1. Buyer issued ICPO/CP in respect to Seller terms and working procedures.
2. Seller issue SPA to buyer open for amendment and buyer sign, seal and returns to Seller with a letter of acceptance. The parties lodge signed SPA to their banks.
3. Seller submits the contract to the LNG Plant for final verification, Buyer provide the confirmation for the storage facility in the port of discharge and financial capabilities. Additionally buyer must inform us about:
(a) Draft restrictions at discharge point
(b) Max load of the vessel
(c) Vessel age restrictions
(d) Geared/gearless
(e) Discharge rate per hour
4. Seller issue the below PPOP
(a) Availability of Product.
(b) Sellers Incorporation Certificate.
(c) Product Passport (Quality and Quantity Analysis)
(d) Certificate of origin
(e) Commitment to supply
(f) Statement of product availability
5. Buyer’s bank in accordance with seller’s verbiage issues bank instrument in the form of SBLC MT760 within approximately 7 working days to the seller/LNG Plant. SBLC MT760 Must be conditional to the agreement which will be directly from Buyer to the seller/LNG Plant. Validity should be for 1 year and 1 day or upon termination of contract. After confirmation of the SBLC in Seller’s nominated bank, the Seller’s nominated banks shall issue 2% PB to the buyers Bank including all terms and condition per signed SPA. The 2% PB must be valid for the full contact term after issuing 2% PB by the Seller’s bank, the SBLC via MT 760 automatically becomes operative.
6. Seller commence with the Product to vessel loading, upon complete loading, seller sends the full POP documents including the shipping documents to buyer.
(A). Copy of Statement Availability of the Product
(B). Copy of Charter Party Agreement
(D). Product Analysis Report
(E). SGS Report
(F). Bill Of Lading
(G). Certificate of Origin
(H). Vessel Q88
(J). Certificate of Inspection
(K). Notice of Readiness
(L). Net Weight
(M). Full Packing List
(N). Cargo Manifest.
7. Payment will executed against presentation of above nominated shipping documents via SWIFT MT103.
8. Seller confirms payment. Title of product will be transferred to buyer with all necessary documents.