MAZUT Buyers Published date: July 11, 2014 Modified date: July 27, 2014

Dear Sir,
Good day kindly see procedure. The buyer’s need mazut so if the procedure is workable by the seller then buyer will issue ICPO.

Appendix No.4
PROCEDURE OF THE TRANSACTION

Buyer issue ICPO to seller.

Seller issues FCO and Draft Contract Open for amendments.

Buyer counters sign and seals the draft contract and sends via e-mail to seller.

Seller countersign and complete all the codes in contract, registers and legalizes the hard copy contract with the Ministry of Energy.

Seller issues Partial POP and Registered Contract to buyer. Both parties exchange hard copy of contract via courier and lodges contract in respective banks for filing,

Within five banking days, buyer submit AFV (Authorization Fund Verification letter) to seller’s bank, seller’s bank shall verify buyer’s fund via swift through bank to bank, both party’s bank communicate for buyer’s financial capability. Finally, buyer’s bank issue swift block fund for 90 days to seller’s bank.

Within five banking days, seller’s bank issues through swift an Irrevocable, Non-Transferable, revolving once times per month, validity 366 days non-operative 2% PB to Buyer’s bank.

Within five banking days, upon receipt of the seller bank’s 2% PB, the Buyer’s bank issue an Irrevocable, Non- Transferable, revolving once times per month, validity 366 days MT700 (RDLC) to seller’s bank and automatically active seller’s 2% PB.

Within five banking days, Seller’s bank issue full set of POP to Buyer’s bank.

Delivery Commences as Per Contract and the Shipment Should Arrive at buyer's Discharge Port within 20-25 Days.

Upon completing of CIQ inspection at the discharging port, within five banking days, buyer shall make TT payment to seller’s account against the shipping documents.

If buyer fails to provide CIQ tests report within 5 days after discharging, Buyer agrees payment based on SGS report done at the loading port.

Upon receipt of buyer’s payment, Seller will immediately release commission within 2 banking days to all involved intermediaries in accordance to IMFPA signed.
Rgds,
On behalf of buyer
HECTOR/Nahid Hasan
hasanagencyDOTbhomraATgmail.com
skypehasan9

• Company Name: M/s. Hasan Agency
• Country: Bangladesh

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