CIF Escrow Procedure..

1. Buyer issue ICPO must be with buyer company letterhead and buyer banking information.

2. Seller issue draft contract to buyer.

3. Buyer sign and return back to seller.

4. Seller issue the PPOP documents to buyer via email address such as
A) statement of availability of product,
B) commitment to supply,
C) certificate of origin,
D) product quality passport (analysis test report) by azerbaijani standard gost azs.

5. The buyer will make cash deposit of $ 350,000 by tt wire, or escrow payment transfer for security guarantee to enable seller to charter vessel and commence shipment, and this payment will be deducted from the total cost of product after inspection at discharge port, sellers bank issues full POP documents to the buyers bank alongside with the 2% performance bond (PB) to the buyer.
A) copy of license to export, issued by the department of the ministry of energy of azerbaijan.
B) copy of approval to export, issued by the ministry of justice, azerbaijan.
C) copy of statement of availability of the product
D) copy of the refinery commitment to produce the product.
E) copy of transnet contract to transport the product to the loading port.
F) copy of the port storage agreement.
G) copy of the charter party agreement to transport the product to discharge port.
H) copy of vessel questionnaire 88.
I) copy of bill of lading.
J) SGS report at loading port.
K) dip test authorization (DTA) & ATB
L) NOR /ETA.
M) certificate of ownership transfer.
N) allocation transaction passport code certificate (ATPCC) by Ministry of energy.

6. The shipment should arrive at buyers discharge port within 10~15 days.

7. The SGS inspection will be borne by the seller at the loading port and buyer at the unloading sea port.

8. Buyer releases payment to seller by TT/MT103 or release the escrow payment to sellers bank upon receipt of the shipping documents and confirmation of the Q &.Q by SGS/CIQ at destination port.

9. Seller pays commission within 48 hours by swift MT103 to all intermediaries as signed NCNDA/IMPFA.