FOB PROCEDURE TANK TO VESSEL (TTV)

1. Buyer submits ICPO, and CPA.

2. Seller releases Commercial Invoice (CI). Buyer signs and returns it to Seller along with IMFPA / NCNDA.

3. Seller issues DTA or TTVIA, to be endorsed by Buyer and Buyer’s Logistic Company (Buyer is financially responsible to get endorsement by its Logistic Company on DTA / TTVIA). Without the logistics endorsement, alternatively Buyer will make a 1% payment to Seller / Seller’s nominated account via MT103 wire transfer security guarantee deposit which will be deducted from the product invoice of the final payment. Or Buyer will be blacklisted and legal actions will be instituted against Buyer for default, and penalty 5% transaction value.

4. Seller within Three days upon receipt of the endorsed DTA / TTTVIA or Buyer 1% payment, releases the following POP documents:
(a) Tank Storage Receipt (TSR) with full info including Terminal, Barcode & GPS
(b) Injection report
(c) Fresh SGS Report less than 48 hours
(d) Unconditional DTA on Buyer’s name
(e) Authorization to Verify (ATV)
(f) Authorization to Sell and Collect fund (ATSC)
(g) Commitment to Supply (CTS)
(h) Product passport and analytical report (PP)
(i) Certificate of origin (COO)
(j) Attestation of allocation (AOA)
(k) Legalized commercial invoice

5. Buyer verifies and confirms POP as above & orders SGS to conduct Dip Test of the product in the Seller’s tanks.

6. Upon successful Dip Test, Seller issues the full Injection Schedule to the Buyer.

7. Buyer pays total cost of the product via MT 103, against successful Dip Test at Seller’s tank, within 48 hours or Buyer will be responsible for each day’s tank extension cost.

8. Seller transfers to the Buyer TITLE OF OWNERSHIP CERTIFICATE and all other export documents.

9. Seller pays all the intermediaries involved in the transaction and subsequently monthly contract shipment continues as per terms and conditions of the Sales and Purchase contract between Buyer and Seller.