ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Can You Really Make Money Trading Commodities Online? Un-Legalese-ing The FCO 2

Updated on September 14, 2009

Payments shall be made within FIVE (5) banking days against presentation of the following documents at the counter of the Buyer's Bank.

1) Bills of Lading

What is the stuff?

2) Certificate of Quality

Is it really the stuff listed on the contract or is it something totally different? If you've specified one kind of wheat, are you actually getting a different and much cheaper kind? There are agencies that do nothing but run around confirming that this gigantic mound of urea is actually a gigantic mound of urea rather than kitty litter and issuing the quality certificates.

3) Certificate of Origin

Where did the stuff come from?

4) Signed Commercial Invoice

A formal invoice that Customs will want to see.

Once all the paperwork is done, confirmed, reconfirmed, verified, and held up against an UV light to makes sure that no one has counterfeited it, then there is a time span of one calendar week where the payment can be made.

BANKING: Seller must be notified in Advance of the type and context of the L/C to be issued by the Buyer.

No surprises. The seller must know what kind of L/C he's getting and if he's not happy with it he doesn't have to do the deal.

A Fax Copy of the L/C is to be sent to the seller at the above fax number within TEN (10) banking days of receipt of this Full Corporate Offer.

Again, there are two calendar weeks to get the L/C done up right and sent to the seller. These deals can't be held up for months. Time is always of the essence.

Any unauthorised contact with the seller's bank is forbidden and represents a serious breach of this agreement and renders this contract null and void.

Unless the seller specifically authorizes you to talk to his bank, don't you even dare call them up just to say hello! Let them do their business. Don't stick your nose where it doesn't belong.

PROCEDURES: Formal Letter of Intent Thus Duly Understood to be Accepted. The Seller has Thus Duly Issued to Bona Fide Buyer or Notorized Buyer's Mandate this Signed and Sealed Full Corporate Offer.

All this says is that this deal is the deal and outlines the steps that must be followed for the deal to be legit.

1) Buyer Signs and Seals with Corporate Stamp this Full Corporate Offer and returns with Funds Confirmed Certificate from a Prime World Bank or a Signed Sealed Bank Comfort Letter or a Bank Endorsed ICPO to Seller at the above address via Fax or Courier.

The guy buying all this stuff agrees to buying it and sends his approved document along with a confirmation from the big Bank that he does have the money and this isn't just a gigantic waste of time.

2) Seller Issues a Draft Contract for Buyer's Approval, Signature, Seal, and return within FIVE (5) banking days to Seller at the above address via Courier.

The guy selling all this stuff draws up a contract which the buyer has one calendar week to sign and return to the seller.

3) Seller issues a Final Hard Copy for Buyer's Approval, Signature, Seal and Return to Buyer at above address via Courier.

The guy selling the stuff incorporates any changes which cropped up while the various parties were mulling over the terms and returns the final draft to the buyer.

4) Buyer submits a copy by fax of the Buyer's L/C text for review and acceptance by Seller.

The guy buying the stuff sends along a copy of the L/C he's obtained to the seller so that he can be certain that he's not shipping off fifty million dollars worth of stuff and getting a piece of paper that he can line his birdcage with.

Continued In Can You Really Make Money Trading Commodities Online? Un-Legalese-ing The FCO 3

Back To Start

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)