1. Buyer issues POF (Bank Comfort Letter, or recent Bank Statement). With confirmation from Guoyu’s Global Purchase and Supply Platform (“GPSP”), all parties sign NCNDA.
2. Buyer issues ICPO according to GPSP’s terms including full company and banking details.
3. GPSP provides authorization from 3M and/or Title Holder of its product (“3MTH”) with LOA and SGS report, of which key information is concealed.
4. Buyer and GPSP sign SPA to authorize GPSP as Buyer’s Purchase Agent to order from 3MTH.
5. Buyer, GPSP and 3MTH jointly open an IOLTA escrow account, into which Buyer remits the deposit in full amount of purchase, and supervises together with GPSP and 3MTH.
6. GPSP issues LOI, POF to 3MTH for order approval.
7. After 3MTH confirms the purchase order (normally within 3 days), 3MTH’s attorney calls GPSP’s attorney, provides LOT numbers, product certificates and SGS reports, etc. Both attorneys mutually discuss on key points of SPA, origin, scheduling, delivery, payment terms and any related transactions and logistics, according to the requirements of Buyer.
8. GPSP signs Final Sales and Purchase Agreement (“FSPA”) with 3MTH, and GPSP signs Supplementary Agreement with Buyer in accordance with the terms in FSPA. All parties sign IMFPA.
9. 3MTH stocks up, provides POP files including SGS report of this batch of commodity, and shipping document (Airway Bill or Bill of Lading).
10. After Buyer confirms the shipping document, Buyer, GPSP and 3MTH jointly release the payment from IOLTA escrow account to 3MTH and all intermediaries according to the IMFPA.
11. Buyer receives the goods. Transaction completes.