1. Buyer Issues an official ICPO with Full Buyer Banking Details & Company Registration Certificate.
2. Seller issues Commercial Invoice for Quantity of product at Seller Vessel buyer sign and return.
3. Buyer Provides Charter Party Agreement (CPA) for spot STS transaction.
4. Seller Verifies Buyers CPA and Issues the Below-Listed Documents.
-Product Passport
-Bill of Lading (B/L)
-Vessel Q88
-Ullage report
-Logistics company Notice of readiness
5. Within 48 hours Buyer Contact Seller Logistics Company to re-route vessel to buyer STS location and obtain Authority to board (ATB) at buyer Expenses,
6. On Arrival at STS spot, buyer team board seller vessel to dip test products at buyer expenses before commencement of products transfer.
7. Upon successfully transfer of product from seller vessel to buyer vessel, Buyer within 24 hours make total Payment via MT103/wire Transfer for the Total Value of the products injected into buyer vessel and all exportation documentation in Relation to the petroleum products is transferred to buyer.
8. Within 72 hours commission is paid to all intermediaries involve in the Transaction.
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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