ICPO vs FCO
Buyer's ICPO unlocks the seller's FCO. The FCO is the seller's firm response with actual price and terms.
At a glance
| Criterion | ICPO | FCO |
|---|---|---|
| Issued by | Buyer | Seller |
| Price | Target price band | Firm price or firm formula |
| Binding force | Non-binding but 'irrevocable' | Non-binding but firm for validity window |
| Next step | Triggers FCO | Triggers SPA negotiation |
| Validity | 5-10 banking days | 3-5 banking days |
Use ICPO when
Use the ICPO to formally ask the seller for a firm offer with committed terms.
Get the ICPO template →Use FCO when
Use the FCO to give the buyer a firm price and terms that can move to SPA.
Get the FCO template →ICPO vs FCO: Key Differences
Buyer's ICPO unlocks the seller's FCO. The FCO is the seller's firm response with actual price and terms.
Numerical Example: ICPO vs FCO
Buyer's ICPO unlocks the seller's FCO. The FCO is the seller's firm response with actual price and terms.
Use Case(ICPO)Use the ICPO to formally ask the seller for a firm offer with committed terms.
Alternative(FCO)Use the FCO to give the buyer a firm price and terms that can move to SPA.
Best ChoiceDepends on your specific needs
Source: SSLT Global Editorial - ICPO vs FCO
Last reviewed: October 2026
FAQ
Which comes first - ICPO or FCO?
ICPO. The buyer issues ICPO, the seller responds with FCO.
Can seller issue FCO without ICPO?
Yes, if the seller already trusts the buyer and wants to move first. Rare in cold outreach.