Typical Transaction Dynamics & Flow
Client accepts costing template and issues the required purchase order against proforma invoice on a CIF basis.
L.A.A issues a primary 90-180 day Letter of Credit (LC) or Bills for Collection to Saints.
Saints’ bankers issue a sight LC to the client’s identified OEM/Supplier/Product Source.
Goods are shipped, and documents are conveyed to Saints’ bankers (assuming 14 days to prepare goods and sail out). This will also be Day 1 of the Bill of Lading date.
Saints receives the documents, remits to L.A.A Bank following acceptance and compliance.
Saints’ bank makes payments to the client’s identified OEM/Supplier/Product Source.
On receipt of documents, Saints advises originals and copies to the client’s port clearing agents.
Goods should have arrived at the destination (assuming 16-day sail time from European-based ports).
This will be 30 days following the Bill of Lading date.