Gold - Transaction Procedures

  1. Buyer issue LOI and Company Profile for serious and thorough due diligence
  2. Seller issues a draft SPA to Buyer open for comments within two (2) - business days of receiving the SPA
  3. The Seller and Buyer complete the SPA, by signing and sealing the agreement and each one takes into safekeeping a hard copy of the agreement
  4. Seller releases PoP for buyer`s due diligence
  5. Upon satisfactory due diligence, Buyer’s bank issues a Letter of Credit via SWIFT MT760 for a period of 366 days, which will be the duration of this agreement
  6. After confirmed issuance of Standby Letter of Credit via SWIFT MT760, and the hard copies are delivered by courier, Seller travels to country of origin to prepare product for delivery to Buyers destination
  7. In the case of Standby Letter of Credit from Buyers bank and acceptance by Sellers bank, Seller ships the product to buyer’s destination within thirty (30) days and every thirty (30) days consecutively for twelve (12) months from signing this agreement. Partial shipments are allowed until agreed quantity is met within that particular month
  8. Brinks Security, Malca Amit or G4S, will handle the secure transportation of the product to Buyer’s destination
  9. The Buyer makes full and final payment for the Shipment of Merchandise as in the contract to the Seller’s nominated bank accounts as per the Commercial Invoice
  10. Seller and Buyer agree to an allowance of ± 5% in specifications, anything out of this margin will be acknowledged in the price accordingly
  11. Full payment shall be issued to the Seller’s Bank immediately after the confirmation of final assay

Additional Information

PACKING: International Standard Export Package Boxes [amount and size to be confirmed 5 days prior to delivery]

MONTHLY QUANTITY: 100 Kilogram

DELIVERY FREQUENCY: First delivery within thirty (30) days from acceptance of Irrevocable Standby Letter of Credit by Sellers bank, followed by eleven (11) monthly deliveries

ADDITIONAL QUANTITY: Optional rolls and extensions for additional 12 months

DELIVERY: via Brinks/G4S/Malca Amit

transport and commodities