1) The Buyer issues an Irrevocable Corporate Purchase Order (ICPO) along with the Company Profile, a copy of the Representative's Passport & CPA.
2) Seller Upon successful verification of the above document, the Seller issues a Commercial Invoice (CI) to the Buyer.the process proceeds with the issuance by the Seller for the following:
a) Partial Proof of Product - PPOP
b) Bill Of Lading - BOL
c) Authority To Board - ATB at no cost to the Buyer.
3) The Buyer submits the Ship's Q88 to the Seller and Seller likewise activates the said ship immediately and submit the IMO Number to the Buyer.
4) Both Ship Captains communicate via mobile phone, VHF or satellite phone to confirm the location of the designated delivery point within the In-Port Limit (IPL) at Malaysia.
5) Upon successful communication between both Shipping Agents and Ship Captains, the Buyer's Ship sails to the designated delivery point at the In- Port Limit - IPL.
6) Both ships go alongside at the delivery point. The Buyer's surveyor (SGS or equivalent) and representatives board the Seller's Ship to conduct the Quality & Quantity (Q&Q) Dip test at buyer cost and monitor the STS operation.
7) After hosing all pipes between both ships, the injection of cargos from the Seller's Ship to the Buyer's Ship commence immediately.
8) Once the injection is fully completed, the Buyer transfers 100% of the cargo value to the Seller's nominated bank account via MT103-TT.
9) Upon confirmation from the Seller's Bank that the full 100% payment has been received, all hoses are released and the Buyer's Ship is cleared to sail. Seller transfers Title ownership, export license with all outstanding documentation to buyer.
10) If the final quantity delivered to the Buyer exceeds the initial cash TT transfer value in the CI, the Buyer agrees to make an additional cash TT transfer to the Seller without dispute or delay.11) If a short-term or long-term purchase contract exists between the Buyer and Seller, the above procedure remains valid for each delivery unless revised and mutually agreed upon in writing by both parties.
Notes.
For point 2.a, ppop consist of ;
A. Commitment Letter to Supply
B. Authorization to sell and Collect
C. Certificate of Origin
D. Product quality passport.
E. Export License
Transaction Procedure. 1. Lessee Submits DOA, LOI, CIS, PASSPORT, Current dated Bank Comfort Letter, Copy of Certificate of Incorporation and Bank Details. 2. Provider will conduct Due Diligence and upon successful Due Diligence the DOA will be signed/counter signed between lessor and the lessee . 3. The Lessor will then send MT799 pre advice. 4. The Lessee’s bank replies with RWA / ICBPO or payment guarantee of 12+3 % and the transmission fees, payable in 5-7 business days after MT760 receipt . 5. The lessor’s Bank will then send the MT760 to Lessee’s bank 6. Lessee’s bank does MT103 wire transfer to Lessor’s designated bank accounts within 5-7 business days after MT760 swift receipt After Successful Due diligence, Lessor countersigns the LOI. The Signed LOI becomes a Legal binding Commercial Contract (agreement) between the parties. Both parties shall lodge the agreement in their respectiv...
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