Procedure No. 4
FOB Tank To Tank (TTT)
1. BUYER ISSUES ICPO WITH BUYER COMPANY LETTERHEAD CONTAINING SELLER WORKING PROCEDURE WITH BANKING DETAILS, SCANNED COPY OF BUYERS’ PASSPORT DATA PAGE FOR SELLER’S VALIDATION. TSA IS TO BE PROVIDED TOGETHER WITH THE ICPO AND POF.
2. SELLER ISSUES A COMMERCIAL INVOICE (CI) OF THE PRODUCT.
3. UPON RETURN OF THE ENDORSED COMMERCIAL INVOICE WITH VERIFIABLE PROOF OF FUND OR BANK COMFORT LETTER (BCL) OR MT199/MT799 CONFIRMATION TO SELLER’S NOMINATED FIDUCIARY BANK ACCOUNT, THE SELLER WILL RELEASE TO THE BUYER THE FOLLOWING PARTIAL PROOF OF PRODUCT (PPOP) DOCUMENTS UNDER SELLER’ S COMPANY
NAME:
A. AUTHORIZATION TO VERIFY VIA EMAIL OR PHONE CALL (ATV)
B. PASSPORT OF PRODUCT ANALYSIS
C. CERTIFICATE OF ORIGIN (COO)
D. STATEMENT OF AVAILABILITY OF PRODUCT
E. REFINERY COMMITMENT LETTER TO SUPPLY THE PRODUCT
F. AUTHORISATION TO SELL AND COLLECT (ATSC)
G. INVOICE FOR THE EXTENSION OF TANK (6 DAY) AGAINST A LETTER OF PERFORMANCE GUARANTEE FROM THE
REFINERY
4. WITHIN 48 HOURS OF RECEIVING PPOP, INVOICE FOR EXTENSION OF TANK WILL HAVE TO BE PAID AFTER ALL THE PPOP DOCUMENTS ARE POSITIVELY VERIFIED BY THE BUYER.
5. ALL INTERMEDIARIES SIGN NCNDA IMFPA.
6. TANK EXTENSION COST TO BE MADE VIA TT/MT103 OR ANY OTHER FASTEST DELIVERY METHOD (USDT OR CRYPTO) AND DIRECTLY TO THE SELLER ACCOUNT AND THIS EXTENSION FEES WILL BE DEDUCTED FROM THE FINAL QUANTITY AND TV TOTAL VALUE OF THE PRODUCT INVOICE.
NOTE: SHOULD THE 6 DAYS’ EXTENSION PERIOD BE INSUFFICIENT FOR THE INJECTION PROCESS FOR THE BUYER TO TRANSFER THE PRODUCT TO HIS TANK, BUYER WILL NEED TO PAY THE SELLERS TANK FARM DIRECTLY FOR FURTHER TANK EXTENSION AT USD$85,000/DAY.
7. THE SELLER ISSUES NOTICE OF READINESS TO INJECT (NOR), ACCESS/CLEARANCE PERMIT, DIP TEST AUTHORIZATION (DTA) TO ALLOW BUYER WITH THE DIP TEST / SGS INSPECTION AT SELLER TANK AS SCHEDULED BY TANK OPERATOR. BUYER TO INFORM TANK FARM COMPANY AND MAKE TANK AVAILABLE FOR THE INJECTION PROCESS TO COMMENCE AS SCHEDULED.
8. SELLER COMMENCES INJECTION IMMEDIATELY INTO BUYER’S TANK, AND WITHIN 48 FROM THE COMMENCEMENT OF INJECTION, THE BUYER IS TO REMIT THE REMAINING BALANCE OF THE PRODUCT PAYMENT VIA TT/MT103. THE SELLER ISSUES ALL RELATED FINAL POP DOCUMENTATION UNDER BUYER COMPANY NAME AND TRANSFERS THE TITLE OF OWNERSHIP CERTIFICATE OF THE PRODUCT TO THE BUYER.
9. THE SELLER PAYS ALL INTERMEDIARIES INVOLVED IN THE TRANSACTION (VIA THE SIGNED IMFPA) UPON RECEIPT OF THE PAYMENT WITHIN 24 HOURS.
10. BUYER AND SELLER DISCUSS POTENTIAL CONTRACT AGREEMENT AFTER THE FIRST LIFT TRANSACTION.
