A letter of intent is a document outlining the understanding between two or more parties which understanding they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement, term sheet or memorandum of understanding.
A proof of funds is a document proving that a person or a company has the financial ability to perform a transaction. The POF can be issued by a bank, a financial institution, or a trade finance. Proof of funds come in many forms such as a Letter of Attestation from a lawyer or an official Bank Statement.
Irrevocable Corporate Purchase Order (ICPO) is a document drawn up by commercial buyers. It contains the quantities of products required, the type of products required, and other conditions that the buyer wants the sale to proceed under.
An NCNDA, also called a non-circumvention/non-disclosure agreement, is used in the early stages of a business agreement. It is commonly used when the buyer and seller aren't familiar with each other but have been connected by a broker or middleman to make a transaction.
A sale and purchase agreement is a legally binding document that establishes the terms and conditions related to a transaction, especially in trading commodities. It defines what requirements the buyer and seller must meet as well as purchase price, limitations, and contingencies.
It is an irrevocable and binding legal agreement between a buyer, a seller, and/or a business broker. In an IIMFPA, the objective is to reach a private agreement for the placement or purchase of a commodity or other piece of merchandise that has been clearly identified and negotiated in bulk.