Step 1: Inquiry and Negotiation
Buyer Inquiry:
The process begins with a buyer expressing interest in purchasing bulk sugar from Interwest Trading Co Ltd. This may be done through email, phone, or an official inquiry.
Negotiation:
Negotiations take place regarding the quantity of sugar, specifications, pricing, and any additional terms. Both parties work towards reaching a mutually beneficial agreement.
Step 2: Purchase Order (PO)
Buyer Issues Purchase Order:
Once the terms are agreed upon, the buyer issues a formal Purchase Order (PO) to Interwest Trading Co Ltd. The PO includes details such as product specifications, quantity, price, delivery terms, and payment terms.
Step 3: Proforma Invoice
Interwest Trading Co Ltd Issues Proforma Invoice:
Based on the agreed terms, Interwest Trading Co Ltd issues a Proforma Invoice to the buyer. This document outlines the details of the transaction, including the total amount payable, product details, and payment instructions.
Step 4: Buyer’s Acceptance and Payment
Buyer Acceptance:
The buyer reviews the Proforma Invoice and, if satisfied, formally accepts it. This acceptance is often confirmed through an official communication.
Payment Initiation:
The buyer initiates the payment through Telegraphic Transfer (TT), which involves electronically transferring funds from the buyer’s bank to Interwest Trading Co Ltd’s bank account.
Step 5: Document Preparation
Interwest Trading Co Ltd Prepares Documents:
Upon confirmation of payment, Interwest Trading Co Ltd begins preparing the necessary shipping and export documentation. This includes a Commercial Invoice, Packing List, Certificate of Origin, and any other documents required by the buyer or for customs clearance.
Step 6: Quality Inspection and Loading
Quality Inspection:
Before shipping, Interwest Trading Co Ltd conducts a final quality inspection to ensure that the bulk sugar meets the agreed-upon specifications.
Loading:
The sugar is loaded into containers or suitable packaging for transportation. Care is taken to secure the cargo properly to prevent damage during transit.
Step 7: Shipping
Shipment Initiation:
Interwest Trading Co Ltd arranges for the shipment of the bulk sugar. This involves coordinating with shipping carriers and arranging for the transportation of the goods via sea, land, or air, depending on the buyer’s preference.
Step 8: Document Submission and Customs Clearance
Document Submission:
Interwest Trading Co Ltd submits the required export documents to the buyer for verification. These documents are crucial for the buyer to clear the goods at the destination port.
Customs Clearance:
The buyer proceeds with customs clearance at the destination port using the provided documents. Interwest Trading Co Ltd may provide assistance or work with local agents to facilitate this process.
Step 9: Delivery and Finalization
Delivery:
The bulk sugar is delivered to the buyer’s designated location. Interwest Trading Co Ltd ensures that the delivery process is smooth and that the sugar arrives in optimal condition.
Finalization:
The transaction is finalized, and both parties confirm the successful completion of the purchase. Any post-delivery support or follow-up is addressed as needed.
Required Documents:
Purchase Order (PO): Issued by the buyer to initiate the purchase.
Proforma Invoice: Issued by Interwest Trading Co Ltd, detailing the transaction terms.
Commercial Invoice: Provides a detailed breakdown of costs and quantities.
Packing List: Specifies the contents and packaging details.
Certificate of Origin: Confirms the origin of the bulk sugar.
Bill of Lading or Air Waybill: A receipt and contract for the transportation of the goods.
Payment Confirmation:
Evidence of the Telegraphic Transfer (TT) payment.
By following this step-by-step guide and ensuring the necessary documentation is in place, Interwest Trading Co Ltd and the buyer can conduct a smooth and transparent bulk sugar transaction with a TT payment term.