties place clean colour copies of the SGS and Invoice with the signed contract and P/Inv. in their banks.
    7. The Seller’s bank officer sends the copies of SGS, Insurance Certificate, Captain’s Manifest and Bill of Lading to the Buyer’s Bank officer by Post.
    8. After Receiving Confirmation from Buyer’s Bank, Buyer’s Bank issues Block fund mt799 for the entire cargo to Seller’s Bank.
    9. After the Seller’s Bank receives and accepts the block fund Mt799 from the Buyer’s Bank, the Seller’s Bank changes the name to the Buyer’s name and sends all shipping documents to the Bank to the Bank and directs the vessel to the Buyer’s Port.
    10. The consignee shall promptly clear mt103/TT at the port of destination for final payment upon arrival of the vessel at the port of destination.