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CIF TRANSACTION PROCEDURE ASWP

1. Buyer issues ICPO containing the seller’s working procedure with banking details and scanned copy of passport, company registration certificate to seller for approval.

 

2. Seller issues SPA to buyer (Open for amendment) and forward back to buyer within 3 working days in WORDS FILE for Electronic Signature and Endorsement by Docusign along with Seller SBLC MT760 verbiage to Buyer bank for confirmation.

3. Seller issue Commercial Invoice (CI) and ICC warning letter and along SBLC MT760 verbiage through DocuSign for buyer Signature and endorsed back within 3 working days

4. Upon receipt of the signed SPA and Commercial Invoice, within 3 business banking days issue MT799 via Swift 20% of the total one month shipment quantity for seller bank final vetting and upon vetted within five (5) business banking days buyer bank transmit via Swift SBLC MT760 (365 + 1 Day) as guarantee commitment to purchase to Seller Nominated Banker for confirmation and if buyer’s bank fail to transmit Swift SBLC MT760, in alternative within 3 working days buyer’s shall make 10% of the total one month shipment quantity by TT Wire Transfer to Seller nominated bank account to commence the shipping and this payment will be deducted from the total cost of the product after inspection at the discharge port. (Pls Note: 2% PB will not be issued by sellers for alternative provisional guarantee performance payment)

5. Upon Seller bank confirm receipt of the SBLC MT760 seller issue the following PPOP documents and 2% PB; 

a)    Statement of Availability of Product

b)    Commitment to Supply

c)    Product Passport (Quality & Quantity Dip Test Analysis Report) 

d)   Product Allocation Export License

6. Shipment commences once our banker confirm receipt of Swift MT760 and the shipment should arrive at Buyer’s discharge port within 20-25 calendar days.

A)  Seller’s Issues Full POP Documents via Email to Buyer, alongside with 2% Performance Bond 

  • Copy of statement of availability of the product. 
  • Copy of the refinery commitment to produce the product.  

  • Copy of the charter party agreement to transport the product to discharge port. 

  • Copy of Vessel Questionnaire 88. 

  • Copy of Bill of Lading. 

  • SGS Report at loading port. 

  • Dip test Authorization (DTA) & ATB 

  • NOR /ETA

 

B) Upon arrival of the cargo at the unloading discharge port buyer conducts SGS/INTERTEK/SAYBOLT/CIQ or Equivalent Inspection (at buyer expenses) and upon successful satisfaction inspection report, buyer within 48 hours (2 Business Banking days) makes 100% payment for the total value shipment via telegraphic transfer (T/T) MT103 to seller bank account. . 

C) Upon receipt of the full total value amount from buyer, Seller pays all intermediaries involved in transactions per IMFPA within 72 hours (3 Business Banking Days). 

D) Transfer ownership in accordance with the quality and quantity of the goods specified in the commodity inspection form at the port of discharge. 

E) If the inspection oil quality index is included in the quality specification standards attached to this Agreement, Buyer’s has no right to refuse to accept, and if Buyer’s does not verify and confirm within 48 hours, it is deemed that Buyer’s has accepted.

F)  If the quality index of the inspected oil exceeds the quality specification standard of the Agreement annex, Buyer’s has the right to refuse acceptance or both parties will negotiate another solution. 

G) Buyer’s shall be responsible for the clearance and unloading of the product at the destination port. 

FOB HOUSTON / ROTTERDAM / FUJAIRAH /

CHINA / SINGAPORE / GEORGIA 

TRANSACTION PROCEDURES (TANK TO TANK)

 

1. Buyer issues ICPO containing the seller’s working procedure with banking details and scanned copy of passport, company registration certificate and bank details to seller for approval. ​

2. Seller issues MOU to buyer (Open for amendment) and forward back to buyer within 3 working days in WORDS FILE for Electronic Signature and Endorsement by Docusign along with Seller SBLC MT760 Verbiage to Buyer bank for confirmation.

3. Seller issue Commercial Invoice (CI) and ICC Warning Letter for buyer through Docusign Signature and Endorsement to be signed and endorsed back within 3 working days

4. Upon signature and endorsed CI and ICC Warning Letter, within three (3) working days, Buyer bank issues Swift MT799 for seller bank final vetting and upon vetted within five (5) business banking days transmit via Swift SBLC MT760 to seller bank for USD 2,000,000 (USD Two Million) as collateral commitment deposit to purchase.

