Gold C.I.F SBLC or BG via Swift MT 760

Commodity            :  Gold

Origin                     :  Republic of Ghana

Form                       :  Gold Bar

Product-History     :  Clean, Clear, No Liens and Non-Criminal Origin

Delivery                  :  CIF

Purity                      :  95+ Fineness

Minimum Quantity :  100 kilograms

DOCUMENTS AND PROCEDURE

Each shipment and delivery shall be identified with all assigned contract reference codes and numbers. The Following documents shall be issued prior to shipping and arrival of gold: Ø    Commercial Invoice Ø     Packing List Ø     Assay Report Ø     Certificate of Origin Ø     Bank of Ghana export declaration Ø     Customs Declaration forms Ø     Airway Bill

Price                        :  Negotiable
Currency                 :  USD

Payment                  :  Wire Transfer

PROCEDURE:

Buyer shall send a Bank Guarantee (BG) or Standby Letter of Credit (SBLC) via SWIFT MT 760 for a term of one year and one day (366 days), and the funds will remain unencumbered during this period. For the entire term of the contract, in accordance with our Bank verbiage, as a guarantee of Payment for 100% CIF.

* Shipments shall be 100% CIF.

* Seller shall pay all expenses to deliver the gold to the buyer's refinery in the buyer's country.

ü  The gold shall be processed and delivered in batches on a monthly basis.

           We can deliver about 3,600 kg annually on a CIF basis. Payment will be based on a minimum of 95.00% and a maximum of 99.99% purity after final assay at the buyer’s destination refinery.

Below are the PROCEDURES acceptable to us for the execution of the delivery: 

...1...              Seller and Buyer execute SPA and deposit with respective banks.

...2...              Within 2 working days, Buyer Bank swift irrevocable, transferable, and confirmable Standby Letter of Credit (SBLC) or BG to Seller’s Bank.

...3...              Upon receipt of the SBLC/BG, Seller’s Financier Bank shall issue a 2% Performance Bond to activate the SBLC/BG.

...4...              Within 7 days after issuing the 2% Performance Bond, Seller shall prepare the first monthly tranche for shipment to Buyer’s nominated destination airport.

...5...              Before shipment, the Gold is assayed at a Government-approved refinery in Ghana or Uganda, and the Assay report, with other shipping documents, is sent to the Buyer and copies to both the Seller's and Buyer's banks.

...6...              Gold arrives at the buyer's destination airport. Buyer shall be responsible for duties and Government taxes at the destination airport and for clearing the Gold to the buyer's destination Refinery.

...7...              Buyer’s refinery conducts Final Assay and issues report to determine actual weight and purity of Gold, which will serve as the basis for payment.

...8...              Based on the final weight of the gold and the final purity of the assay, the seller will present a commercial invoice for the full value of the assayed gold.

The Above is our outdated CIF Procedures

Read about Our Current CIF Procedures.

If the above procedure and price are acceptable to you, please confirm so we can proceed with drafting the SPA for your review, completion, and signature.

For DLC, click here to read more:

You are welcome to discus other Banking Instrument with us;such as Standby LC (SBLC, MT-760) and Bank Guarantee (BG, MT-760) etc.