This is the procedure preferred.
CIF PROCIDURE 4
1. Seller issue signed and sealed SPA to Buyer.
2. Buyer sign, seal and return to Seller, with SPA lodged in Buyer's Bank.
3. Buyers Bank Endorse The contract
4. Seller's Bank post 2% NON-OPERATIVE Performance Bond to Buyer's Bank
5. Buyer Bank send a DLC(divisible and one time transferable) to activate Sellers Bond
6. Seller Charters vessel and sends particulars for Buyer Confirmation and readiness.
7. Seller Load Vessel and send POP for Verification and confirmation.
8. Delivery takes place.
9 Payment made to Seller, all Agents and Facilitators by TT 3 days after Discharge.