CIF PROCEDURES WITH PAYMENT TERMS OF SBLC/DLC

1. Buyer Issues ICPO and Acceptance Letter with Sellers Delivery Procedures on Buyer Company Letterhead Along with Buyer Banking Information & Company Registration Certificate.

2. Refinery issues Sales Purchase Agreement to Buyer (SPA)

3. Buyer Signs and Returns the Spa to the Refinery with Guarantee of Compliance, Refinery issues Partial Proof of Products to Buyer:
(A) Certificate of Origin
(B) Irrevocable Commitment to Supply
(C) Performa Invoice for the First Value Month
(D) Statement of Availability of Product.

4. Within 7 Banking Days, Buyers Bank Sends Transferable Irrevocable Operative SBLC via MT760 or DLC via Mt700 According To the Refinery Fiduciary Bank Verbiage To the Refinery Nominated Fiduciary Offshore Bank Account for First Month Shipment, Should Buyer Fail To Issue Payment Instrument within the 7 Banking Days, the Buyer Must Make Cash Deposit of $150,000 USD The Total Quantity of the First Trial Shipment by MT103 /TT Wire Transfer, For Security Guarantee To Enable Seller Secure A Charter Vessel And Commence Shipment. A Letter of Guarantee of Refund Notarized By High Court Will Be Issued To Buyer and This Payment Will Be Deducted From The Total Cost of Product after Inspection at Discharge Port, REFINERY Bank Issues Full Pop Documents to the Buyers Bank alongside With The 2% Performance Bond And TTM Will Be Held in Buyers Designated Safe Location upon Arrival of Cargo at Buyers Discharge Port.

(A) NOR /ETA
(B) Bill Of Lading
(C) Official Export License
(D) Vessel Questionnaire 88
(E) Port Storage Agreement
(F) SGS Report at Loading Port
(G) Certificate of Ownership Transfer
(H) Dip Test Authorization (DTA) & ATB
(I) Charter Party Agreement to Transport the Product to Discharge Port
(J) Copy Of Transnet Signed Contract to Transport the Product to The Loading Port.
(K) Allocation Transaction Passport Code Certificate (ATPCC) By Ministry of Energy.
(L) Material Safety Data Sheet

5. Shipment Commences as per signed contract delivery schedule and the shipment should Arrive at Buyers Discharge Port within 5-25 Days. The SGS Inspection Will Be Borne Refinery at the Loading Seaport and Buyer at the Unloading Seaport.

6. Refinery /Buyer intermediaries complete and sign NCNDA/IMFPA agreements for processing

7. Buyer Releases Payment to refinery by TT/Mt103 upon Receipt of the Shipping Documents and Confirmation of the Q&Q by SGS/CIQ at Destination Port.

8. REFINERY Pays Commission within 48 Hours by Swift Mt103 to All Agents through NCNDA/IMPFA.

9. Seller/Buyer Proceeds on Yearly Basis as Per Signed Draft Contract.