1. Buyer issues ICPO along with Buyer’s company registration certificate.
2. Seller issues Sale & Purchase Agreement (SPA), Buyer review, amend (if necessary), signs, and return the SPA in WORD format to Seller within 3 banking days. Seller sends final SPA to Buyer in PDF format; Buyer confirms final SPA and issues letter of acceptance of the final SPA.
3. Seller issues to Buyer via email the following transaction documents (Partial POP):
a. ~ Refinery certificate of incorporate
b. ~ Certificate of Analysis (COA) also known as Product Passport.
c. ~ Unconditional Commitment to Supply
d. ~ Statement of Product Availability
e. ~ Sample of the Fully Funded LC and Invoice to be signed back by Buyers Bank as accepted and approved.
The buyer confirms the receipt of the documents by issuing a confirmation letter within 48hrs via email.
4. Buyer signs seller invoice and Within 3 banking days, Buyer’s bank in accordance with seller’s verbiage issues swift DLC MT700 to Seller’s fiduciary bank account to cover the 1st shipment total product value and send swift copies to Seller to enable seller commence loading of product with the shipping company. Seller’s bank issues 1% PB to Buyers bank to activate Buyers financial instrument within seven (7) days.
5. If Buyer fails to issue DLC MT700 in Seven (7) banking days, in alternative buyer shall make Security Guarantee Deposit of 10% via T/T Wire of the total product value to seller’s fiduciary bank account to secure the allocation and this payment will be deducted from the total payment of the first shipment.
6. Upon confirmation of buyers DLC MT700 to sellers fiduciary bank, seller will issue 1% Performance Bond, Full POP and Shipping Documents via SWIFT bank-to-bank as shown below:
A) Copy of the beneficiary’s unpaid final Commercial Invoice, duly signed
B) Certificate of Quality and Quantity issued by SGS, Intertek, Say bolt or equivalent
C) Full set of Bill of Lading (03 original copies) D) Vessel Notice of Readiness (NOR)
E) Marine Insurance Certificate
F) Ullage report
G) Cargo Manifest
H) Vessel Q88
I) Certificate of Origin
7. The product SGS inspection charges will be borne by Seller at the loading port. Seller invites buyer for visitation to witness the final inspection and TTM for negotiation of future transactions (Optional to Buyer). Seller signs NCNDA/IMFPA between all intermediaries involved with the notarized copy sent to Sellers bank.
8. Loading & Shipment of product commences as per schedule. Upon Vessel’s arrival and finalization of SGS at the destination port, Buyer releases payment via swift fund transfer within 3 to 5 banking days to Seller for total shipment value after the discharge of product at destination port and receipt of the entire relevant shipping and export documents. Seller within 48 hours pays the intermediaries involved according to signed & notarized NCNDA/IMFPA.