TRANSACTION CIF PROCEDURES

1. Buyer issues ICPO with sellers’ procedure along with Buyers CIS to end seller via Sellers. representative

2. Seller Issues Sale & Purchase Agreement (SPA), Proforma invoice and corporate profile | CIS. Buyer reviews, amends (if necessary), signs, and return the SPA to Seller within 3 banking days. Seller sends final SPA to Buyer in PDF format; Buyer confirms final SPA and issues letter of acceptance of the final SPA.

3. Seller issues to the Buyer via email the following transaction documents:
A. Commitment to supply
B. Statement of product availability
C. ATCS, Buyer confirms the receipt of the documents by mail and issues a confirmation letter within 24hrs.

4. Buyer issue SBLC within five (05) working days if the buyer fails to issue SBLC with the timeframe, The buyer pays a deposit of $280,000.00 to supplier, Seller makes arrangements for the chartered freight with a renowned shipping company for the transportation of the product to the buyers designated discharge port, Seller and Buyer
sign the Charter Party Agreement (CPA) together with the shipping company.

5. After completion of the above, Seller issues to Buyer product title transfer agreement, Buyer signs, and returns. Seller legalizes the joint Contract with the authorities in charge and sends to the buyer the legalized contract, the certificate of product title transfer, and then proceeds with the port & custom clearance of the product and all internal routines operations accordingly.

6. Upon completion of the above and confirmation of this export approval by the Authority to Seller with the endorsement of the Charter Party Agreement (CPA) and the Shipping Schedule by the Port Authority, to enable Seller to release the below Proof of Product Documents:
~ Legalized Charter Party Agreement (CPA) with the Loading Port Authority.
~ Injection Report
~ Product Allocation Certificate.
~ Authorization to sell and collect.
~ Allocation Title Transfer Certificate.
~ Export License
~ Export Approval
~ Tank Receipt.
~ Dip Test Authorization.

7. The product SGS inspection charges will be borne by the Seller at the loading port. Seller invites buyer for visitation to witness the final inspection and TTM for negotiation of the future transaction (Optional to Buyer). Seller signs NCNDA/IMFPA between all intermediaries involved with the notarized copy sent to Sellers bank.

8. Loading & Shipment of the product commences as per schedule. Upon the Vessel’s arrival and finalization of SGS at the destination port, the Buyer releases payment via MT103 / telegraphic transfers (TT) within 5 banking days to the Seller for the total shipment value after discharge of the product at the destination port and receipt of the entire relevant shipping and export documents. Seller within 72 hours pays the intermediaries involved according to signed & notarized IMFPA.

9. Seller issues draft Sales and purchase agreement to the buyer to review for 12 monthly contract deliveries with role and extension.

10. Buyer reviews and approves the Sales and purchase agreement and issues Letter of credit, Standby letter of credit, or Documentary letter of credit (non-transferable) auto revolving for twelve (12) months shipment value, for the length of contract and for each lift per schedule.

11. Upon the products arrival at the port of delivery the vessel captain will hand over the entire original POP documents to the buyers or buyers’ representative, the buyer pays for each shipment after SGS, CIQ, or equivalent inspection at the discharge port, the Buyer release payment within 5 to 7 banking days via MT103 / telegraphic
transfers (TT) on each monthly quantity delivery.

12. The subsequent delivery shall commence according to the terms and conditions of the contract; the Seller pays commissions to all intermediaries as per IMFPA/NCNDA 72 hours after receiving the product payment from the buyer.