REFINERY TTM ESCROW PROCEDURE..

1. Buyer issues an irrevocable purchase Order and TSA/CPA to the Refinery.

2. Seller issues a Commercial Invoice for the immediately lift able Commodity to the Buyer.

3. Buyer countersigns the Commercial Invoice and sends it back to REFINERY as final.

4. Both End Buyer and Refinery sign the Escrow Agreement via email. Upon signing the Escrow agreement, both parties make a non-performance security deposit equivalent to 5% of the nominal face value of the Commercial Invoice to the Account of the Escrow Attorney. The non-performing party forfeits the Escrow deposit to the offended party if it fails to perform its obligation as per the signed Commercial Invoice.

5. Upon confirmation of the security deposit by the Escrow Attorney, REFINERY provides following Proof of Product (POP) documents to the Buyer:
a. Injection report
b. Tank receipt
c. Unconditional Dip Test Authorization (UDTA)
d. SGS Quality and Quantity report
e. Title Transfer Affidavit document
f. Tank storage agreement
g. Certificate of Origin
h. Authorization to sell.
i. Authorization to Verify the Product in Refinery Tank (ATV).
j. Product Passport Test Analysis Report

6. The Buyer if requires, schedules for the dip test at Trans Oil Gas, Too tank storage and conducts the quality and quantity inspection. Upon the satisfactory dip-test report, the Buyer pays Refinery for the total cost of the product, deducting the 5% security deposit made to the Escrow attorneys account.

7. Refinery transfers title to the buyer and injects the product into the buyers tank or vessel. Necessary documents like the Irrevocable Paymaster Agreement (IPA), Tank to tank injection agreement (TTTIA) or Tank-to-Vessel Injection Agreement (TTVIA) is signed by the Refinery and buyer before pumping.

8. Refinery pays commissions to all intermediaries within 48 hours after receiving payment from the Buyer.

9. REFINERY and Buyer sign a contract for a 12-month shipment if necessary and satisfactory. It is essential to ensure that all steps and documents in the transaction adhere to legal and regulatory requirements specific to the jurisdictions involved. Consulting legal professionals experienced in international trade or energy transactions can help ensure compliance with all relevant laws and regulations.