Purchase Procedures
Purchase Procedures
  • Buyer submits an Irrevocable Commercial Purchase Order (ICPO) and Bank Comfort Letter (BCL). Seller issues the FCO. Buyer accepts and agrees the terms and conditions of the FCO by counter signature & companies seal and returning it to the seller.
  • Seller issues draft contract with full banking information. Draft Contract shall be signed by both parties and sent via fax that will be deemed as original and valid. Hard copies of the Contract to be issued by the Seller signed and exchanged with the Buyer.
  • Seller and Buyer will lodge the hard copies of the Contract with their respective banks. The Buyers bank provides Proof of Funds to the seller’s bank. The Proof of Funds is the operative or non-operative LC. Buyer will present pre-advised L/C to be approved by Seller's Bank. Delivery and shipment commence as per Contract Payment Terms for Ferrous Metal Scrap and Steel Products: Payments are by way of Irrevocable, Confirmed and Transferable DOCUMENTARY LETTER OF CREDIT established by a top PRIME BANK for 100% invoice value, payable 100% at sight against shipping documents.________________________________________ Payment Terms For Non Ferrous Scrap: 30% down the rest upon the receive of Bill of Lading.
  • Please keep in mind that our minimum spot order for ferrous scrap is 30,000 mt. Our maximum order for an annual contract is 360,000 mt.
    Home  |   About SNS   |   Products & Services   |   Careers    |    Contact Us  |   Our Partners    |    Employee Login    |    Privacy Policy