PROCEDURE

1) Once the LOI is issued on buyer’s letterhead and BCL is issued on bank’s letterhead seller will provide the FCO within two to three days. (Banks in China proper is not acceptable; Banks in Hong Kong, like HSBC or Bank of China in New York are acceptable)

2) Buyer has 24 hrs after receipt of FCO to accept or reject the offer.

3) Buyer issues pre advice LC

4) Seller issues contract within three days after pre advice