JP54 Buyers Published date: May 4, 2020

THE NON-NEGOTIABLE TRIAL PROCEDURE FREE ON-BOARD FOB NOVOROSSIYSK PORT RUSSIA

1. Upon acceptance of the seller’s, offer, the buyer issues the IRREVOCABLE CORPORATE PURCHASE ORDER (ICPO) copying this FOB – PORT OF LOADING RUSSIA working procedure, and to include the following:

a. The buyer’s full banking details

b. The buyer’s data page of the Passport

2. Upon verification and acceptance of the buyer’s ICPO and it’s supporting documents, the seller issues the COMMERCIAL INVOICE (CI) to the buyer for the spot shipment for review and acceptance.

The buyer signs and returns the CI to the seller.

3. Upon full executions of the CI by both the seller and the buyer, the seller will nominate a suitable shipping company to the buyer.

4. Within 7 (seven) days after the seller’s shipping company nomination, the buyer to provide the seller with the TERM CHARTER PARTY AGREEMENT TCPA and the vessel’s Q88.

The seller will immediately arrange for the product’s SGS QUALITY AND QUANTITY INSPECTION (SGS Q&Q) procedure and to provide the nearest possible dates for the lifting schedule to the buyer.

5. Upon completion of SGS Q&Q, the seller issues and email the soft copies of the PROOF OF PRODUCT (POP) as shown below to the buyer:

a. Fresh SGS Quality and Quantity Q&Q Reports, in the buyer’s name

b. Approved Commercial Invoice, endorsed by various authorities

c. Exports License

d. Product Passports

6. The seller will immediately commence loading the cargo into the buyer’s vessel as scheduled.

7. Within a maximum of 48 hours upon notice of completion of the loading of the cargo into the buyer’s vessel, the buyer’s bank releases the full payment of the value of the product shown in the Commercial Invoice via Wire Transfer SWIFT MT 103 FUND TRANSFER to the seller’s bank.

The seller’s bank to verify and confirm the receipt of the cargo payment, and upon confirmation of the payment, the seller releases all the original copies of the Proof of Product POP documents in the buyer’s name to the buyer’s bank.

8. NCNDA/IMFPA is signed by the involved parties, and after the buyer’s payment being confirmed, the seller within a maximum of 48 hours, remit the clean and clear commissions in full to all the intermediaries.

9. The spot between the seller and the buyer completed.

• Company Name: Mikhail Vasyenka
• Country: Russia Federation

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