MAZUT Buyers Published date: August 1, 2015 Modified date: August 1, 2015

1. SCO is issued to buyer
2. Buyer sends ICPO with full banking details and registered
3. Seller issues FCO to Buyer to sign and return back.
4. Seller issues draft contract to buyer and it open to amendment if any.
5. Buyer and Seller endorse the Final agreed Draft Contract. Seller Legalizes the Draft contract.
6. Both Parties Lodge the Final Contract with their Respective Banks. Buyer's bank issue swift free message to Seller's bank to inform that their bank is ready to issue non operative DLC.
7. Seller's bank reply swift free message to buyer's bank to inform that their bank is ready to receive Buyer's non operative DLC and send the final approved contract along with the following PPOP documents to Buyer's Bank.
v Tank receipt
v Statement of product availability.
v Product passport(dip test result)
v Commitment to supply
v Commercial invoice
v Certificate of origin
v Tank Storage Agreement
8. Buyer's bank within Seven (7) banking days, after receiving the PPOP documents and swift free message from Seller's Bank, Buyer’s Bank issues, IRREVOCABLE, CONFIRMED, non-operative DLC MT700 for first lift to Seller’s fiduciary bank, and failure to confirm Buyer`s POF within the 7 banking days; Buyer becomes responsible for the Storage Reservation Charges, pending the confirmation of the swift POF.
9. Seller Bank issue a 2% PB (Performance Bond) via swift to buyer’s bank and the DLC become operative automatically, and send full Proof of Product (POP).
10. Shipment commences as per schedule.
11. Buyer releases payment to Seller upon confirmation of the Q & Q at destination port.
12. Seller releases payment to all intermediaries involve as per the signed NCNDA/IMFPA.

• Company Name: China
• Country: China

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