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PROCEDURES: Non-Negotiable


1)   Buyer issues LOI + CP (Company Profile) banking information must be included along with Certified Tear Sheet, RWA or the “Verbiage approved” Statement of Readiness Letter OR BCL.
2)   Seller sends FCO and all relevant documentation
3)   Buyers signs and approves FCO then sends back and seller Issue SPA
4)   After reasonable changes, contracts are signed, sealed, notarized and lodged at both banks
5)   Buyer’s bank sends PAG (Payment Assurance Guarantee)  TO POST a BG760 or the SBLC or an MT543.
6)   Seller issues CI with Full POP (SGS, DTA, TSR included).  This, for the first lift.
7)   Buyer provides Vessel details and or Tank Storage and pays via MT103 after successful Dip Test.
8)   Seller transfers title to the buyer.
9)   Buyer’s bank issue the SBLC/DLC covering the Contract. Contract starts in effect.
Notes:
Ø   2% Performance bonds are issued for the contract part.


Ø    All PAG samples are issued with the FCO Statement of Readiness Letter verbiage issued with FCO
Ø   Buyer Swifts BG760, SBLC or MT543 in the amount of 1 month shipment, revolving for 12 months and one day.
Ø   No loading, no departure of ship until MT103 payment activated.
Ø   Banking must be from a Top 25 bank. 

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