1. Buyer issue ICPO to seller with targeting price and copy Seller procedure.
2. Seller issues take over MOU along with Commercial Invoice for review and endorsement by all parties.
3. Seller issues Proof of Products and Shipping documents as listed below:
a. Statement availability of the product
b. Cargo Manifest
c. Product Analysis Report
d. B/L Bill of Lading
e. Ullage Report
f. Q88
g. Seller Authorization to Sell and Collect (ATSC)
4. Upon receipt of the above documents by the Buyer, Buyer proceeds to open SBLC Instrument (as per seller`s
verbiage to seller`s account) within five (5) banking days. If buyer fails to issue the Bank Instrument within given
deadline, buyer proceeds to make a certain guarantee and allocation security deposit amounting to $500,000 USD
to seller`s account or seller logistics company, that buyer will not fail to complete the transaction and also the
vessel will be reserved for the buyer. And if buyer fails to issue Bank instrument or guarantee deposit, the contract
will be automatically terminated.
5. Upon seller`s confirmation of buyer`s Bank Instrument, or payment for guarantee deposit of $500,000 USD,
seller proceeds to register the vessel with Marine time in the name of the buyer and gives buyer authorization to
board and inspect the product. The vessel will then be routed to buyers appointed port, Act of Ownership
Certificate will be issued in favour of buyer and the remaining Proof of Product, certificate of origin and shipping
documents/Copies of discharge port maritime pre arrival documents will be sent to the buyer’s appointed
forwarder agent for the vessel and copy sent directly to discharge port authority & custom for registration of
loaded vessel for safe arrival at discharge port on the name of buyer
6. Upon arrival of the vessel at the Buyer`s discharge port or any buyers appointed discharge port, the Vessel
captain will hand over all the original POP documents to the Buyers or his representative while Buyer pays for the
total contract after SGS, CIQ or Equivalent inspection at the discharge port via MT103 Wire Transfer and initial
titleholder transfer fee will be deducted from total cost of product while offloading will commence immediately
7. Seller pay seller’s mandates commission and buyer’s mandates commission as agreed and signed in the
NCND/MFPA.
8. Contract delivery per month x 12 Months to proceed with TTO or CIF procedures monthly basis. (To be agreed
by buyer and seller)
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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