Fortune 500 Funding Corp. - Letter of Intent

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FORTUNE 500 FUNDING CORP.

* * * * * WORLDWIDE COMMODITIES DIVISION * * * * *

* * * * * BUYER’S COMPANY LETTERHEAD * * * * *

Our Ref:

Date:

To: End Seller

Via: Fortune 500 Funding Corp.

* * * * * RE: LETTER OF INTENT * * * * *

We, ______________________ (Buyer’s Company name), in person of our Director __________________ with full corporate responsibility under the penalty of perjury, do hereby confirm that we are ready, willing and able to buy the following commodity under the terms and conditions hereto stated:

1. Commodity:	CRUDE PALM OIL – MPOB or equivalent
2. Origin:	Malaysia
3. Quantity:	MT/Month for 132 (Twelve) months with extensions
4. Delivery:	MT/Month for 132 (Twelve) months with extensions
5. Price FIXED:	USD ____________
6. Monthly contract value:	_____________ US$
7. Total Contract value:	_____________ US$
8. Specification:	PORAM
	FFA (As Palmitic)	5.0% max.
	M & I	0.5% max.
	I.V. (Wijs)	56 min.
	M/ Pt degrees C (AOCS Cc 3-25)	50 max.
	Cloud Point (0c)	3.5 R
	Cloud Point (0c)	3.5 Y

9.	Payments: Irrevocable, Confirmed, Transferable (in alternative not transferable but assignable to seller
	Bank only), Partial Allowed Bank Guarantee / Standby Letter of Credit format 458 ICC 500/600, for one Month contract value. Payment T.T. to Seller bank within three (3) banking days after confirmation of Bill of Discharge. or Irrevocable & Assignable Bank Guarantee plus Revolving Documentary Letter of Credit for one month value RDLC.
10.	Performance Bond 2% issued by seller.
11.	Contract Period: 12 months with rolls and extensions.

* * * * * BUYER’S COMPANY LETTERHEAD * * * * *

Procedures:

11.1	The Buyer shall issue the Letter of Intent and BCL to the Seller.
11.2	The Seller shall issue Full Corporate Offer to the Buyer.
11.3	The Buyer shall issue the Irrevocable Confirmed Purchase Order with signed Full Corporate Offer to the Seller.
11.4	The Seller shall issue Draft of Contract on firm terms and conditions to the buyer.
11.5	The Seller and the buyer sign Contract lodged and endorse with the respective Banks.
11.6	The Buyer’s bank shall issue an operative, Irrevocable, Confirmed, Transferable, Revolving Bank
	Guarantee/Standby Letter of Credit through a Top 25 Prime International Bank acceptable to the Seller’s Bank no later than 5 (five) international banking days.
11.7	Seller issues a 2% Performance Bond.
11.8	All banking charges incurred by the Seller at Seller’s bank shall be borne by the buyer and all banking
	charges incurred by the Seller at Seller’s bank shall be borne by the Seller.
11.9	Should any amendments to the instrument be requested once the same had been issued, then the Party
	requesting the change will be responsible for the payment of the related costs, unless changes are needed to construct the instruments in compliance with the Agreement, then the costs shall be borne by the faulting party.
11.10	First delivery shall be 30-45 Days after upon Seller has accepted Bank instrument.

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