BONITAS GLOBAL / TRANSACTION OPERATING PROCEDURE
Transaction operating procedure
Independent international trade advisory & physical commodities intermediary
This is Bonitas Global’s proposed seven-stage intermediary engagement framework, not a universal refinery procedure or a commitment by a bank, inspector, seller or buyer. The signed SPA and applicable law govern sequencing, payment, risk, title, inspection and remedies. Written, transaction-specific variations may be agreed.
- 01
Initial Brief & KYC
A principal or duly mandated intermediary submits a formal inquiry, corporate registration details and a Client Information Sheet (CIS), together with intended destination, origin and route restrictions. Corporate identity, beneficial ownership and authority are reviewed before progression.
- 02
NCNDA / IMFPA Execution
The relevant parties execute a mutual Non-Circumvention, Non-Disclosure Agreement (NCNDA) and an Irrevocable Master Fee Protection Agreement (IMFPA), or equivalent agreed protections, before principal supplier allocations or buyer coordinates are disclosed. Scope, signatories and fee obligations must be explicit.
- 03
Official ICPO
The buyer issues an Irrevocable Corporate Purchase Order (ICPO), accompanied by a Bank Confirmation Letter (BCL) or Proof of Funds (POF) appropriate to the proposed transaction. Documents and issuing authority are independently verifiable; a BCL or POF is not a payment guarantee.
- 04
Contract & Lodgment
Buyer and seller execute the bilateral Sale and Purchase Agreement (SPA), electronically where accepted, and lodge or transmit the agreed documents through bank-to-bank communication or verified corporate channels within the agreed operating windows.
- 05
Financial Instrument Issuance
The buyer arranges the operable, irrevocable instrument required by the seller and SPA: for example, an SBLC transmitted by SWIFT MT760, or a spot or revolving documentary credit transmitted by MT700, from an internationally recognised bank acceptable to the parties. Alternative mechanisms, including TT after discharge inspection, require express agreement.
- 06
Cargo Loading & Inspection
Where required by the SPA, the seller issues a Performance Bond, commonly 2% when stipulated, and loads within the approved laycan. SGS, Inspectorate or an equivalent independent inspector verifies quantity and quality at load port. Contractually required Proof of Product (POP) and shipping documents are transmitted through verified channels.
- 07
Discharge & Title Transfer
Destination quantity and quality are independently checked. Where the SPA provides for post-discharge settlement, final TT payment is reconciled to verified outturn. Title release and intermediary commissions follow the agreed contractual triggers and timing; immediate release applies only where expressly agreed.
NCNDA / IMFPA parameters
Confidentiality, non-circumvention and fee protection are effective only to the extent set out in valid agreements between the relevant parties. Execution does not prove a mandate, cargo allocation, available funds or bank approval. Commission payers, beneficiaries, amounts, currency, calculation basis, payment triggers and timing must be specified; no fee is payable merely because a website inquiry has been submitted.
Banking instruments, performance security and payment terms are transaction-specific. SWIFT message types describe bank messaging; a document labelled MT760 or MT700 is not independently sufficient evidence of an operative instrument.