offer EN590 TTO Procedure
Category: Post
PRODUCT: DIESEL OIL EN590 10PPM
Origin : Kazakhstan
Intercoms : TTO
Min. Quantity: 100,000 MT Per Month
Max. Quantity: 500,000 MT Per Month
FOB PRICE: $520 PER MT
Commission: Buyer $5 open and Seller Side closed
Loading Port: Rotterdam, Houston, Fujairah, Jurong
Price: Pls ask
1. The buyer submits an ICPO via official email, ensuring gall intermediaries are copied.
2. The seller issues an Allocation Commercial Invoice (CI) for the buyers review and signature.
3. The buyer signs and returns the CI to the seller.
4. The seller facilitates communication between the buyer, the seller, and the sellers storage tank company via email.
5. The sellers storage tank company issues a Confirmation/Attestation Letter verifying the availability of the product in the sellers storage. (This letter is legally endorsed by the storage tanks legal department).
6. The buyer submits a formal request on buyers company letterhead for:
a. Extension of the sellers tank enabling the buyer to initiate a Dip Test, also to proceed with tank takeover arrangements.
b. Request for an extension fee refund agreement from the sellers storage tank company if the said product in the seller’s tank is not available or fails to meet SGS specifications after dip testing.
7. The sellers storage tank company provides the authorized request by buyer, Including the time, date, and coordinates of the tank terminal, within 72 hours for the
buyer to initiate SGS Dip Testing and subsequent procedures.
8. The seller presents all necessary product documentation to the buyer and the buyers inspection team at the storage tank terminal for verification.
9. Upon successful SGS confirmation and satisfactory test results, the seller transfers the product title to the buyer.
10.Seller issues NCNDA /IMFPA to Intermediaries for further processing.
11. The buyer immediately takes over the sellers tank and pays the seller the total Product value via MT 103, TT, or USDT.
12.The seller pays all intermediaries involved in the transaction in accordance with the NCNDA/IMFPA and the terms agreed upon in the CI between the buyer and seller.
It is alternative TTO procedure
1. Buyer issues official ICPO.
2. Seller issues MOU.
3. Both parties sign MOU
4. Upon receipt of signed MOU from buyer, seller sends Buyer by email the documents listed below:
a) Certificate of Origin
b) Product Passport (Dive Quantity and Quality Analysis Report)
c) Bill of Lading
d) Vessel Questionnaire 88
e) Vessels E.T.A (Estimated Time of Arrival)
f) Vessels Notice of Readiness (N.O.R)
g) Commercial Invoice for payment of Certificate of Title in the amount of USD 150,000.00
5. Buyer confirms the goods documents and the payment is sent to the fiduciary bank account of seller. This means payment of Distribution Guarantee to the bank designated by seller via T/T bank transfer, which should be deducted from the total cost of the product payment,
accepted within 48 hours.
6. After Seller receives payment, Seller issues all other POP documents, Certificate of Title, ATB/ATV so that Buyer can conduct Q&Q inspection of the product loaded on board the vessel.
7. After successful inspection, Buyer makes payment for the product via TT or MT103 bank transfer to Seller and accepts the tanker vessel.
8. Seller and Buyer sign a 12-month shipping contract.
9. Buyer issues its SBLC MT760 bank guarantee to Sellers bank to secure monthly deliveries, Seller issues 2% performance guarantee within 3 days for monthly deliveries under the contract.
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