1) Buyer will issue the Irrecoverable Corporate Purchase Order (ICPO) containing the Seller's Working Procedures with Banking Details, Scanned Passport Copy together with the Charter Party Agreement (CPA).
2) Seller will issues the Commercial Invoice (CI) of the Product at the Storage Tank, Buyer go through the CI then sign and return back the CI to Seller.
3) Seller will issue the mentioned below Partial Proof Of Product (PPOP) Documents :-
a) Commitment To Supply.
b) Statement Of Availability Of
Product.
c) Authorization To Verify The
Product In The Seller's
Storage Tank (ATV).
d) Authority To Sell And Collect
(ATSC).
4) Buyer Extends the Seller’s Storage Tank for 2 Days to Enable and Allow the Buyer’s Surveyor Team to Conduct the Dip Test Analysis Of Product with Q and Q Evaluation Of Product Available in the Seller’s Storage Tank before Injection.
5) After extending the Seller’s Storage Tank, the Seller will issue to the Buyer the following Documents listed below :-
a) Tank Storage Receipt (TSR)
with the Scanned Barcode &
GPS Coordinate.
b) Storage Tank Injection
Report.
c) Dip Test Authorization Letter
(DTA).
d) Fresh SGS Report.
e) Product Passport.
f) Export Licence.
g) Notarized Certificate Of
Product Origin.
6) Buyer’s Surveyor Team Inspect and Conduct the Dip Test in the Seller’s Storage Tank unconditionally at Buyer’s Expense.
7) Seller will issues the NCNDA and IMFPA document to all Intermediaries involve in the transaction and to Endorse and Return.
8) Upon the Buyer’s successful Dip Test in the Seller’s Storage Tank, the Product will be Injected into Buyer’s Vessel, the Buyer will makes payment for the Product Purchased via MT103 and the Seller will Transfer the Title Ownership to the Buyer.
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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