1. Buyer issues Purchase Order upon receipt in acceptance of Sellers Soft Offer.
2. Seller issues Draft Sales and Purchase Agreement Contract and Commercial Invoice for Buyers review and signing.
3. Buyer signs the Sales and Purchase Agreement Contract and Commercial Invoice and sends back to the Seller.
4. Seller registers and legalizes the signed Sales and Purchase Agreement contract.
5. Seller sends legalized contract and below Partial POP Documents to Buyer as listed below: A. Certificate of Origin.
B. Commitment to Supply.
C. Product Passport
D. Statement of Availability of the product. E. Export License.
6. Buyer issues their Financial Guarantee (SBLC MT760 or DLC MT700) to cover the first shipment to Sellers bank in Seven (7) working days.
7. If the Buyer fails to issue SBLC or DLC in Seven (7) working days, in alternative Buyer shall make Guarantee Deposit of 5% TT Wire from total value of the Contract or US$ 320,000 to the Sellers fiduciary bank account as performance to secure the allocation which will be deducted from the first shipment.
8. Upon confirmation of Buyers SBLC/DLC or Guarantee Deposit of 5% TT Wire to Sellers bank, Seller will issue 2% Performance Bond, Full POP and Shipping Documents via SWIFT bank to bank as shown below:
A. Product Allocation Export Permit
B. Allocation Title Ownership Certificate
C. Transneft Contract to transport the product to the loading port
D. Port Storage Agreement.
E. Charter Party Agreement to transport the product to discharge port. F. Tank Storage Receipt.
G. SGS Quality and Quantity Certificate.
H. Bill of Lading.
I. Vessel Questionnaire 88.
9. Shipment commences and upon arrival of the vessel tanker at the discharge port, Buyer conducts SGS Inspection and makes operative SBLC/DLC or makes payment for the full shipment via TT Wire or MT103.
10. Seller pays all intermediaries involved in transaction as per NCNDA/IMFPA within 48 hours.