Re: BLUESCREEN PROCEDURE
Posted 02 Apr 2009 11:23
Here is the answer to the question. Enjoy Jeff
BLUE SCREEN PROCEDURES
Note: This transaction method is a bank to bank transaction, to be executed via Blue Screen transmittal transfer upon banks agreement.
1. Seller and Buyer make appointments with blue screen departments at top 25 World Bank (doesn't have to be the same bank).
2. Seller and Buyer's banks submit a letter on bank letterhead. In this letter, the bank officers acknowledge that the bank has the capability of accessing the blue screen.
3. The letter states the name of the bank officer who is to download the blue screen. Title and passport are submitted as identification.
4. The Seller's bank officer acknowledges that the bank is to set-up an account in the name of the Buyer to provide proof of product.
5. The Buyer's bank officer acknowledges that the bank is to set-up an account in the name of the Seller to provide proof of funds.
6. Buyer and Seller's bank officers exchange blue screen pass codes.
7. Buyer's bank officer verifies product.
8. Seller's bank officer verifies funds.
9. Seller issues contract
STANDARD (NON-Bluescreen) PROCEDURES
1. Buyer issues ICPO/BCL/RWA with bank soft probe permission.
2. The Seller issues FCO to Buyer.
3. Buyer accepts FCO and the buyer signs and seals the acceptance of the FCO.
4. Buyer send Proof of Funds (POF) to seller bank.
5. The Seller issues Draft Contract for evaluation.
6. Buyer and Seller sign Contract.
7. Seller provides soft POP (Proof of Product)
8. Buyer's Bank issues to Seller's Bank a letter via facsimile or swift, stating that the Irrevocable, Revolving, Transferable, Documentary Letter of Credit (DLC) with one month's supply value from prime top 50 world banks within (5) banking days.
9. Seller's Bank to communicate verification of LC and will issue letter to Buyer's Bank that Seller shall issue two per cent (2%) Performance Bond to Buyer's bank within Five (5) banking days.
10. Seller nominates vessels loads and gives ETA to Buyer.
11. Buyer provides Import Licenses to Seller if any.
12. Buyer obtains Free In and Free out Permit of Seller's vessels at discharge port.
13. Shipments commence according to the agreed contract.