- Original contract was DP
- new system changed to TT agsint copy of BL
- Signature system has big problem.
- payment terms not controlled correctly by financial department.
- Billionlink needs to confirm the role
- if Edmond signs
- he needs to rely on some information.
- Contract should be approved by the purchase person
- this is done by Billionlink.
- Currently
- Contract Audit Form 103e
- 2 things missing
- sanctions
- puchase & sales manager
- not done by the risk control manager
- Payment terms
- not confirmed by a manager
- Inspection Terms & Conditions
- if only relying on Sales & Pruchase
- Need to build approval system in place.
- This was a contract amendment.
- anybody who signs the contract
- needs the contract terms and conditions approved by sales person.
- 1. Purchase person.
- 2. Financial department.
- Sanctions
- Inspections
- one of the key parts of the contract.
- shouldn’t be done by purchase / sales person.
- In the form
- no management person to do the job.
- Risk control in the documents
- not in contract approval.
- New tabs in addition to Contract udit Form 103e
- Sanction terms and conditions
- ie Konrad
- should be done by Sales person
- done by Purchase Person
- OTHER PEOPLE?
- customer / customer country
- supplier / supplier country
- ship owner
- many ocean shipping countries sanctioned
- iran, north korea
- if vessel owner from Israel visiting an arabian country
- sanctions are getting more complicated.
- ie Russia tensions with Europe/USA
- bank
- 2 banks sanctioned by EU today
- ML cannot use from anywhere to anywhere
- our payment in USD goes through US SWIFT system
- used to pay to a supplier through a bank
- bank was sanctioned by USA
- money was stuck there for 2- 3 months
- Payment Terms
- We need all to be conformed.
- When amend contracts
- cannot – unsign a contract.
- need a contract amendment.
- need a new contract audit form : 103 amendment
- if Payment terms
- needs only to be approved by finance department.
- Auditers
- Sales
- Purchase
- CFO
- Bills manager
- Financial Manager
- Documents Manager
- Summer
- needs Edmond approval for Payment terms
- For Sales & Purchase Contract.
- Contract Amendments
- need to be checked only by those who need to check it
- no full re-check needed
Email to Edmond
I will sign contracts from today, until I believe I can leave it to you again. New procedure below for signing a contract will take place. I only sign a sales contract along with MLQF103e signed by Sales rep, purchase rep, CFO, Manager of Bills and Capital.Among above 4 signatures, sales rep shall check and confirm the specification, shipment date, inspection, budget and sanction risk of the buyer; purchase rep shall check and confirm the specifications, shipment date, inspection, budget and sanction risk of the supplier; CFO shall check payment terms to control credit risks; Manager of Bills and Capital shall check LC clauses and documents required, LC issuing bank and receiving bank, check arbitration clauses.I shall only sign a contract after above 4 signatures approves.Konrad shall make Billionlink perfectly for approving sales contract and purchase contract by above approvers asap.