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EN590 10PPM

 WORKING PROCEDURE:

1.         Following acceptance of the Letter of Intent (LOI) and Commercial Term Sheet (CTS), Buyer issues an Irrevocable Corporate Purchase Order (ICPO), complete CIS/KYC documentation, and a verifiable Bank Comfort Letter (BCL) or Proof of Funds (POF).

2.         Seller issues:

·        Commercial Invoice (CI)

·        Partial Proof of Product (PPOP)

Buyer's bank subsequently issues MT199, MT799, or Documentary Letter of Credit (DLC MT700) directly to Seller's bank.

3.         Upon successful verification of the banking instrument, Seller issues:

·        Allocation Confirmation

·        Full Proof of Product (POP)

·        Unconditional Dip Test Authorization (UDTA)

4.         Quantity and Quality verification (SGS, Intertek, or equivalent) is conducted, and Payment must be cleared before the lifting operation commences to the Buyer's destination storage facility.

5.         Buyer remits payment for the cargo value via SWIFT MT103 in accordance with the agreed contractual terms.

6.         Seller transfers full title and ownership of the product to Buyer upon completion of payment obligations.

Note: Detailed commercial terms, specifications, timelines, and operational procedures shall be provided in the Commercial Term Sheet (CTS).

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