Transaction CIF procedure:
Buyer issues Letter of Intent (LOI) specifying their request
Seller issues Full Corporate Offer (FCO) responding to LOI
Buyer issues Irrevocable Corporate Purchase Order (ICPO)
Buyer bank issues Letter of Credit (LC) to Seller Bank
Seller bank confirms LC and full POP documents and 2% Performance Bond (PB)
Shipment commence as per delivery schedule in signed contract