1. Buyer issues LOI with full banking details and soft probe authorization and Bank Endorsement

2. Seller issues FCO

3. Buyer issues ICPO inclusive of a MT-760

4. Seller issues Draft Contract

5. Contract is signed electronically. Hard copies of Contract will be signed at Buyer's/Seller's Bank or Head Office within 7 (Seven) banking days:

From receipt and acceptance of the MT-760 and signed Contract the Seller shall submit via its bank to the Buyer's bank Proof of Product (POP) and a non-operative Performance Bond in the amount of two (2%) percent of the value of one (1) month's lifting of said commodity

6. Within 3 (Three) banking days: After receipt of POP and non-operative Performance Bond the Buyer's bank shall issue to the Seller's bank, an Irrevocable, Divisible, Revolving, Transferable, Documentary Letter of Credit

7. Performance Bond becomes operative

8. Delivery commences as per Contract