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 makes payment for the titleholder transfer fee of the product and Vessel rerouting charges via TT Wire Transfer/MT 103 to the shipping company`s account or seller 16, HARB STR, P.O. Box: AZ1000, Baku, Azerbaijan
fiduciary nominated bank account within not more than 48 hours. Note that the amount will be deducted from the first trial value.
5. Upon receipt of the above payment of the Vessel Titleholder Transfer, the vessel will be routed to buyers appointed port, Act of Ownership Certificate and Certificate of Origin will be issued in favour of buyer and the remaining Proof of Product, certificate of origin and Shipping documents/Copies of maritime pre arrival documents will be sent to the buyer’s appointed forwarder agent for the vessel and copy sent directly to destination port authority & custom for registration of loaded vessel for safe arrival at destination 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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