Sugar chicken and bulk materials SBLC/BG transaction process:
1）After the contract is signed, the buyer arranges MT 799 to the bank designated by the seller
2）Seller confirm MT 799。
3）Seller Provides GACC Numbers, & CNJP Mill REG Numbers ，If the seller fails to provide GACC, and CNJP Numbers., the Seller will be fined 2%.
Same If the 799 cannot be issued by the Receiver Bank in 7 working days from the Provider Bank a 2% penalty 。
4）Buyer Bank issues SBLC 760 funds to Seller Receiver Bank. Minimum Instrument Value (MIV) of a Purchased SBLC of $… USD.
5）With confirmation of 760, ABO will reimburse the Buyer up to $75K USD for SBLC expenses.or the issue fee of SBLC
6）After the Buyer’s SBLC 760 VERIFIED and successful loan, the seller immediately provides 2% PB to the buyer’s account, otherwise the Buyer can forcefully withdraw the SBLC 760, and the Seller will be fined 2%
7）Shipments begin as per the SPA