Conclude contract and trade terms

Activities and Associated Documentary Requirements: For Board of Investment Members 1.If the importer agrees with prices and TOR, the supplier raises a Proforma Invoice and sends it to the importer via email. 2.The importer then prepares a Purchase Order and sends it to the exporter. Payment related steps are carried out henceforth by opening an L/C. 3.If the importer does not agree with the quoted prices and TOR, then re-negotiations take place between the ultimate buyer, the importer and the supplier until all three reach a settlement. For Non-Board of Investment Members 1.For non-BOI importers, the process is different. Once a buyer confirms a product, Product A, for example, the buyer sends a sample of Product A to a lab in Sri Lanka to get all the technical information. The samples, together with the technical information, are sent by courier to the fabric manufacturer to match the sample. 2.The fabric manufacturer then sends the relevant fabric to a local lab in India to test whether the specifications match. 3.The test report, together with the sample, is sent to Sri Lanka and the sample is again sent to a Sri Lankan laboratory to get technical confirmation. 3.The reports and the samples are then sent to the buyer who placed the order, in order to confirm that they can go ahead buying the textile. 4.After this, they request from the Indian supplier between 10 and 15 metres of the fabric, and the supplier (exporter) makes a sample of Product A and sends it to a lab (in Sri Lanka) to be tested (wear test). 5.Then the Purchase Order is sent to the Indian counterpart, outlining all the technical requirements. 6. A copy of the PO is obtained from the supplier, for original signatures, and the documents are couriered. 7. Then the supplier sends a Proforma Invoice stating their requirements (payment conditions, etc.), which is signed and returned to the supplier. 8. Once an L/C is opened, the shipment is prepared.