Used railway steel tracks

Date: January 11, 2012 to January 30th 2012

We have an established relationship with our Seller  With Full Corporate Offer and responsibility hereby state and agree to offer, ready, willing and to deliver the following commodities at the specified period, with the specifications and in the minimum quantity and for the price as stated below with the terms and conditions.

Commodity:                 Used Railway metal Scraps ISRI (R50 – R65)

Quantity:                      30,000 MT up to 90,000 MT per month - buyer /confirm/i

Price CIF:                     USD350 MT / Buyer Safe Seaports

Terms of Payment:       Operative SBLC, LC +TT after arriving

Contract Period:           12 months

Length of Commodity:    1.5 Meters

Cutting:                        Rails Must Be Cut to Maximum length of 6 Meters to enable shipment.

Packing:                       In Bulk

Composition:                Non-metal impurities total 1% (one percent) or less, no radiation.

                                    Mn: 0.60-1.05,         C:   0.54-0.82,

                                    S1:   0.18-0.12,         S:   0.04 Max,

                                    P:    0.035 Max,       AS: 0.01% Max of Mass Share; AND Cr: Residual.

Loading Port Terminal:   Apapa Tin-Can Lagos-Nigeria

Delivery Schedule:         25-30 days Maximum after confirmation of L/C.

Delivery Port:               As Buyer provided 

Origin:                          Nigeria

Manufacturer:               Ukraine/Russia

Shipment Inspection:    To be conducted at the Loading Port by SGS or equivalent.

PROCEDURES:

1. Seller Issue Soft Offer to Buyer,

2. Buyer Issue “LOI” to Seller, Seller Issue “FCO” to Buyer and after signing it, Draft Contract for review,

3.  Buyer Study Contract and Sign and return to Seller to Sign if all agreed, Buyer shall send draft of (SBLC) to Seller by email for reviewing before sending by swift to Seller’s bank, after confirming (SBLC) within 25 to 30 days Seller will be ready for the first shipment. After confirming SBLC, send 2% PB. Payment will be made by DLC after arriving and inspection of the rails in 7 banking days.

SBLC (Stand by Letter of Credit) is a document issued by a bank, guaranteeing payment on behalf of a client. This is used as a “payment of last resort” if the client fails to fulfill a contractual commitment with a third party. In all reality, the SBLC is just a piece of paper with a “value” backed by the good credit of the bank, allowing clients use a “conditional collateral” if needed.

The SBLC (Stand by Letter of Credit) is commonly used when two parties enter into a contract calling for one party to arrange a L/C in favor of the other. With any Stand by Letter of Credit, the agreement is the SBLC will NOT be “drawn” unless the owner defaults on the contract. If the beneficiary was to monetize the SBLC without prior agreement, the owner could dispute the contract in court.

If workable please return with firm ICPO/ LOI.