OPTION 15 (CIF):
BUYER IN ZOOM CALL WITH SELLER MANDATE/REP PRIOR TO ICPO.
- BUYER ISSUES ICPO MUST BE WITH BUYER COMPANY LETTERHEAD, BUYER BANKING INFORMATION, GUARANTEE TO PERFORM LETTER AND POF TO BE SENT TO REFINERY MANDATE’S OR REFINERY REPRESENTATIVE’S EMAIL ADDRESS.
- SELLER ISSUES DRAFT CONTRACT (OPEN FOR ANY AMENDMENTS) TO BUYER. BUYER SIGNS, SEALS AND RETURNS THE DRAFT CONTRACT TO SELLER FOR FINAL ENDORSEMENT. SELLER GIVES PARTIAL PROOF OF PRODUCTS:
- REFINERY COMMITMENT TO SUPPLY.
- CERTIFICATE OF ORIGIN.
- STATEMENT OF AVAILABILITY OF PRODUCT.
- PRODUCT QUALITY PASSPORT (ANALYSIS TEST REPORT) BY GOST K.
- WITHIN 7 BANKING DAYS, BUYER’S BANK SENDS AN IRREVOCABLE, TRANSFERABLE, CONFIRMED, OPERATIVE, UNCONDITIONAL & AUTO-REVOLVING DLC MT700 OR SBLC MT760 FROM A TOP 50 RATED BANK ACCORDING TO SELLER’S FIDUCIARY BANK VERBIAGE TO SELLER NOMINATED FIDUCIARY OFFSHORE BANK ACCOUNT FOR FULL CONTRACT. SHOULD BUYER FAIL TO ISSUE PAYMENT INSTRUMENT WITHIN 7 BANKING DAYS, BUYER WILL MAKE CASH DEPOSIT OF 5% BY TT WIRE TRANSFER FOR SECURITY GUARANTEE TO ENABLE SELLER TO CHARTER VESSEL AND COMMENCE SHIPMENT AND THIS PAYMENT WILL BE DEDUCTED FROM THE TOTAL COST OF PRODUCT AFTER INSPECTION AT DISCHARGE PORT. SELLER ISSUES FULL POP DOCUMENTS TO THE BUYER ALONGSIDE WITH THE 2% PERFORMANCE BOND (PB):
- COPY OF LICENSE TO EXPORT, ISSUED BY THE DEPARTMENT OF THE MINISTRY OF ENERGY
- COPY OF APPROVAL TO EXPORT, ISSUED BY THE MINISTRY OF JUSTICE
- COPY OF STATEMENT OF AVAILABILITY OF THE PRODUCT
- COPY OF THE REFINERY COMMITMENT TO PRODUCE THE PRODUCT
- COPY OF TRANSNET CONTRACT TO TRANSPORT THE PRODUCT TO THE LOADING PORT
- COPY OF THE PORT STORAGE AGREEMENT
- COPY OF THE CHARTER PARTY AGREEMENT TO TRANSPORT THE PRODUCT TO DISCHARGE PORT
- COPY OF VESSEL QUESTIONNAIRE 88
- COPY OF BILL OF LADING
- GOST K REPORT AT LOADING PORT
- DIP TEST AUTHORIZATION (DTA) & ATB L. NOR /ETA
- CERTIFICATE OF OWNERSHIP TRANSFER
- ALLOCATION TRANSACTION PASSPORT CODE CERTIFICATE (ATPCC) BY MINISTRY OF ENERGY
- SELLER WILL ISSUE TSR UPON SUCCESSFUL VERIFICATION OF ALL DOCUMENTS
- COMMERCIAL INVOICE
- SHIPMENT COMMENCES AS PER SIGNED CONTRACT DELIVERY SCHEDULE AND THE SHIPMENT SHOULD ARRIVE AT BUYER’S DISCHARGE PORT WITHIN 5-25 DAYS. THE SGS INSPECTION WILL BE BORNE BY THE SELLER AT THE LOADING SEAPORT AND BUYER AT THE UNLOADING SEAPORT.
- ALL INTERMEDIARIES SIGN NCNDA/IMPFA.
- BUYER RELEASES PAYMENT TO SELLER BY TT/MT103 (WITHIN 72 HOURS RECOGNITION OF PAYMENT) UPON RECEIPT OF THE SHIPPING DOCUMENTS AND CONFIRMATION OF THE Q & Q BY SGS/CIQ AT DESTINATION PORT. SELLER DISCHARGES CARGO.
- SELLER PAYS COMMISSION WITHIN 48 HOURS BY SWIFT MT103 TO ALL INTERMEDIARIES AS SIGNED NCNDA/IMPFA
- THE NEXT MONTH SHIPMENT CONTINUES.
