Description

TradeVertex Inc. hereby confirms with full corporate responsibility that we are ready, willing and capable to enter into professional negotiations for a binding and legal contract to sell the following commodity as per the quantity, price, specification, terms and conditions stated below.
 
 
 

1. Prospective  Purchaser composes and provides a formal Letter of Interest (LOI)  outlining their requirements/proposed terms, agreement to initial proposed pricing and terms,  and/or provides a  proposed counter pricing  to TradeVertex Inc.
2. TradeVertex finalizes all specifics related to price/terms directly with Seller,  and secures a formal  Full Corporate Offer (FCO) issued/provided by the Seller. TradeVertex provides the FCO to the prospective purchaser/buyer.
3. Buyer prepares and issues  a formal  Irrevocable Corporate Purchase Order (ICPO)  inclusive and specifically reflective of all mutually agreed to transaction and settlement pricing/terms, as well provides full and complete bank details required for L/C and subsequent settlement.

1. The Seller issues a formal executed Firm Contract (inclusive of formal  Corporate registration information and/or licence documents, as well as  Senior Executive international identification such as a copy of the Passport  for  the Chief Executive Office)  The Firm Contract with supporting Corporate Documentation/Identification is then provided to the Purchaser for their vetting/processing.

1. The Purchaser/Buyer, upon receipt of the Seller’s Firm Contract, reviews/vettes/executes same, and in short order returns the executed Firm Contract and document package to the Seller (Firm Contract return from the Purchaser should as well include  the Purchaser’s specific formal  Corporate registration information and/or licence documents, as well   Senior Executive international identification such as a copy of the Passport  for  the Chief Executive Office) .

1. The Seller, upon receipt of the executed Final Contract and Purchaser’s document and information package, will now make available and/or facilitates “at site scrap inventory inspection”  by the Buyer and/or their representatives.

1. The Seller, upon receipt of the executed Final Contract and Purchaser’s document and information package, will now provide to the Purchaser their formal and specific banking details so that the Purchaser’s Bank can then initiate the L/C settlement protocols.

1. The Purchasers/Buyer’s Bank will then, upon instruction from their client, directly engage with the Seller’s designated Bank to establish/process the required L/C arrangements and necessary processing leading up to the actual settlement. Copies of the executed, agreed to Firm Contracts set the terms and L/C settlement protocols.

1. The Seller, as per specific terms/requirements detailed the Firm Contract,  will then have their Bank prepare and issue  the required 2% Performance Bond (PB).

1. As established through the terms and specifics of the Firm Contract (Schedule detailing L/C settlement triggers such as, but not restricted to:  SGS inspection and provided certification, at site scrap inventory and/or loading inspection, Bill of Loading Documentation, etc.) , the respective Banks will then ensure that there are clearly established sequencing, protocols and timelines for the processing, payment and receiving of the L/C  proceeds.

1.  Delivery and completed loading of R*0 and R*5 Rail as outlined/mandated in the Firm Contract and related Schedules,  trigger the payment/release of the Letter of Credit (L/C) proceeds