FOB Revised Transaction Procedures (Singapore)

Buyer to issue ICPO and its bank details, passport copy, Certificate of Incorporation; buyer must also provide bank statements within the last three days.

1. Seller issues Commercial Invoice (CI) for Singapore Tank Liftable Quantity (STQ). Buyer to sign and return the Cl in WORD format.

2. Seller to issue the following documents upon receipt of the signed Cl.
Copy of Certificate of Incorporation.
Export Licence.
Copy of Singapore Tanks Product Availability Statement.
Product Passport.
Pledge of Supply
Tank Storage Receipt (TSR).

3. The Seller also issues the following documents to the Buyer to enable the Buyer to enter the Sellers tanks to verify the EN590 of the subject matter of the transaction.
Unconditional Dip Test Authorisation (DTA)
Authorisation for Product Physical Verification (ATV)
Port Security Clearance Letter.
Singapore Shore Tank Inspection SGS Report.
Singapore Shore Tank Injection Report.
Certificate of Origin,
NCND/IMFPA notarised and endorsed by the seller and his bank.

4. After verification and validation, the buyer and seller sign the contract of sale.

5. The Buyer sends its SGS/inspection team to conduct a dip test in the Sellers tanks at the Buyers expense. After full verification, the buyer provides its CPA, Q88 and all container details and the seller injects the product into the buyers container.

6. The buyer pays for the entire product by wire transfer MT103/TT. Seller issues certificate of title and subsequently issues all export documents and buyer takes delivery of the product.

7. The seller pays all intermediaries involved in the transaction within 48 hours of confirmation of payment. Upon satisfactory conclusion of the trial transaction, the buyer and the seller sign a monthly delivery contract, including roll-overs and extensions.