1. Buyer confirms Soft Offer and issues an official Irrevocable Corporate Purchase Order (ICPO) together with Proof of Funds (POF) or Bank Confirmation Letter (BCL) signed by two bank officers.
2. Seller sends Sales and Purchase Agreement (SPA) along with Seller's SBLC MT760 / DLC MT700 Verbiage 16, HARB STR, P.O. Box: AZ1000, Baku, Azerbaijan
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
b) Passport-copy of signatory
3. Seller releases to Buyer the below listed Partial 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 certificate of Incorporation and documents
4. Buyer issues SBLC swift MT760/DLC MT700 (According to the seller contract verbiage) within seven (7) banking days up to 10 days. Should buyer fail to issue instrument by the expiration of 7 - 10 days business day, buyer alternatively issues a payment of four percent (4%) of the total first shipment value of the product by TT Wire MT 103 within 3 business 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 after 3 business days, contract is 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.
5. Seller signs the CPA with a shipping company and issues the Full POP documents and 2% 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
6. Shipment commences as per contract schedule.
7. Within 3 working days of Vessel arrival, buyer release full payment via MT103 after CIQ/SGS at the destination port.
8. Seller pays all intermediaries accordingly within 72 hours.
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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