The procedures for buying rice are as follows:
- 1. The buyer will request a quote from Rice Authority.
- 2. Rice Authority will furnish a quote that is only good for 48 hours.
- 3. Buyer send Bank Capacity Letter from their bank with an authorization letter allowing Rice Authority’s Bank to verify the legitimacy of the document.
- 4. After this is done Rice Authority will issue a Per forma Invoice. The Buyer will sign and send Back with Letter of Intent.
- 5. Rice Authority will issue a Contract for Purchase
- 6. The buyer will sign and tender 30% of the purchase amount via SWIFT to Rice Authority
- The remaining portion will be paid with shipping documents such as B/L and SGS and etc.
- 7. If the Buyer want to use a Bank Device; A Letter of Credit will be acceptable if it is 5% greater than the total purchase amount. The Letter of Credit must be Irrevocable, Assignable, Divisible and Transferable.
- 8. The buyer may also post a Bank Guarantee or SBLC from a TOP WORLD Bank or confirmed by a TOP World Bank for the full amount of the purchase.