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DOING BUSINESS WITH FTNX 2021  

SUPPLIERS / END BUYERS WORLD WIDE

POSTED: MARCH 16th 2021

FTNX  buys and sell revolving shipment of goods monthly usually for contract period of 12 months or more. Smaller deliverable lots  is at our discretion. Form March 2021 FTNX no longer discloses prices on the FTNX



ADVICE: TO SUPPLIERS 


A supplier is defined by FTNX as “the entity in possession of export ready goods” who is able to bear the expenses associated with getting goods to port of loading at FOB or FCA Incoterms 2010 / 2020. 


The ‘Buyer’ for goods offered by a supplier is FTNX. The supplier provides a private, confidential non binding Quote or in house formal form as found in the FTNX library called an “AOS.”  Once the “AOS” is confirmed as  being ‘acceptable’  by FTNX  the goods are placed on our file for the 2021 trading year and distributed to our key FTNX Agents  locates in port cities around the world. The supplier will not hear from us until we are ready to make the purchase. All “AOS” must have a minimum validity for 6 months or more. FTNX has discretion to accept a shorter validity date.  Validity date of under 3 months are not considered nor are ‘Spot’ transactions. Fixed prices with added premium for future deliveries  preferred, variable prices  following a particular exchange price basis and fixed premium or discount  is also considered. 


By having anticipated stock on hand, FTNX will be  able to service many more enquiries from our long standing clients. Unless stated differently, a legally binding aspect is apparent once offer is signed with FTNX. Once FTNX is prepared to buy goods  as assured, an “Offer to Procure” (OTP) will be advised by FTNX. The supplier may consider the “OTP” intently based on the accpeted “AOS” or confirmed Quote. Once accepted the “OTP” is signed and returned to FTNX a legally binding status is in force from this time.The supplier then advises the PDF contract to FTNX  by email. Supplier may ask FTNX to use our contract model if they choose. Once the contract is signed a copy by email is advised to FTNX. A hardcopy  of the contract is also posted by courier mail. The email PDF copy allows the transaction to continue while awaiting the tracked postal hardcopy.  


Within 7 days of contract signing date a financial instrument will be advised to the supplier  supporting the full revolving contract value, as advised from a top 100 world  ranked Australian bank for at sight collection process on presentation of clean transport documents. The supplier then advises it Performance Guarantee (P.G), once our DLC has been first accepted. First delivery at FOB or FCA Incoterms is initiated 35 days after the contract  signing date on the nearest 15th day of a given month exceeding 30 days. All subsequent deliveries follow the first delivery date monthly. Above describes our standard orthodox trading process. Variations are considered on merit. The type goods we are interested to constantly buy are specified. Non listed goods are considered on merit.


ADVICE: END BUYERS


An end buyer is defined as “the entity paying for and accepting delivery of ordered goods at  Port of Destination (POD) as purchased from the seller FTNX.” FTNX is no longer posting sourcing  or sell  prices  on this website for goods already secured. Confidential enquires must be sought. 


An end buyer may also ask FTNX to source goods for them by introducing themselves via a well defined email. If goods are already secured by FTNX, an Offer will be advised within 3 days. If goods need to be sourced from one of our past suppliers, an offer will be advised within 7 days. If we are unable to secure goods sought, the end buyer will be advised within 7 days. Interalia, ‘We were unable to secure the goods sought.’No reply means; were not interested in the goods offered such a time. Once the offer is signed and returned to the seller FTNX, a legally binding aspect becomes apparent.  The seller will issue a contract. Once the contract is signed and returned as instructed therein; within 7 days thereafter, a bank issued financial instrument (DLC) to pay for goods ordered is advised to FTNX.  


First delivery at FOB or FCA initiated within 35 days of contract signing date (or as agreed upon in the contract)  and subsequent revolving deliveries every 30 days thereafter. All such matters will be prescribed fully on the offer and subsequent contract.  CIF, CFR AND CIP  delivery modes may be discussed at the time the offer is made, once destination port is known. FOB and FCA Incoterms will be the main delivery modes to be considered as FTNX. Due to strict safe procedures used  FTNX is unable to use a Charter Party BOL as a presentation  document  as FTNX is required to provide a more expensive Shipowners BOL as specified under UCP International banking rules (added security measure).  An end buyer purchasing goods at FOB or FCA therefore will be able to obtain a better freight rate than FTNX is able to offer may be presumed. FTNX Guarantees the goods it sells and offers a Performance Guarantee (PG) or LDD (Late Delivery Discount) if we are late with deliveries. FTNX will not hesitate to cancel a contract of supply, or pay compensation via TCR ( Transparent cash rebates )  if  its found that the end buyer  has been placed in a precarious financial situation due to no fault of their own. When dealing with FTNX, strict formidable and very safe trading processes apply.


USUAL PRODUCTS TRADED

Sweet Crude Oil, ULSD2, Soybeans, Sugar, Copper Cathodes, Iron Ore, Manganese Ore, Low Sulphur Thermal  and Coking Coal, Scrap Copper, Aluminium /Zinc Ingots, Wheat, Flour, Rice, Low Fat Milk Powders, Canola oil, Whole Frozen  Chickens, Cassava, REO Bars and Rolled Steel Coils.  



IN SUMMARY


Intermediaries  ‘from the street’ are not served by FTNX. Enquiries carrying terms such as LOI, BCL, ASWP, SCO, ICPO, POP, MT 799, POF, etc.etc are automatically trashed at the front desk. FTNX conducts extensive due diligence on the end buyer or supplier contacting us, via our nominated agents located world wide before responding to an enquiry. A lack of response from FTNX on any enquiry made means that the enquiry made had failed our due diligence test. When FTNX is interested in the enquiry made by email, a reply will be served within 24 hours. All emails are read but reply is only served on merit.  Supplier and End buyers  are advised that our procedures and trading routine are formidable and strictly applied. This is how we are able to enact of highly secure deals in a very safe and confidential manner. FTNX will not change it procedures  for an inferior aspect. End buyers or supplier looking for safe dealings should consider using our services intently. Phone calls are not allowed until an offer of contract is in place as all business  must be expressed in writing. A phone number directly to FTNX will be made available on the contract at  such a time. When a Principal is dealing with a FTNX endorsed Agent , they are dealing with FTNX directly; who will serve advice and guidance, more so than FTNX word time to serve due to trading constraints. Using our agent has merit. “Good and honourable dealings  is the light that shines on our course.” 


 



 

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