COST, INSURANCE AND FREIGHT (CIF) TRANSACTION PROCEDURE:

1. Buyer issues Irrevocable Corporate Purchase Order “ICPO” with complete banking references, Company Profile (CP), Company Registration, Copy of Buyers authorized signatorys Passport

2. On receipt of buyers ICPO , seller issues (amendable) draft Contract (SPA)and a copy of the Proforma Invoice (PI) in favour of the buyer and NCND/IMFPA completed by Sellers Mandate/Broker.
3. Buyer returns to seller the signed and sealed Proforma Invoice and the SPA along with the IMFPA/NCNDA completed and signed by the Buyer, Buyers Facilitator/ Buyer Mandate Group and all Intermediaries.
4. Seller issues approved, countersigned, and sealed SPA which now incorporates the NCNDA/IMFPA as an Annexure within the SPA document. Both buyer and seller lodge the legalized SPA contracts in their respective Banks.

6. Seller issues PPOP, which will consist of the following documents:
a. Passport product analysis.
b. Authorization to Sell (ATS)
c. Commitment to Supply
d.Statement of availability of Product.

7. Buyer verifies PPOP and if satisfied with the outcome, issues inoperative, transferable / Non-transferable SBLC/DLC – (CHOICE IS BUYERS) within ten (10) business days. Inability to provide the banking instrument within the time frame, the buyer makes a payment of 3% as a transaction guarantee.

8. Seller issues 3% PB to activate the SBLC/ DLC.

9. Seller provides FULL PROOF OF PRODUCT, which will include:
*Copy of License to export (if applicable)
*Copy of Approval to Export
*Copy of Certificate of Origin
*Copy of Statement of Availability
*Vessel details, IMO Q88
*CPA- Charter Party agreement
*Fresh SGS from vessel at loading port, re-make SGS/CIQ Inspection at discharge port
*DTAOB- Dip Test Authorization on Board Vessel
ATB- Authority to Board
B/L cargo manifest
Certificate of authenticity
Certificate of quality (Issued by nominated Inspection Agency at the Loading Port)
Certificate of quantity (Issued by nominated Inspection Agency at the Loading Port)
Tanker Ullage Receipt
Ship Master’s Receipt for Sample
Ship Masters Receipt for Documents

10. Ship arrives at destination port and Q&Q inspection is conducted by nominated inspection agency such as SGS or equivalent others on the goods and checks through the Bill Of Lading (BL) and Commercial Invoice. . Upon satisfactory inspection report, the buyer releases payment via MT103/TT to sellers bank (100% payable for each shipment) within 3 banking days.

11. Documents from shipping on board vessel. (To be issued after loading)
*One Full set of 3/3,Ocean Bill of Lading;
*SGS Q/Q 2/2 at the port of loading;
*Certificate of Origin 1/2;
*Signed commercial invoice based on the delivered quantity and quality onboard vessel;
*Cargo manifest 1 original;
*Captain’s receipt of all documents of the shipped product 1/1.

12. After confirmation of receipt of payment seller shall instruct ships captain to discharge cargo.

13. Seller sends the title ownership documents to Buyer.

14. Seller Pays all intermediaries’ commissions as per IMFPA within 24 hours of receipt of Payment for shipment from Buyer.