PROCEDURES OF TRANSACTION (CIF)
1/ Buyer issues LOI and receives offer (SC0). NB: Please note that we are only able to issue SCO to Buyers who submit official written enquiries as LOIs.
2/ Buyer issues ICPO and also issues RWA (Ready, willing & able) letter from top 20 Bank and completed customer information sheet (CIS).
a) Verbiage of RWA letter will be provided to the Buyer.
b) The RWA letter required is to be issued by the Buyer’s bank and addressed to the Buyer
c) Customer Information Sheet (CIS) form will be sent to the Buyer to fill and return
3/ Seller issues Draft Contract to Buyer, Buyer Signs and returns to Seller alongside business certificate and both lodge signed contract with their respective banks.
4/ Buyer issue Pre-advice for SBLC via MT799 & Seller issues PPOP documents and sends to Buyer directly.
a. statement of product availability.
b. commitment to supply.
c. products passport.
d. certificate of origin
5/ Within 5 days of receiving the PPOP, Buyer’s Bank issue operative, non-transferable, SBLC MT760 to Seller’s nominated Bank after confirmation and verification of SBLC bank to bank basis, Seller’s issues 2% performance bond to Buyer’s Bank.
6/ Seller arranges loading and sends vessels to Buyer destination port. Within 6 banking days after positive verification & Confirmation of SBLC from Buyer’s Bank, Seller will issue Full POP to Buyer.
FULL POP INCLUDES:
a) Copy of license to export, issued by the ministry of energy
b) Copy of approval to export, issued by the Ministry of Justice,
c) Copy of Statement of Availability of the product,
d) Copy of the refinery commitment to produce the product,
e) Certificate of Origin
f) Copy of the Port storage agreement,
g) Copy of the CPA, to transport the product to discharge port,
h) Vessels Q88
i) Copy of Inspection report of loading port
j) Copy of Bill of Lading (B/L)
k) Allocation Transaction Passport Code Certificate (ATPCC)
7/ At Buyer’s destination port, delivery commences as follows., buyer’s inspection agents conduct inspection on behalf of the buyer to ascertain the quantity and quality of the product in the vessel in the port.
8/ Within 24 hours Buyer pays for the product by MT103/TT and title is transferred to buyer.
9/ Seller pays all intermediaries involved in the transaction within 48 hours of receipt of payment from Buyer, and subsequently monthly shipment will proceed as per terms and conditions of the sales and purchase agreement signed between buyer and Seller.
We trust you will find this offer acceptable and look forward to receiving your ICPO and relevant documents, to commence the purchase process.
Please note that this offer excludes delivery to EU sanctioned countries or countries engaged in conflict; Iran, Sudan, Syria, Yemen & North Korea.
We trust you will find this offer acceptable and look forward to receiving your ICPO, completed CIS form and RWA Letter.
Please note that this product is offered on CIF basis ONLY.