Below are the standard operating procedures from a distributor with a contract with Cardinal Health connecting your buyer’s attorney and the manufacturer’s attorney giving the buyer access to hundreds of warehouses across the United States and around the world.
- The NCNDA only comes from the seller mandate.
- Letter of Intent from the buyer stating: quantity, product description, destination target price.
- Seller Mandate performs initial due diligence which takes a couple days.
- Buyer Mandate supplies an agreed upon IMFPA to the Seller Mandate. 50% of the commission is reserved for the buyer side and 43.33% is open. The seller recommends 33.33% to the buyer mandate. Most channels close 8.33% in the buyer intermediary box. This seller only asks for 6.667 to be considered closed.
- The transaction is expected to close within 48 hours once the Seller's SOP below begins.
- Buyer provides their fully completed CIS and LOI to the Seller. Seller provides an FCO.
- Seller then provides the buyer an Irrevocable Corporate Purchase Order (ICPO), SPA and CI for the Buyer to sign and return to the Seller. Simultaneously, the Buyer provides a Pre-advice for the swift unconditional & irrevocable MT103. The Buyer shall copy the Seller with the transmission slip as soon as it has been sent.
- Upon receipt of the ICPO & MT103, the Seller will register both documents with 3M or Cranberry Global and request the manufacturer proceed with establishing the allocation of stock according to the requirement on the ICPO and reserve the Lot or production in favor of the Buyer.
- Seller forwards Lawyer’s attestation of holding POP plus CI, SPA and for Buyer to sign & return.
- 3M or Cranberry Global will provide the Seller confirmation of the received customer order and confirmation of the reserved amount. The Seller’s attorney and the attorney for 3M or Cranberry Global will attest holding POP plus confirmation of reserved goods in favor of Buyer. He will also confirm release of POP upon receiving signed and approved Sales Purchase Agreement and full payment guarantee from Buyer or his representative.
- Buyer signs & seals the Sales Purchase Agreement and either forwards it directly to Seller or they have their lawyer return it to the Seller. Upon receipt of Buyer’s signed SPA, Seller counter signs and return a copy to Buyer.
- The CI informs Buyer with Sellers preferred delivery schedule and agreed payment terms. It will be forwarded by Seller to Buyer & his lawyer if required. Seller register the Sales & Purchase Agreement and the Commercial Invoice with 3M or Cranberry Global and provide Buyer with full delivery schedule for buyer’s acceptance or acceptable modifications. Fresh SGS is issued for every shipment.
- Buyer initiates the final payment within 24 hours of receiving and signing the Sales & Purchase Agreement and the Commercial Invoice. Buyer send ́s Pre-Advice of the MT103/SBLC as Agreed, Contracted & Invoiced. Sellers bank respond with readiness to receive the MT103/SBLC.