COST INSURANCE AND FREIGHT (CIF) PROCEDURE..

1. Buyer accepts seller’s procedure and issue ICPO with the following: banking details, Company profile, passport copy and acceptance letter stating to adhere to seller’s procedure.

2. Seller acknowledges buyer’s ICPO and issues contract to buyer open for amendment, buyer signs and return the contract to the seller in word format within 2 working international days along with NCNDA/IMFPA signed by all buyers’ group at agreed commission structures.

3. Seller makes the final signature and converts the contract to PDF Legalize with Ministry of Energy/Foreign Affairs and sends to buyer as final approved contract along with below documents through via mail to buyer:

A: Statement of Availability legalized with the Ministry of Energy
B: Commitment to supply legalized with the Ministry of Energy
C: Product Passport
D: Certificate of Origin

4 Buyer issues DLC MT700 within 5 working days in accordance with Seller's verbiage for first shipment's value to seller's financial bank. If buyer fails to issue DLCMT700 within 5 working days, in alternative buyer pay via MT103 / TT 3% as guarantee performance with 48 hours, which will enable seller to secure the allocation and arrange for the logistic cost to transport the product, the sum will be deducted from the Product Value in discharge port when making the full payment.

5. After confirmation of buyer DLC or the alternative payment, seller swift the full POP and 2% Performance Bond to buyer’s bank within three working days, below are the list of the full POP documents.
A: Product Allocation Export Permit,
B: Allocation Title Ownership Certificate,
C: Contract to transport the product to loading port,
D: Port storage agreement,
E: Charter party Agreement to transport product to discharge port
F: Tank Storage Receipt,
G: SGS Quality and Quantity Certificate,
H: Bill of Landing,
I: Vessel Questionnaire Q88,

6. Shipment commences as scheduled in the contract and upon arrival of the cargo at the discharge port and after SGS/Q&Q or Equivalent inspection immediately Buyer’s Bank releases the Total value of the shipping to Seller’s Bank within 48hours (two banking days) By MT103.

Other negotiable procedures..
CI dip and pay fob rotterdam port
FOB dip and pay China port
Commercial procedure FOB Rotterdam/Houston
Negotiable procedure FOB Rotterdam/Houston/Qingdao ports
Tank to vessel (TTV) procedure FOB Rotterdam/Houston