1. The Buyer issues a Letter of Intent (LOI) or an Irrevocable Corporate Purchase Order (ICPO) with BCL or R.W.A. If buyer chooses to send a soft probe initially we must have the bank information including name, telephone, and email of the officer in charge of the account.


2. Then Borges Lamont Co. issues a Full Corporate Offer (FCO) to end buyer or, if an approved ICPO, a Rough Draft of the final contract.


3. Buyer has 3 banking days from receipt of either document to sign, seal and return it via electronic means. If the Rough Draft is signed it will be valid until hard copies are exchanged. Please find details elsewhere in this FAQ section.


4. If in lieu of the LOI an ICPO is sent initially and the banking information is acceptable by Borges Lamont Co. it will then issue a Draft Contract and submit it to the end Buyer for examination, approval and subsequent issuance of the acceptable banking instrument. In this case an FCO may not be necessary for the conditions of the purchase are all on the Rough Draft document.


5. The end buyer returns the agreed-upon Draft Contract, by facsimile or email attachment, duly signed and sealed. The Draft copy will be deemed legal by the Parties until Hard copies are printed, sealed, signed and exchanged.


6. SELLER sends three (3) Hard copies duly hand-signed by courier to Buyer, who shall duly sign & seal all copies and return two (2) of them to SELLER.


7. Once the financial instrument is issued by the buyer's bank a swift message should be sent to sellers bank advising the completion of that step.


8. The Proof of Product (POP) will then be provided to the end buyer and his bank as requested.


9. First delivery and shipment commences as per schedule mutually agreed.

To obtain a quote you must first register to access the Borges Lamont web app. Please visit the sign-up page to register. Once approved you will receive login information including username and password by email. In the web app you will have access to our current price list as well as the ability to submit new orders and track existing orders.

Registered brokers have access to our latest price list. The price list is intended to give a general idea of prices but they are not final. Final prices will always be provided on a per order basis. We respond to each inquiry very quickly. The variation in prices could be up or down; either case should be reflected in our quotes. For larger orders or banking guarantees in excess of three months Borges Lamont Co. will always consider a more favorable rate. As a broker or buyer you will be able to log-in and request a price quote which will usually be responded same day and often within two hours.

The payment guarantee which a prospective buyer is prepared to offer, is a major factor in determining the price of sugar. Borges Lamont Co. follows a simple rule and that is: a strong payment guarantee such as SBLOC or other types of Bank Guarantees will always result in lower risk and thus lower cost. We favor long term relationships and will strive to provide the best prices for our clients.

This will depend on the type of the purchase. For "Spot" purchases we accept MT103 and or SBLC issued upon contract signature. In all cases, the financial instrument must be issued or guaranteed by a Top 25 world bank. Letters of credit must be irrevocable, transferable, and payable on sight against shipping documents. If the sugar is to be shipped in installments, then the letter of credit must revolve to cover each subsequent shipment.

Revocable letters of credit will not be accepted as payment.

Payment becomes due upon delivery of the shipping documents to buyers bank. In all cases however the accepted payment instrument will have to be in place once the final contract is signed and prior to shipping the product.

Borges Lamont Co. expects its brokers to pre-qualify their clients. In many situations the end buyer chooses to skip the LOI and Soft Offer procedures and starts with the ICPO and BCL or RWA. Assuming the BCL or RWA is acceptable or a soft probe directly with the bank is approved, Borges Lamont Co. will proceed with a Rough Draft of the final contract. If this draft is approved by the client, he will sign and return it via electronic means. If not he will be able to make his amendments and submit it to Borges Lamont Co. for approval. At this point the end buyer will proceed with the acceptable banking procedures and Borges Lamont Co. will commence the arrangements for the initial shipments. This approach will save time and help moving the process toward a successful ending.

The conventional LOI, Soft Offer, ICPO with BCL or RWA, FCO and rough draft of final contract approach is also acceptable but we find it less and less necessary.

The Fee Protection/Non-disclosure/Non-Circumvention Agreement is usually signed when the ICPO is presented.

In order to proceed in good faith, the seller requires that the LOI (Letter of Intent) or ICPO are no more than 5 days old and addressed to Borges Lamont Co.

Yes. Borges Lamont Co. requires bank details to be submitted with either an LOI or an ICPO if the client requested to initially provide only a soft probe of his account. Ideally instead of a Soft Probe authorization, a BCL or RWA would be the preferred approach in order to expedite the closing of the transaction.

The buyer's Letter of Intent or the ICPO in all cases must include bank details, authorization for a soft probe, and contact details of the buyer's banking officer which would include name, telephone, and email address.

Buyers occasionally express frustration that obtaining a FCO or a Rough Draft of the final contract is a lengthy process. It does not have to be provided the broker makes sure the bank information is accurate and the details of the order are complete. Borges Lamont Co. will act promptly and will respond within 24 hours or even sooner, if the information presented is complete. What causes delays are lack of or wrong information, such as wrong bank phone numbers, names, missing email address, etc. We strongly encourage brokers or buyers to make sure to get all the information prior to submitting any documentation.

No, as a rule Borges Lamont Co. or any reputable seller will not provide SGS reports or any product documentation prior to verification of funds and signing the contract. Furthermore, requests for sanitized documentation will not be accepted. For existing clients or repeat orders this procedure will be somewhat relaxed.

It will vary, however, most usually the buyer will pay for the pre-inspection and certification. Whether it is SGS or an equivalent certification company, the process is conducted at the port and the certified product will be sealed and will no longer be available for inspections by any other prospective buyer.

For immediate shipments Borges Lamont has no objections provided all the documents including the bank confirmation are in place. Viewing product for term contracts for future deliveries will be possible prior to shipment only.

Any reasonable quantity of sugar can be ordered, however Borges Lamont Co. will not regard any shipment as a 'trial' shipment. No extra sugar will be held in reserve for a buyer for subsequent orders. The price will be based on the ordered quantity as well as the payment guarantees offered and of course, the ongoing price of the product at the time.

The standard procedure is CIF, or Cost, Insurance, and Freight. The buyer is responsible for all expenses incurred on his side as well as permits, taxes, etc. It is all spelled out in the contract.

Certain cases may require changes. Borges Lamont Co. will consider each individual situation and will do as much as possible to accommodate specific but reasonable requests from its buyers.

All broker transactions will include a Non Circumvention and Non Disclosure Agreement as well as a Working Agreement usually known as NCNDA and IMFPA which stands for Irrevocable Master Fee Protection Agreement and is ruled by the International Chamber of Commerce. This document is signed and sealed by all brokers as well as the buyer and Borges Lamont Co. Once signed with all banking instructions therein, this document is filed with the bank for payment at the time the the payment is released for Borges Lamont Co.