Usually, payment, typically something close to 75-80% of what is due, is made when the load arrives to the port of disembarkation and the delivered weight is confirmed.
For most contracts today, the actual settlement price will be some spot or formula price that is calculated either 30 or 60 days after delivery. Client will then have to pay the balance of what is owed.
Note that in theory, and this happened to several lithium miners while the price was falling like a rock, the price could drop so much that even though the client only played 80% up front, the miners will have to pay back a credit because the price has dropped more than 20% in the period between delivery and settlement.
Hope that helps. Best regards.
Usually, payment, typically something close to 75-80% of what is...
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