Mazut M100 -75 with payment by non operated DLC wanted
PROCEDURE : Basic Procedures for CIF
1. The Buyer issues an Irrevocable Corporate Purchase Order
2. The Seller issues FCO which buyer endorses and returns with the letter of acceptance to seller procedure.
3. The Seller issues draft contract open for amendments of which buyers sign and return.
4. Both parties confirm draft Contract by endorsing it.Seller registers and legalizes the contract with the appropriate Authorities and sends copy Made by in PDF format via electronic/email to the buyer.
5. Upon approval, the parties obtain on the Change of Ownership from authorities in charge for the ownership title from Seller name to buyer names as legal owner on this transaction with Ministry of Energy.
6. Upon this, Buyers issues Irrevocable, Confirmed Non-Operative DLC for the initial shipment to Seller Bank confirmed. NO UPFRONT COSTS TO BUYER FOR CHANGE OF TITLES.
7. The Seller bank will send Buyer’s bank the notification letter bank confirmation of listed Proof of Products and guarantee delivery of the goods with full banking responsibility via Swift POP Bank to Bank to proceed.
8. Seller and Buyer finalize shipment schedule with the shipping company.
9. Seller shall issues to buyer’s Bank the proof of products (POP) plus 2% Performance Bond to activate the Non-Operative DLC which also includes the following.
a. Transaction/Deal Passport
b. Copy of the tank receipt issued by the storage facilitator.
c. Copy of license to export, issued by the Ministry of Energy.
d. Copy of approval to export, issued by the Ministry of justice.
e. Copy of statement of availability of the product.
f. Copy of the Refinery commitment to produce the product.
g. Copy of Ojse AK Transneft contract to transport the product to the port.
h. Copy of the port Storage agreement.
i. Copy of tank storage receipts.
j. Copy of Resources Certificate.
k. Copy of seller Company passport of the products.
l. Copy of Dip Test Authorization / assignment ownership document.
m. Copy Vessel Questionnaire 88.
10 Buyer’s bank issues Irrevocable, Confirmed Non-Operative, Non-Transferable, Documentary Letter of Credit (ICNDLC via MT700) for the One Trial shipment of 50,000 metric tons and Irrevocable then for the balance cargoes, Buyer will issue an Irrevocable, Confirmed Revolving, Non-Transferable, Documentary Letter of Credit (ICRNDLC via MT700) of 90 days validity for one month cargoes value to the Seller names from a prime world ranking banks guarantee Model ICC458 acceptable in written by Buyer and Seller and invitation for Buyer to attend SGS Inspection at loading port and if the Seller fail to supply the cargo of the product this 2% will be paid to buyer.
11 Shipment commences as per the contract, and the buyer release the payment to the seller based on the outturn shipment delivered per slot via SWIFT fund transfer TT or MT103 after the CIQ inspection cargo arrive discharge port as well as the receipts of all relevant shipping documents within 5 banking days from the arrival of vessel. shipment should arrive at Buyer’s discharge port within 30-40 days after the Financial Instrument received by the Seller’s Bank, same time seller all Brokers/Agents same time outturn shipment delivered per slot via SWIFT fund transfer according to NCNDA/IMFPA.
* If CIQ certificate is not issued within 5 banking days from the arrival of vessel. The seller has the right draw from the Banks against the L/C based on the SGS report at loading port.
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