5. Upon Seller Bank confirm receipt of Swift SBLC MT760, seller issue the following POP documents; 

a. Tank Storage Receipt (TSR) - GPS Coordinate

b. Product Passport

c. Fresh SGS report (Not more than 72 Hours)

d. Injection Report

e. UDTA with Authorization Letter for buyer to make arrangements with SGS to conduct Dip Test at buyer’s cost  

f. ATSC

6.  Upon receive of POP documents within 24 hours buyer minimum extend Seller’s Tank for 5 days @ US$ 85,000.00 per day to obtain clearance/access permit to enable buyer’s inspection team gain access into tank terminal for Q&Q test report at buyer’s expense.  

 

Note: Buyer commences Dip Test in Seller tank. (Optional). 

  • UDTA with Authorization Letter for buyer to make arrangement with SGS/INTERTEK/SAYBOLT to conduct Test at buyer’s cost

7. ​For Tank to Tank, buyer provide Tanks Storage Receipt

8. Seller Commences Immediately the Injection into Buyer's Tank and Issues the Title Of ownership Certificate to be followed by All Export Documentation.

9. Buyer sign new Sales & Purchase Agreement for 12 months (Optional)

FOB HOUSTON / ROTTERDAM / FUJAIRAH / 

CHINA / SINGAPORE / GEORGIA 

TRANSACTION PROCEDURES (TANK TO VESSEL)

 

1.         Buyer issues ICPO containing the seller’s working procedure with banking details and scanned copy of passport, company registration certificate and bank details to seller for approval. 

 

2.         Seller issues MOU to buyer (Open for amendment) and forward back to buyer within 3 working days in WORDS FILE for Electronic Signature and Endorsement by Docusign and SBLC MT760 Verbiage to Buyer bank for confirmation.

 

3.         Seller issue Commercial Invoice (CI) and ICC Warning Letter for buyer through Docusign Signature and Endorsement to be signed and endorsed back within 3 working days

 

4.         Upon signature and endorsed CI and ICC Warning Letter, within two (2) working days, Buyer bank issues Swift MT799 to seller bank for final vetting and upon verification, within five (5) banking days, transmit via Swift SBLC MT760 (365 + 1 Day) to seller bank for USD2,000,000 (United States Two Million Dollars) as per seller's verbiage, as collateral commitment deposit to purchase. 

 

5.         Upon Seller Bank confirm receipt of SBLC MT760, seller issue the following POP documents; 

a. Tank Storage Receipt (TSR) - GPS Coordinate

b. Product Passport

c. Fresh SGS report (Not more than 72 Hours)

d. Injection Report

e. UDTA with Authorization Letter for buyer to make arrangements with SGS to conduct Dip Test at buyer’s cost  

f. ATSC

 

6.         Upon receive of POP documents within 24 hours buyer minimum extend Seller’s Tank for 5 days @ US$ 85,000.00 per day to obtain clearance/access permit to enable buyer’s inspection team gain access into tank terminal for Q&Q test report at buyer’s expense.  

 

Note: Buyer commences Dip Test in Seller tank. (Optional). 

  • UDTA with Authorization Letter for buyer to make arrangement with SGS/INTERTEK/SAYBOLT to conduct Test at buyer’s cost

 

7.         Upon successful dip test (optional) or successful verification of POP by buyer team. Within 48 hours  Buyer wire transfer  full product total quantity amount payment to seller nominated bank (Buyer can also make full payment by wire transfer and withdraw the SBLC or retain the SBLC as roll and extension for 12 months) and  provides his CPA and Q88 for verification and seller issue Tank to Vessel Injection Agreement (TTVIA) to be sign by the shipping company. For tank to vessel buyer to provide CPA and local logistic company details within 72 hours commence injection of product to buyer’s vessel

 

8.         Buyer vessel shall, within Five (5) calendar working days arrive at the loading port for Tank to Vessel injection and if buyer vessel fail to load the product within five (5) calendar days, buyer shall continue extend seller tanks. Seller Commences Immediately the Injection into Vessel and Issues the Title Of ownership Certificate to be followed by All Export Documentation.

 

9.         Buyer sign new Sales & Purchase Agreement for 12 months (Optional)

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