EN 590 - 10 PPM - COST, INSURANCE & FREIGHT (CIF) PROCEDURES
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1. Buyer confirms the Soft Corporate Offer and issues an official Irrevocable Corporate Purchase Order (ICPO).
2. Seller sends Sales and Purchase Agreement (SPA) along with Seller's SBLC MT760 Bank Verbiage format and Buyer reverts with the following documents properly filled out to Seller :-
* Completed SPA signed and sealed.
* Buyer's Information Sheet (CIS) on Buyer’s Letterheads, containing also :-
a) Copy of Company Registration Certificate and Company Profile.
b) Passport-Copy of Signatory.
1. Seller releases to Buyer the below listed Partial Proof Of (POP) Documents :-
(a) Refinery Commitment to Supply.
(b) Statement of Availability of Product.
(c) Authorization To Sell And Collect (ATSC).
(d) Product Quality Passport (Analysis Test Report).
(e) Commercial Invoice.
(f) Company Incorporation Certificate and Documents.
1. Buyer issues SBLC swift MT760 (According to the Seller Contract Bank Verbiage) within Seven (7) up to Ten (10) Banking Days, should the Buyer fail to issue the Bank instrument (SBLC - Swift MT760) by the expiration of 7 to 10 Banking Days the Buyer can make payment of Three (3%) to Four percent (4%) of the total first shipment value of the product by TT Wire
MT 103 within the 3 Banking Days to enable refinery to secure the following documents; Customs Bond, Certificates of Inspection, ATA CARNET Temporary Shipment Certificates, Master Receipt for Sample, Weight Certificate, Certificate Of Authenticity, Consular Invoice. If buyer fails to issue the alternative payment method after 3 Banking Days, the Contract will be automatically terminated.
Note : That Seller do not keep its production allocation for new buyers for more than 14 business days when other serious and regular clients need same products.
1. Seller signs the CPA with a shipping company and issues the Full POP documents and Two (2%) Percent Performance Bond (PB) :-
(a) Bill of Lading
(b) Vessel Q88
(c) Fresh SGS Report
(d) Certificate Of Origin
(e) Ownership Certificate
(f) Title Transfer Affidavit
(g) Product Allocation Certificate
h) Ullage Report
(i) Cargo Manifest
(j) Notice of Readiness
(k) Packing List
(l) Charter Party Agreement
1. Shipment commences as per the contract schedule.
2. Within Three (3) Working Days of the Vessel Arrival, the Buyer must release Full Payment via MT103 after CIQ/SGS at the destination port.
8. Seller pays all the intermediaries accordingly within 72 hours.
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