MAZUT Sellers Published date: September 8, 2015 Modified date: December 15, 2015

We are China end buyer and is looking for Mazut M100 and Russian crude oil. Our ideal procedure is as below.
1. Seller issue the SCO to Buyer.

2. Buyer confirms and issues ICPO (Irrevocable Corporate Purchase Order) to the Seller.

3. The Seller sends drafts Contracts to the Buyer, then both parties confirmed and signed the hard contract. Both parties lodged the contracts to their respective banks. Buyer's bank issues swift free message or MT 199 to Seller's bank that they are ready to receive Seller's PB.

4. The Seller's bank will issue partial POP and 2% Non-operative PB to Buyer's bank after signed the contract and received Buyer's MT199

5. Buyer's bank will issue Irrevocable Documentary Letter of Credit to Seller's bank after receiving full set POP and 2% Non-operative PB and that operative DLC shall activate the 2% PB.

6. The Seller commences shipment and delivered as per Contract.

7. Buyer will release payment by MT 103 (T/T) to Seller's bank along with quantity to be delivered within 5 days after cargo arrive at the discharging port and inspect by CIQ.

8. The SGS inspection Charges will be borne by the Seller at the loading seaport and CIQ will be by Buyer for the unloading seaport.

9. Buyer release payment to the Seller's bank shipment delivery per shipping schedule program via SWIFT fund transfer within 7 banking days after discharge of cargo and receipt of all the relevant shipping documents with CIQ Inspection Certificates at unloading port of immediate negotiation and credited at Buyer's bank account.

• Country: China

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