01/ 10
NCND
Non-circumvention and non-disclosure
An NCND agreement is signed between all parties involved. Nobody goes around anybody, and nothing discussed leaves the table.
All parties
Trade workflow · 10 checkpoints
Ten checkpoints between handshake and hull.
We keep standardised procedures, but the goal is mutual agreement. If any step does not fit the shape of your transaction, tell us — most of it is negotiable, and the parts that are not exist to protect you.
Corridor sequence
Scroll to advance the sequence. Each checkpoint names the document and the party responsible for producing it.
01/ 10Non-circumvention
02/ 10
IMFPA
Master fee protection
An Irrevocable Master Fee Protection Agreement is signed between all parties, fixing intermediary compensation before commercial terms are discussed.
All parties03/ 10
LOI · BCL · ICPO
Letter of intent issued
The buyer submits a valid LOI with complete banking coordinates, authorisation of soft probe, and either a Bank Comfort Letter or an Irrevocable Corporate Purchase Order.
Buyer04/ 10
DC · FCO
Draft contract and full corporate offer
The seller issues the draft contract and the Full Corporate Offer — product, grade, quantity, price basis, delivery terms, all in writing.
Seller05/ 10
Counter-signature
Buyer counter-signs with a fresh BCL
The buyer returns the signed and stamped DC and FCO with a fresh Bank Comfort Letter confirming capability to open a Letter of Credit.
Buyer06/ 10
Final contract
Final contract delivered
The seller sends soft and hard copies of the final contract to be signed and stamped by the buyer. This is the document the shipment runs on.
Seller07/ 10
Non-operative LC · POF
Non-operative letter of credit
The buyer issues a non-operative LC and provides Proof of Funds to the seller’s bank. Money is committed but not yet released.
Buyer08/ 10
POP
Proof of product
The seller provides Proof of Product to the buyer’s bank — evidence the cargo exists, at the grade and quantity contracted.
Seller09/ 10
2% PBG
Performance bond activates the LC
The seller issues a 2% Performance Bond Guarantee, which activates the Letter of Credit. Both sides now carry exposure.
Seller10/ 10
Delivery
Shipment begins
Shipment begins on the schedule agreed in the contract. Documentation follows the cargo; the desk tracks it to discharge.
All parties
Buyer produces
Seller produces
Both parties sign
Who does what
The sequence is symmetrical on purpose.
Neither side carries exposure the other has not matched. The buyer commits funds before the seller proves product; the seller bonds performance before the credit turns operative.
Buyer
Establishes capability, then commits funds against a contract that is already signed.
- Letter of intent
- Bank comfort letter
- Counter-signed contract
- Non-operative LC
- Proof of funds
Seller
Offers on paper, proves the cargo exists, then bonds its own performance.
- Draft contract
- Full corporate offer
- Final contract
- Proof of product
- 2% performance bond
Both parties
The agreements that make the rest of it enforceable.
- NCND agreement
- IMFPA
- Shipment schedule
Questions
Every deal is shaped differently.
Tell us your transaction structure and the desk will walk through how each checkpoint maps to your scenario — including which ones can move.