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SUGAR TRANSACTION PROCEDURES


  1. The seller sends to the buyer the procedural document.
  2. Seller sends full corporate offer (FCO) with full banking details & proof of funds (POF) draft, to the buyer by email.
  3. Buyer issues irrevocable corporate purchase order (ICPO) or letter of intent (LOI), according to the seller terms, with full banking details of the buyer, to the seller email. CREATE LETTER OF INTENT BELOW OR UPLOAD ABOVE
  4. The buyer issues the proof of funds (POF) via swift MT199, MT799, or an RWA letter bank-to-bank, with a copy of the proof of funds (POF) to be sent to the seller email.
  5. Seller issues the draft sale and purchase agreement (SPA), which includes draft verbiage for the instrument (SBLC/MT760) covering two (2) months delivery that will guarantee the transaction.
  6. Buyer returns the signed agreement (SPA) with agreed draft verbiage of the instrument (SBLC/MT760).
  7. Seller executes the agreement (SPA), then returns the agreement to the buyer by email.
  8. Seller lodges the partial proof of product & relevant exim documentation with their bank, and issues it to the buyer through the banking channel (banker email or swift).
  9. Seller issues the proforma invoice over email to the buyer.
  10. Within seven (7) banking days (or as agreed) upon (SPA) execution, buyer bank issues irrevocable, confirmed, transferable (or non transferable), operative, full cash back instrument (SBLC/MT760); seller responds with a performance bond (2% or as agreed).
  11. Within thirty to forty (30-40) banking days after receipt of guarantee instrument (SBLC/MT760), shipment commences according to the delivery schedule.
  12. Buyer bank receives the shipment documents copy bank-to-bank.
  13. Seller bank sends to buyer bank the below documentation (featured on page 2), buyer wires payment (MT103), seller bank sends the original documents bank-to-bank against the payment (MT103).
  14. Subsequently, monthly shipments continue as per terms and conditions of the sale and purchase agreement between the buyer and the seller.
    Note: banking procedures are subject to receiving bank requirements. One original (including three copies) of clean, on-board bill of lading shall be issued to the order of buyer bank.
    The following supplementary documentation will also be included. (additional documentation can be discussed and included at buyer request.)
  • Signed commercial invoice in 1 original plus 1 copy * packing list in 1 original plus 1 copy
  • Certificate of origin in 1 original plus 1 copy
  • Certificate of analysis issued in 1 original and 3 copies * certificate of weight, quantity and quality issued in 1 original and 3 copies
  • Phytosanitary certificate in 1 original and 3 copies * fumigation certificate issued in 1 original and 3 copies * 110% insurance certificate issued in 1 original plus 2 copies covering all risks including institute cargo clause, institute strike, and institute war clause of full CIF value
    financing disclaimer:
    for all proof of funds & financing, we require buyers to engage via a top 50 banking institution (on the basis of market capitalization or assets under management). Buyer bank should have some type of a rating from fitch rating, moody’s rating, or s&p rating. We cannot proceed requests from partners without adequate banking relationships to guarantee the transaction.
    Past performance disclaimer:
    as any documents evidencing past performance pertain to past (and existing) clients & manufacturers of the company, these documents cannot be divulged to third parties. Our sale and purchase agreement includes a confidentiality clause to protect the privacy of our partners.
    Disclaimer:
    the information herein this document is for discussion only and makes no warranties or representations as to the buyer, seller, or transaction. This document is not a solicitation for investment, promise of payment, or any similar purpose.
    Specifications icumsa-45 sugar as below or as international standards.
  • Product: icumsa-45 sugar specifications
  • Polarity at 20oc: 99.80o minimum
  • Sulphated ash content: 0.04% maximum by weight
  • Moisture: 0.04% maximum by weight
  • Magnetic particles: mg/kg 4
  • Solubility: 100% dry & free flowing
  • Granulometry: fine standard
  • Icumsa: colour 45 icumsa attenuation index units (method #10-1978) *
    maximum as: 1 p.p.m.
  • Colour: brilliant white
  • Reducing sugar: 0.010% maximum in dry mass
  • Radiation: normal w/o presence of cesium or iodine so2: mg/kg 20 heavy metals, toxic elements max mg / kg basis v arsenic 0.50 cadmium 0.05 copper 1.00
  • Lead 1.00 mercury 0.01 zinc 3.00
  • Pesticide traces maximum mg / kg basis
  • Ddt 0.005 photoxin 0.01 hexachloran gamma isomer 0.005 microbiological limits
  • Pathogenic bacteria including salmonella per 25 gram: nil. Bacillus per gram: nil
  • Maximum ps: 0.5 p.p.m.
  • Maximum cu: 2 p.p.m.
  • Substance: solid crystal
  • Poisonous: phytosanitary certificate of no radiation, no virus, no insect parts, no poisonous matter and non-genetic, fit for human consumption
  • Crop: latest
  • Certified phytosanitary certificate of no radiation, no virus, no insect parts, husks, no poisonous matter and non-genetic and is suitable for human consumption
  • Crop sugar should be extracted from sound, unfermented and undecayed sugar cane – sugar should be clean free from any foreign matter, taste or odor and have the sweet taste characteristic of white sugar whether dry or in solution

