Copper Cathodes

COMMODITY: Non-LME Registered Copper Cathodes –
Electrolytic Grade A – Standard Cu Cathode.

PRICING PER MT:

Price is determined 10 days before date of loading according to LME ‘Cash Buyer Price “LME minus fifteen percept (<15%) and will be used for the issuance of the MT 799 BLOCKED FUNDS AS A PAYMENT GURANTEE to Seller. (4,500usd per MT)

COUNTRY OF ORIGIN: Zambia Or Congo at Seller’s option

PORT OF DEPARTURE: Dar Es Salaam, Tanzania

DESTINATION PORT :(CIF BUYERS DESTINATION PORT)

INITIAL DELIVERY TIME:

Generally 21 to 35 days after receipt of operative financial instrument (MT 799 BLOCKED FUNDS)at the Supplier’s bank.

INSPECTION AGENCY: SGS or an equivalent at loading port at Supplier’s expense, SGS, or an equivalent at unloading port to Buyer’s account.

DOCUMENTS REQUIRED FOR PAYMENT: Bill of Lading, Commercial Invoice and other documents specified in the Agreement


TYPE OF AGREEMENT:Term (ICC 600 Rules INCOTERMS 2010)


PHYSICAL

Length, width and thickness of each sheet shall be equivalent to generally accepted LME internationally accepted measurements. The copper cathode’s surface condition shall be free of imperfections, defects and excess exposure to outdoor weather.

Dimensions: 914 mm x 914 mm x 12 mm (LME Standards)
Weight of each sheet: 125 Kilograms (Approximately ­ 2%)
Net weight of each pallet: 2.000 Kilograms (Approximately ­2%)
Net weight per container: 20.0 Metric Tons (Approximately ­ 2%)
Gross weight per container: 22.2 Metric Tons (Approximately ­ 2%)

The Goods shall be clean copper cathodes, free of dirt, metal scraps, woods, plastic, grease, alloy or any prohibited items. There shall be no materials related to war, explosive and armour, gas cylinder, sealant


PAYMENT METHOD:

Irrevocable MT 799 BLOCKED FUNDS for the whole delivery value from a Top 50 World Bank as guarantee, then payment by MT103 or T/T within five (2) working days at sight, payable goods at discharge port and inspection by SGS, or an equivalent.


Transaction Procedures (Required being included in Buyer’s LOI)

1. The Buyer issues LOI.
2. The Seller issues draft Sales and Purchase Agreement (SPA) for Buyer’s review and acceptance.
3. The Buyer returns emended Agreement with Buyer’s signature and seal within three (3) working days after the Buyer receives draft Agreement.
4. The Seller countersigns and completes Agreement with all applicable banking coordinates, copies of passports, certificate of incorporation, beneficial ownership declaration. The final Agreement will be returned within three (3) working days.
5. Both Parties lodge executed final Agreement with respective banks.
6. The Buyer issues an irrevocable MT 799 BLOCKED FUNDS from a Top 50 World Bank in favour of the Seller and is for the value of the 8 month’s contractual shipment value and will act as collateral in the event that the Buyer or his designated paymaster fail to keep its payment obligation. The MT 799 BLOCKED FUNDS will be issued by a bank that is acceptable to the Seller, and can be verified bank to bank or by the Seller’s nominated bank and the Buyer will send the issued SWIFT copy of the agreed MT 799 BLOCKED FUNDS to the Seller for confirmation.
7. Seller sends "Invitation Letter" to Buyer with available schedule for Buyer or Buyer's representative to see Copper Cathodes in Dar es Salaam if buyer desire to see goods.
8. Upon the issuance of the irrevocable MT 799 BLOCKED FUNDS from a Top 50 World Bank, and after inspection by OCC, CEEC or other government agencies in country of origin at loading port, Seller delivers product to Buyer’s destination port at expense of buyer.
9. Seller sends all shipping documents and transfers title of product to Buyer which is necessary for clearance of product at destination port.
10. Buyer bank completes product inspection within five (5) days of product’s loading port.
11. Buyer submits discharging port inspection report to Buyer’s bank and sends copy to Seller.
12. The Seller negotiates payment via MT 799 BLOCKED FUNDS as per contractual terms and all other payment documents as per contract.
13. After successfully completion of the first shipment, Procedures 8 - 12 will repeat in sequence for each delivery as per the agreed delivery schedule.

NOTE: NO 2PB BOND IS REQUIRED BY THE SELLER OR HIS FINANCIER.