FOB (NON-NEGOTIABLE) TANK TAKEOVER PROCEDURE (TTO).

1. Buyer issues ICPO along with Buyer’s POF and CIS.

2. Seller issues Commercial Invoice (CI). Buyer signs and returns the Commercial Invoice to Seller within 24 hrs.

3. Seller provides the following PPOP documents to Buyer:
(a) TSR – Tank Storage Receipt with full details including Terminal, Barcode & GPS Coordinates of the Seller’s Tank
(b) Statement of Product Availability
(c) Commitment Letter to Supply
(d) Three (3) days tank extension invoice issued by Seller’s Tank Farm

4. Buyer pays Seller’s Tank Farm to extend Seller’s Tank as per terms and conditions of the Tank Storage Agreement (TSA) between Buyer and Seller’s Tank Farm. Buyer pays Seller’s Tank Farm in USDT or via MT 103 / TT (Buyer must complete and pay within 2 working days upon receipt of the invoice issued by Seller’s Tank Farm to extend the Seller’s Tank for 3 days) to enable Seller to conduct DIP TEST at Seller’s Tank at Seller’s cost.

5. Seller issues the following POP documents to Buyer:
(Note: Buyer should be financially responsible for all costs of purchase directly attributable to the acquisition of the product. Subject to the clearance confirmation from the port authorities, Seller will release the POP documents in full to Buyer accordingly.)
(a) TSR (updated) – Tank Storage Receipt with full details including Terminal, Barcode & GPS Coordinates of the Seller’s Tank
(b) Unconditional Dip Test Authorization
(c) Certificate of Product Origin
(d) Fresh SGS Report less than 48 hours
(e) Product Passport Analysis
(f) Company Certificate
(g) ATSC – Authority to Sell and Collect
(h) ATV – Authority to Verify the Existence of Product via email or phone call

6. Buyer takes over Sellers Tank and performs 2nd Dip Test at Buyers cost, and upon satisfactory SGS inspection result, Buyer pays Seller via MT103 or TT of the total product value.

7. Seller transfers the product title of ownership to Buyer’s name.

8. Seller issues the Sales and Purchase Agreement to Buyer for roll over to contract of 12 months.

9. Seller pays all the intermediaries involved in the transaction and subsequently monthly shipments continue as per terms and conditions of the Sales and Purchase Agreement between Buyer and Seller as per NCNDA/IMFPA.