I am going to buy used rail from Russia. The trading company at Russia show me the procedures as follow:
1. Buyer issue ICPO with Sellers procedure stipulated on it.
2. Seller issues Full Corporate Offer to Buyer.
3. Buyer countersign the Full Corporate Offer to Seller
4. Seller issues contract to Buyer
5. Buyer notarizes the contract at Russia with the required ministries at Buyer's cost of USD 19,500.
6. Seller issues following document as partial POP: Certificate of origin, Product passport, Registration Certificate, Charter party agreement
7. Buyer's bank issues RWA message via MT999 to the seller's bank, stating and confirming the Buyer's capability and commitment towards the complete execution of the Transaction.
8. Seller issues Transfer Certificate to Buyer and courier hard copy of notarized contract to Buyer.
9. Seller lodge Transaction Passpot at its bank to initial Bank to Bank communication with the Buyer's bank.
10. Seller issues 2% Performance Bond to Buyer's bank, and Buyer issues LC to activate the Performance Bond.
My questions are:
1. Is it normal procedure to nortarize contract at Buyer's cost at Russia? (Contract value around USD 15,000,000)
2. How can I know that it is not a fraud?