Loading Port Rotterdam Port Rotterdam Port Delivery Port
1. Buyer sends Company Profile along with ICPO to Seller on receipt of Seller's Soft Corporate Offer
2. Seller issues commercial invoice (CI). Buyer signs and returns commercial invoice with Tank Storage Agreement (TSA) to seller acknowledging buyer’s legally binding commitment to purchase under the terms and conditions herein.
3. Upon receipt of the signed Commercial Invoice and Tank Storage Agreement (TSA), seller issues Dip Test Authorization letter to be signed by all parties (Buyer/Seller and Buyer’s Tank Farm), upon the successful signing of the DTA by all parties, and seller approval of the signed DTA, seller issues the Partial Proof Of Product (PPOP):
A. Commitment to supply B. Unconditional Dip Test Authorization C. Refinery Registration Certificate D. Tank Storage Receipt E. ATSC F. Tax Certificate G. Product Passport (analysis) H. Statement of Product Availability
4. Buyer submit their TSR, seller issues fresh SGS Report and Buyer order SGS or equivalent inspection company to conduct Dip Test of the product in the Seller's Tank on Buyer expense. Seller issues the NOR and Injection Schedule.
5. Following the completion of the Dip Test, seller injects the fuel into buyer’s leased Storage Tank and seller submits the full injection report to the buyer.
6. Buyer makes 100% payment by MT103 TT wire transfer for the total product and Seller pays commission to all Seller side intermediaries as buyer likewise pays commissions to all Buyer Side intermediaries involved in the transaction within 24 hours after confirmation of the buyer’s payment.
7. Seller issues draft SPA to buyer to review for R&E monthly deliveries.
8. Buyer reviews and approves the SPA and issues SBLC/BG via MT760 irrevocable, auto revolving for 12 monthly shipment value and standby letter of credit for length of contract and for each lift per schedule. Buyer pays after dip test by MT103 Wire transfer on each monthly quantity.
9. The subsequent delivery shall commence according to the terms and conditions of the contract, and mandates/intermediaries receive their commissions according to monthly deliveries, as agreed in the signed NCNDA/IMPA.
1. The buyer issues LOI
2. The seller issues SCO / FCO
3. The buyer issues ICPO with complete bank details and proof of funds.
4. The Seller will submit the draft contract for acceptance by the Buyer. The contract goes through the normal period of negotiation and validation.
5. The buyer returns the draft contract when exchanging it for an email attachment, duly signed and stamped, within 3 working days, the copy of the draft will be considered legal until the printed copies are exchanged.
6. After signing contract, Seller will disclosure to the buyer the name and information of the Producer / Exporter. The Producer / Exporter will send Buyer POP declaration stating he has the product.
7. Buyer's bank issues, according to agreement; SBLC or LC for 100% of the seller's bank contract.
8. The seller's bank issues to the POP buyer's bank (SWIFT MT799).
9. The cargo is loaded and the shipping documents are presented to the Buyer.
1. Buyer issues ICPO to Seller.
2. Seller issues sale and purchase draft contract to Buyer. Within 72 (SEVENTY-TWO) hours Buyer seals, and returns the contract; Seller reviews, signs and returns it to the Buyer.
3. Seller and Buyer exchange signed contract hard copies by electronic transmission in PDF as hard copies.
4. Within 48 (FORTY-EIGHT) hours of banking days, Buyer's bank sends MT799 communicate with Seller's bank for issues the proof of fund (RWA).
5. After Seller verify the MT799 and confirmed the POF (RWA) from Buyer's bank, in 48 (FORTY-EIGHT) hours of banking days, Seller bank sends SWIFT MT799 to confirm acceptance of RWA and prepared to receive SBLC MT 760 FOR $ ________ per terms of contract. ANNEX 2
6. Buyer's bank in 72 (SEVENTY-TWO) hours of banking days SWIFT MT760 to Seller's bank for amendment of beneficiary to Seller through Seller's bank to issue irrecoverable, confirmed, transferable and operative SBLC MT 760( STAND BY LETTER OF CREDIT) for 12 (TWELVE) MONTH AND (ONE) DAY and cover THREE MONTH QUANTITY OF _______ METRIC TONE OF VALUE US $ _________ VALUE FOR 3
(THREE ) MONTHS,( ____________________________) ANNEX 3
7. Upon receipt and confirmation by Seller bank of the MT 760 SBLC TRANFER, The Seller's bank will emit in favor of the Buyer a 2% (TWO) PERFORMANCE BOND“PB” SENT VIA MT 760 SBLC FOR ($ __________) US DOLLARS.
8. In 15-25 (FIFTEN - TWENTY FIVE ) days or sooner, once product is delivered at the port before loading, SGS starts issuing certification of quality and quantity of product.
9. Upon loading at the loading port of the last vessel of the __##__ MT X 3 the Seller's bank will present for collection copies of documents to the Buyer bank, the Buyers shall instruct its bank for issue via MT 103 to transfer payment via bank wire swift to Seller's bank for the value of USD $_______________ as trail ANNEX 3 OF EVERY __##__ MT, once full set of shipping documents are received by bank's total (#) MT.
10. Buyer agrees to pay for any shipments loaded less than or more than __##__MT per vessel by 5% (FIVE) as per SGS reports status quantity upon the presentation of shipping documents.
11. Delivery starts as per contract terms and conditions.
ALL BANKING CHARGES INCLUDING CONFIRMATION FROM THE BUYER ́S BANK SHALL BE BORNE BY THE BUYER AND ALL BANKING CHARGES INCURRED BY THE SELLER AT SELLER ́S BANK SHALL BE BORNE BY THE SELLER.