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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