Procedures as below:

1) The Buyer issues ICPO/LOI to the Seller.

2) The Seller issues the Draft Contract SPA for the Buyer to sign and return.

3) The Seller sends copy of the approved, final Contract to the Buyer along with below Partial – POP Documents.
(a) Commitment to supply
(b) Certificate of origin
(c) Statement of product availability
(d) Quality and Quantity Report (Product Passport).
(e) Seller Certificate of Incorporation
(f) 100% LC Proforma Invoice

4) Within 10 banking days, Buyers bank sends Irrevocable Operative DLC via MT700 to sellers fiduciary bank verbiage to seller nominated fiduciary offshore bank account for first month shipment. Should buyer fail to issue payment instrument within 10 banking days, the buyer will make a cash deposit of $500,000 USD by TT wire transfer for security guarantee to enable seller charter vessel and commence shipment, and this payment will be deducted from the total cost of the product after inspection at the discharge port, or legal action will be taken against the buyer for default.

5) Sellers Bank issues Full POP Documents to the Buyer’s Bank alongside with 2% Performance Bond (PB2%).
a) Copy of license to export, issued by the department of the Ministry of Energy
b) Copy of Approval to Export, issued by the Ministry of Justice
c) Copy of statement of availability of the product.
d) Copy of the refinery commitment to produce the product
e) Copy of Transnet contract to transport the product to the loading port
f) Copy of the port storage agreement
g) Copy of the charter party agreement to transport the product to discharge port
h) Copy of Vessel Questionnaire 88
i) Copy of Bill of Lading.
j) SGS Report at loading port
k) Dip test Authorization (DTA) & ATB l) NOR /ETA
l) Certificate of Ownership Transfer
m) Allocation Transaction Passport Code Certificate (ATPCC) by Ministry of Energy

6) Shipment commences as per signed contract delivery schedule and the shipment should arrive at Buyer’s discharge port within 7-15 days. The SGS inspection will be borne by the Seller at the loading seaport and the Buyer at the unloading seaport.

7) Upon successful product confirmation against SGS/CIQ Report of Quality and Quantity at destination port, the buyer makes payment by MT103.