1) Buyer issues Purchase Order upon receipt in acceptance of seller’s verbal offer, attach with Buyer’s company registration certificate, copy of passport and banking account details.
2) Seller issues Sale & Purchase Agreement (SPA) and Proforma Commercial Invoice (PCI) for buyer to counter signed and revert to Seller.
3) Seller sends the below Partial POP Documents to buyer as listed below:
a) Certificate of Origin.
b) Commitment to Supply.
c) Product Passport
d) Statement of Availability of the product.
e) Certificate of Incorporation
4) Buyer issues their Financial Guarantee by Irrevocable & transferable (SBLC-760 or DLC-700) to cover for one shipment to seller’s bank within 14 working days.
5) If buyer fails to issue irrevocable transferable (SBLC-760 or DLC-700) in 14 working days, in alternative, buyer shall make guarantee Deposit of 2% by TT Wire for 1 shipment value to seller’s fiduciary bank account as performance bond to secure the allocation which will be deducted from the first shipment.
6) Upon confirmation of buyer’s transferable (SBLC-760 or DLC-700) or guarantee deposit of 2% TT Wire to seller’s bank, seller will issue 2% Performance Bond, including furnish full POPP and Shipping Documents via SWIFT bank to bank as shown below:
a) Product Allocation Export Permit.
b) Allocation Title Ownership certificate
c) Transnet Contract to transport the product from the loading port.
d) Charter party Agreement to transport the product to discharge port.
e) SGS Quality and Quantity Certificate.
f) Bill of Lading & Vessel Questionnaire 88.
7) Shipments commence to load the product into the tanker vessel and to be deliver within 10 to 14 days, upon arrival of the vessel tanker at the discharge port, buyer’s Surveyor to conducts the product dip test inspection in the seller's tanker vessel and obtain fresh SGS report.
8) Upon confirmation and the successful verification of the SGS report by the buyer, the seller issues to the buyer for ship-to-ship Injection Agreement (STSIA) to be unconditionally endorsed by both the seller and buyer's logistic company.
9) The buyer provides a valid Q88 from their logistics company and make the vessel available for collection at mentioned STS location immediately, and seller commence the product injection into the buyer lifting tanker vessel.
10) After a successful Q&Q Dip test on the product, the buyer makes full payment for the total value by makes operative the SBLC/DLC for this trial shipment’s payment or makes full payment for the shipment value via TT Wire or MT-103.
11) Upon Seller receives the full payment for the product from the Buyer, the Seller transfer the title of ownership and all exporting documents of the Product to the Buyer, and the seller and Buyer to pays the commission to all respective intermediaries involved in the transaction as committed.
12) Both the Seller and Buyer to sign for the subsequent transaction to extended by issuance of a twelve(12) months contract with possible Roll and Extension
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