Procedures as below:

1. Buyer Company issues Irrevocable Corporate Purchase Order (ICPO) on its official company letterhead to the seller.

2. Seller Company issue Draft Contract / Sales & Purchase Agreement (SPA Open for amendments if any) both parties sign and seal the present contract and exchange the copies electronically.

3. Seller Company registers and legalizes contract officially with the appropriate authorities to facilitate booking of allocation and securing a legitimate approval for the Transfer of Ownership Title/Allocation to buyer’s Company name at seller’s expense.

4. Seller Company sends hard copy of the notarized and insured POP documents along with the legalized Contract to buyer Company. The Partial POP documents to be send along with the legalized Contract include:
-Certificate of Origin.
-Company Registration Certificate.
-Statement of Product Availability.
-Product Quality Passport (Dip Test Analysis).
-Refinery Commitment to Produce / Supply.
-Refinery Legalized Draft Contract.

5. Seller Company appoints a tested/reliable shipping and World-Renowned Logistic Company. Both end seller and end buyer will sign the Charter Party Agreement (CPA) together with the Shipping and Logistic Company (A three parties CPA). Seller/Buyer makes payment for the Chartered Freight Cost with the appointed shipping company for the transportation of the product to the buyer’s designated discharge port. Note: Fee made by buyer will be deducted when making payment for the total cost of the product at the discharge port after a successful CIQ/SGS test at the discharge port.

6. Seller’s bank sends through swift the original and full Proof of Product (POP) documents along with the 2% operative performance bond to the buyer’s bank and the irrevocable documentary letter of credit issued by the buyer’s bank on to the seller’s bank will become immediately operative.
-Copy of the Charter Party Agreement to transport the product to discharge port.
-Copy of Shipping Schedule Document.
-Product Analysis Report. -Certificate of Origin.
-Bill of Lading
-Tank Receipt.
-Vessel Q88.
-SGS Report.
-Certificate of Product.

7. Both banks will confirm to seller and to buyer that the irrevocable documentary letter of credit and 2% PB has been accepted and the shipping commences as scheduled in the contract for the CIF delivery.

8. Payment will be made for the product by the buyer’s Bank via T/T MT103 Wire Transfer to the seller’s bank after the CIQ/SGS Inspection at port of discharge and the delivery to the buyer’s bank of all documents required by the contract.

9. Seller releases the commission of the intermediaries immediately.