ESCROW FOB PROCEDURE TANK TO VESSEL (TTV) / TANK TO TANK (TTT)

1. Buyer issues an irrevocable purchase order along with Know Your Customer (KYC) and Customer Information Sheet (CIS) to the Seller.

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 the Seller as final.

4. Both Buyer and Seller sign the escrow agreement via email or at the escrow attorney office in the USA (optional). Upon signing the escrow agreement, both parties make a non-performance security deposit equivalent to 4% of the nominal face value of the Commercial Invoice to the IOLTA 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, the Seller provides the 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 (not more than 48 hours old)
(e) Title Transfer Affidavit document
(f) Tank Storage Receipt
(g) Certificate of Origin

6. The Buyer schedules for the dip test at the Sellers tank storage and conducts the quality and quantity inspection. Upon the satisfactory dip-test report, the Buyer pays the Seller for the total cost of the product, deducting the 3% security deposit made to the escrow attorneys account.

7. The Seller transfers title to the Buyer and injects the product into the Buyers reservoir or vessel. Necessary documents like the Irrevocable Paymaster Agreement (IPA) or Tank to Tank Injection Agreement (TTIA) are signed by the Seller and Buyer before pumping.

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

9. The Seller and Buyer sign a contract for a 12-month shipment if necessary and satisfactory.