TRADERSbiomass’ Market Members can select most preferred payment method from below which is negotiable over a counter-party on the electronic trading system.
T/T (Telegraphic Transfer) Remittance
Pre-payment portion of invoiced amount before shipping is selectable and negotiable from followings: 0%, 10%, 20%, 30%, 40%, 50%. Buyer shall pay remaining amount after the pre-payment by telegraphic or electronic funds transfer after presentation of faxed/ emailed copy of the following original commercial documents:
a. Bill of lading
Seller will not release to Buyer any bill of lading issued inrespect of the shipment unless Seller has received confirmation from Seller’ bank that payment for such shipment has been received into Seller’s bank account in accordance with these terms.
Buyer must pay Seller interest at the LIBOR 90-day bank bill rate/ LIBOR plus 5% per annum on any outstanding amount of the commercial invoice for every day that payment is not made in accordance with these terms. No obvious clerical error in the shipping documents shall entitle Buyer to reject or delay them or delay payment.
L/C (Letter of Credit)
Irrevocable letter of credit to be issued and advised at least 14 days prior to first day of Shipment Period.
Issuing bank to be of credit standing acceptable to Seller
All terms and conditions to be acceptable to Seller