GENERAL PROCEDURE TRANSACTION WORKING PROCEDURES CIF DELIVERY
TRANSACTION WORKING PROCEDURES CIF DELIVERY 1. Buyer issues Irrevocable Corporate Purchase Order (ICPO) in Sellers name along with Company import licenses, and along with buyer’s representative passport copy. 2. Seller issues SPA to Buyer. 3. Within 48 hours Buyer signs seals and returns the SPA to seller, Seller gives Partial proof of products, PPOP authentication/approval legalized by the authority Ministry of energy. 4. Seller notarizes the contract, at its own expenses and submits Partial Proof of Product (via email) as follows: A) Refinery Commitment to Supply B) Product Passport C) Certificate of Origin D) Company Profile E) Proforma invoice for the first value month g) Statement of Availability of Product. 5. Within 7 banking days, Buyer’s bank sends Irrevocable Operative SBLC via MT760 or DLC via MT700 according to seller’s fiduciary bank verbiage to seller nominated fiduciary offshore bank account for first month shipment. 6. Should buyer fail to issue payment instrument within 7 banking days, buyer will make cash deposit of $400,000 or its Equivalent in RMB by TT wire transfer /Crypto currency (bitcoin/USDT) for security guarantee to enable seller charter vessel, pay cost insurance, export duty taxes, custom clearance and commence shipment, and this payment will be deducted from the total cost of product after inspection at discharge port, or legal action will be taken against buyer for default of transaction. 7. Seller’s Bank issues Full POP Documents to the Buyer’s Bank alongside with 2% Performance Bond (PB 2%). a) Copy of license to export, b) Copy of Approval to Export, c) Copy of statement of availability of the product. d) Copy of the refinery commitment to produce the product. e) Copy of Transnet contract to transport the product to the loading port. f) Copy of the port storage agreement. g) Copy of the charter party agreement to transport the product to discharge port. h) Copy of Vessel Questionnaire 88 I) Copy of Bill of Lading. j) SGS Report at loading port. k) Dip test Authorization (DTA) & ATB l) NOR /ETA m) Certificate of Ownership Transfer n) Allocation Transaction Passport Code Certificate (ATPCC) by Ministry of Energy. 8. All parties finalized the signing of the NCNDA/IMFPA. The buyer will be invited by the seller to witness the loading of the product (At Buyers Cost, Maximum of Five Personals/Representatives, Optional). 9. Seller clears vessels from the commercial’s terminal (Loading Port), the buyer confirms shipping documents with ship master while seller effects delivery to buyer destination according to the contract schedule. 10. Upon the arrival of cargo at the discharge port, and after SGS/Q&Q at discharge port buyer’s bank release to seller’s bank payment by TT/MT103 within 5) banking days. 11. Seller release payment to all intermediaries as per signed NCNDA IMFPA within 48 hours of receiving the payment for the product from the Buyer’s bank. Note: Product price info will be sent as requested by the buyer and follow by meeting as agreed.
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