COMPLETE LETTER OF INTENT BELOW AND WE WILL BE GLAD TO HELP

LOI ISSUED TO: Harris International Group LLC


Conducting sugar transactions using cryptocurrency can enhance security, reduce transaction times, and streamline international payments. Below are detailed procedures for carrying out sugar transactions using cryptocurrency.

Sugar Transaction Procedures Using Cryptocurrency

Pre-Transaction Preparation

  1. KYC and Due Diligence:
  • Both buyer and seller must complete Know Your Customer (KYC) procedures.
  • Conduct due diligence to verify the legitimacy and financial stability of the counterparty.
  1. Contract Agreement:
  • Draft a detailed contract specifying the quantity, quality, price, delivery terms, and payment terms.
  • Include clauses for dispute resolution, force majeure, and penalties for non-compliance.
  1. Cryptocurrency Wallet Setup:
  • Ensure both parties have secure cryptocurrency wallets capable of handling the agreed cryptocurrency (e.g., USDT, BTC, ETH).
  • Confirm wallet addresses and perform a small test transaction to verify the setup.

Transaction Procedures

  1. Issuance of Purchase Order (PO):
  • The buyer issues an Irrevocable Corporate Purchase Order specifying the quantity (e.g., 12,500 MT), quality (e.g., ICUMSA rating), delivery schedule, and total price in the chosen cryptocurrency.
  • The seller reviews and confirms the ICPO.
  1. Escrow Agreement (Optional):
  • To enhance security, both parties may agree to use a third-party escrow service.
  • The buyer transfers the agreed cryptocurrency amount to the escrow account, which releases funds upon confirmation of delivery.
  1. Payment Terms and Schedule:
  • Define the payment terms in the contract, such as a percentage upfront and the remainder upon delivery.
  • For spot contracts, full payment may be required before shipment.
  1. Logistics and Delivery:
  • Arrange transportation and logistics as per the agreed Incoterms (e.g., FOB, CIF, DAP).
  • The seller provides shipping documents, such as the Bill of Lading, Certificate of Origin, and Quality Certificate.
  1. Quality Inspection:
  • An independent third-party inspector verifies the quality and quantity of the sugar upon loading or arrival.
  • The inspection report is shared with both parties.
  1. Cryptocurrency Payment Execution:
  • For Upfront Payment: The buyer transfers the upfront payment in the chosen cryptocurrency to the seller’s wallet or the escrow account upon signing the contract.
  • For Final Payment: Upon confirmation of delivery and inspection, the buyer transfers the remaining cryptocurrency to the seller’s wallet.
  • If using escrow, the escrow service releases the funds to the seller upon receiving confirmation of delivery and inspection.
  1. Confirmation and Documentation:
  • The seller acknowledges receipt of the cryptocurrency and issues a payment receipt.
  • Both parties update their records with transaction details and retain copies of all relevant documents.

Post-Transaction Procedures

  1. Feedback and Review:
  • Both parties provide feedback on the transaction process to improve future dealings.
  • Address any issues or disputes according to the contract’s dispute resolution clause.
  1. Compliance and Reporting:
  • Ensure compliance with all relevant financial and regulatory reporting requirements.
  • Maintain records for auditing and tax purposes.
  1. Future Contracts:
  • Based on the success of the transaction, consider establishing long-term relationships and negotiating future contracts.

Example of a Sugar Transaction Using Cryptocurrency

  1. Agreement: Buyer and seller agree on a contract for 12,500 MT of sugar, with a total price of $10,000,000 in USDT (or another agreed cryptocurrency).
  2. PO Issuance: Buyer issues a PO, and both parties sign the contract.
  3. Upfront Payment: Buyer transfers $5,000,000 USDT to the seller’s wallet or escrow account.
  4. Delivery: Seller arranges shipment and provides necessary documents. An inspection is conducted upon delivery.
  5. Final Payment: Upon successful delivery and inspection, the buyer transfers the remaining $5,000,000 USDT to the seller’s wallet or the escrow account releases funds.
  6. Acknowledgment: Seller acknowledges receipt of full payment, and both parties update their records.

By following these procedures, sugar transactions using cryptocurrency can be conducted securely and efficiently, leveraging the benefits of digital currencies while ensuring compliance with traditional trade practices

Harris International Group
Gregory A Harris CEO
Contact@hig-consortium.com