It was a pleasure speaking with you just now. Below please find a general outline of what to expect from the Seller. At the bottom, please find the Banking Procedures which I pulled directly from the draft contract.
If your Buyer wishes to move forward, I would like an email from you/Buyer stating clearly that you have read the email and that you/Buyer is willing to ABIDEby Seller's procedure. As I stated on the call, I will keep that email if there is a desire to re-negotiate procedure. Please forgive me for belaboring this point: Seller will not negotiate procedure. I say this so we can both preserve the most valuable commodity we have on our hands: time.
Price, on the other hand, is open to negotiation, as I stated on the call. You will find that Selleris very competitive on pricing. I look forward to any questions, comments you may have.
1. We will set up call with Buyer and Seller's Mandate, Mr. Dan Marshall--private banker for Seller and Mandate in effect. On the call one of the company's directors may elect to be present. (Just an FYI: mandate has the ability to negotiate price and bring transaction to settlement.)
2. On thecall Mandate will disclose Seller's name, company information and will be asking questions on logistical capacity...etc. (An LOI is expected from your Buyer soon after the call.)
3. In less than two hours after receiving LOI from Buyer , Mandate will send out a draft contract specific to Buyer's request. (Seller does not believe in SCOs, FCOs...etc. Seller views such as marketing letters,thus has little interest to advertise its presence in the Kingdom. Instead, Seller wishes to remain "under the radar" and be poised to service large, capacious Buyers.)
4. As was stated very clearly on the call, Buyer will be expected to put up 45 days Lift in the form of a BG to engage Seller. If this financial instrument is not a fit for Buyer's banking relationship (US banks can be aproblem for BGs), it is critical that Buyer is made aware that Seller WILL NOT be a fit to move forward.
5. Seller is a Saudi-based company, owned by one of the royal families and works under the auspices of the King. Therefore, unlike certain Sellers of petroleum, honoring contracts and reputation is paramount for this Seller--in no small measure, because of the owner's relationship to the"family." Due to this relationship, Seller has access to SLCO from Aramco, and refined products out of Russia, Kuwait. More will be disclosed about Seller once an introduction is made.
Below is a glimpse into the banking procedure for Seller. Note: please disregard the time-line, which makes it sound like it will take over 1 month to obtain product. Seller will confirm on the call thatLiftable will be ready in under 10 International business days for all refined products.
CLAUSE 8 - BANKING PROCEDURE
8.1 Within 5 (Five) international Banking days of signing the contract, the Buyer shall procure from the Buyer’s Bank, a letter (per draft text Annexure “R”) addressed to the Buyer that the said Bank is ready willing and able (RWA) to issue messages by SWIFT MT799 tothe Seller’s Bank, on a Bank to Bank basis as per the sample text supplied by the Seller (Refer Annexure “X” attached), preferably from a Top 50 World Bank, Western European, UK, or HK based, or other Bank acceptable by the parties, in text/format acceptable to the Seller and Seller’s Bank. The Buyer shall provide a copy of the aforementioned RWA letter to Seller.
8.2 Within 3 (Three)international Banking days of receiving copy of RWA letter per Clause 8.1 above, the Seller shall advise Bank Coordinates for its nominated transaction Bank to receive and send SWIFT messages.
8.3 Within 5 (Five) international Banking days of the Buyer and Seller signing the contract, the Buyer shall instruct and procure its Bank to issue a Text message by SWIFT MT799 to the Seller’s...
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