Transaction Process
Every transaction follows a documented process.
Duna Trading operates under structured commercial, documentary and compliance procedures designed to support cross-border physical commodity transactions. Our process is intended to qualify serious demand, preserve documentary integrity and align counterparties, contract terms and shipment execution standards before cargo mobilization.
/ Process
Seven sequenced stages, from inquiry to settlement.
Each stage is documented and only advances when prior conditions are formally satisfied.
- 01
Initial Inquiry & Counterparty Qualification
The process begins with a formal commercial inquiry and initial counterparty review. At this stage, Duna Trading evaluates seriousness of demand, transaction profile, commercial fit and preliminary evidence of execution capacity before advancing to structured discussions.
- 02
Compliance & Preliminary Review
Preliminary compliance procedures include counterparty identification, sanctions screening, documentary consistency checks and basic commercial validation. Confidentiality and engagement protections may be formalized where appropriate.
- 03
Indicative Interest & Feasibility Review
Upon receipt of formal buying interest, Duna Trading reviews product feasibility, origin availability, documentary requirements, logistical practicality and transaction structure before moving to firm commercial terms.
- 04
Commercial Offer & Alignment
A formal commercial offer is issued once transaction parameters are sufficiently aligned. Commercial terms, product specifications, delivery basis, documentation package and execution conditions are reviewed before confirmation. A Full Corporate Offer (FCO) is issued only upon receipt of a qualified Letter of Intent (LOI) containing the end buyer's complete details; acceptance is then formalized by the buyer through an Irrevocable Corporate Purchase Order (ICPO).
- 05
Contract Structuring
The sales and purchase agreement defines product specifications, delivery terms, performance obligations, documentary package, inspection framework and settlement conditions required for execution.
- 06
Banking Instrument & Execution Readiness
Where applicable to the structure, banking instruments and payment assurances are aligned before cargo mobilization. Operational readiness, documentary conformity and inspection arrangements are only advanced once execution conditions are formally satisfied.
- 07
Inspection, Shipment & Settlement
Independent inspection, final document review, shipment coordination and settlement occur according to the agreed contractual and banking framework. Cargo documentation is released in line with the transaction structure and delivery terms.
/ Documentary Sequence
The documents, in order.
A standard documentary sequence. Each stage gates the next. Nothing advances until the prior document is satisfied.
- LOI
Letter of intent
The buyer's formal interest: product, volume and target terms.
- NCNDA
Non-circumvention & non-disclosure
Signed once interest is qualified, before any counterparty or origin is introduced.
- FCO
Full corporate offer
The formal offer: specification, price, Incoterm and schedule.
- ICPO
Irrevocable corporate purchase order
The buyer's firm order placed against the offer.
- IMFPA
Master fee protection agreement
Secures the intermediaries' fees out of the transaction.
- SPA
Sale & purchase agreement
The binding contract. Everything before it is preparatory.
- DLC / SBLC
Payment instrument
Issued after the SPA: payment by a first-tier bank instrument.
- SGS / Intertek
Independent inspection
Product is verified at loading by a recognized third party: proof of product, not disclosure of origin.
/ Canonical order
LOI → NCNDA → FCO → ICPO → IMFPA → SPA → DLC/SBLC → inspection → shipment → settlement
/ Governance
Documentary Integrity
Duna Trading maintains internal control procedures intended to preserve documentary integrity and reduce counterparty risk throughout the transaction cycle. Material inconsistencies, unsupported representations or irregular documentation may lead to immediate interruption of commercial review and, where necessary, escalation through appropriate institutional or legal channels.
/ 01 — Delivery
Delivery Terms
Transactions may be structured under internationally recognized delivery terms, depending on commodity, destination and operational feasibility.
- FOB·
- CIF·
- CFR·
- FCA / EXW / DAP where applicable·
/ 02 — Verification
Inspection & Verification
Inspection and quality verification may be conducted by recognized independent agencies, subject to transaction structure and contractual requirements.
Quality, quantity and documentary conformity are verified in accordance with the agreed execution framework and shipment stage requirements.
/ Engagement Standards
We engage only with qualified counterparties.
Before any commercial commitment, we require:
- 01
Disclosed principals: no undisclosed multi-broker chains.
- 02
Buyers: KYC and verifiable proof of funds: settlement by DLC or SBLC issued by a first-tier bank.
- 03
Sellers & producers: proof of product and mandate: verifiable title or authority to sell.
- 04
Signed NCNDA / IMFPA before introductions: protections in place before the parties meet.
Duna Trading does not act on unverifiable offers, soft bank probes, or undisclosed broker chains.
/ Origin protection
Supplier identity and proof of product are not circulated. The product is confirmed by independent inspection (SGS / Intertek) at loading, not by exposing the origin. This protects the chain on both sides and is non-negotiable.
Qualified counterparty?
Engage the desk.
If you operate to these standards (disclosed principals, verifiable funds or product, signed protections), bring the mandate or requirement to the São Paulo desk. Unqualified probes are not worked.