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NON-NEGOTIABLE CONTRACT PROCEDURE
TERM AND PROCEDURE

  1. Buyer’s sends LOI/ICPO ( irrevocable corporate purchase order), seller issues FCO (Full Coprate Offer).

  1. Buyer’s counter signs FCO and return to seller.

  1. Seller issues Draft Contract to the Buyer. Parties negotiate the term of the contract.

  1. Buyer’s  and seller signs the IMFPA / NCNDA and SPA.

  1. Upon both parties signed the IMFPA/NCNDA and SPA, both parties lodge contract with their respective bank.

  1. Buyer’s bank shall issue MT 799 as proof of funds to seller bank as buyer bank issue and buyer make payment 5% for total first shipment in TT / MT 103 as per request specification

  1. Seller’s shows copies of Partial Proof Of Product (PPOP) consists of the following documents:
7.1  Statement of availability of product and certificate of origin.
7.2  Certificate of product quality passport
7.3  Commitment letter to supply from refinery.

  1. Buyer’s bank shall issue a Irrevocable, Non-Transferable, Full operative
MT 760 for 95% of total amount for the shipment as the mode of payment for the product.

  1. Seller Show Full Proof Of Product (POP) to the buyer which shall consist of document as listed below.
9.1  Bill of lading and related shipping documents from  shipping company.
9.2  Authorization to board and Dip Test Authorization.
9.3  Tank receipt and SGS report at loading port.
9.4  Copy of the Charter Party Agreement(S) to transport the product to discharge port.
9.5  Scopy License to Export, issued by the department of the energy
9.6  Copy of Approval to Export, issued by the department of the ministry of justice.
9.7  Copy of Statement of Availability of the product.
9.8  Copy of the Refinery Commitment to produce the product.
9.9  Copy of the Contract to transport the product to the loading port.
9.10       Copy of the Port Storage Agreement.
9.11       Copy of Certificate Of Origin issued by local chamber of commerce

10. the shipment commence as per term of contract
11. upon vessel arrival at port of destination, buyer perform inspection at own cost. if no inspection result at loading port shall be used as final
12. payment 100% shipment value payable against presentation of complete set of export document, inspection certificate. cargo discharged after seller confirmed payment received.



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