STS/ TTO ESCROW TRANSACTION PROCEDURE

1. Buyer issues official ICPO.

2. Seller issues original MOU.

3. Buyer countersign MOU and forward back to Seller Company.

4. Upon the receipt of countersign original MOU from the buyer, the Seller and the Buyer execute an Escrow Agreement with Seller Appointed Escrow entity, with both the Buyer and the Seller each depositing US$1,000,000 into an escrow account, totaling US$2,000,000. This is for the product in vessel and title transfer under the Buyers company name.

5. Upon confirmation of the Escrow Deposit of 2,000,000 USD, seller emails to the buyer the listed document issued in the name of the initial buyer sanitize as stated below:
a) Product Passport Analysis test report
b) Certificate of Origin
c) Bill of Lading
d) Vessel Notice
e) Cargo Manifest
f) Vessel Q88
g) Invoice for title takeover transfer ownership procurement guarantee
h) ETA

6. Upon seller receipt of the title takeover payment transfer procurement guarantee, seller orders for re-route to buyer’s desired port, transfers the title take over to the potential buyer’s company’s name and also re-issue all other outstanding documents to the potential buyer’s company’s name, such as:
a) Approval Export License certificate,
b) Authorization to board the vessel (ATB)
c) Dip test authorization (DTA)
d) Authorization to Sell and Collect (ATSC)
e) Title Transfer Ownership Certificate (TTOC)
f) Letter of Entrustment
g) Bill of Lading

7. After vessel arrives the discharge port and buyer carry’s out the CIQ/SGS inspection and upon a successful inspection, buyer pays by MT103 T/T for the full product.

8. Seller pays commission to Brokers/intermediary as per signed NCNDA/IMFPA within 48 hrs. after Buyer payment for full product has been confirmation by seller, and seller commences the subsequent monthly shipments if buyer intend to continue contract.