Used Rail R50/65 Procedure : - Buyer sends LOI -Seller answers with FCO. -Buyer receives FCO and sends LC draft from his bank to the buyer's bank. -Seller prepares contract and issues Invoice(s) with company ID code . - Buyer sends a non-activated LC in anticipation to receiving the proof of product( POP) and the performance bond (PB) 20% in favor of the buyer . -Seller sends through his bank to the seller bank the PB operative only after LC is activated , together with the POP to the buyer's bank including : a-certificate of ownership b-certificate of origin c-Quality and Quantity report from SGS . d-photos and video for the needed steel . e- formal invitation to the buyer's representative to visit the warehouses to view the needed steel . f-Buyer bank activates the LC.