Crude Oil
9.1 Seller issues draft contract and draft Irrevocable Corporate Purchase Order (ICPO), open for amendments, to Buyer for procedure verification and acceptance. 9.2 Seller signs and seals the Sales Purchase Agreement (SPA) the â??Contractâ?� and emails to the buyer for signature and endorsement. 9.3 Buyer countersigns the contract and dispatches a copy to the Seller with ICPO. Buyer shall return copy of the signed Contract Agreement with Buyerâ??s Port of Discharge (POD)/NOR draft. 9.4 Seller loads vessel and sends to buyer full soft copies of cargo documents in buyerâ??s/ seller's name. Sellerâ??s loaded vessel shall issue a Marine Notice of Readiness (NOR) to the buyerâ??s port of discharge. 9.5 On receipt of NOR from Sellerâ??s loaded vessel, Buyerâ??s bank will issue ICPO to the Sellerâ??s bank. 9.6 On receipt and confirmation of ICPO at Sellerâ??s bank, Sellerâ??s loaded vessel shall sail to buyer's POD. Upon arrival of the vessel to buyerâ??s discharge port, Buyer shall be responsible for clearance of vessel to POD, and within 24-36 hours, Sellerâ??s vessel issues ATB (Authority to Board) to buyerâ??s inspectors to board the vessel to conduct Q&Q at buyerâ??s expense. Q&Q inspection and report must be based on the established procedures of the port of discharge. 9.7 Upon a successful Q&Q, Buyerâ??s inspectors release inspection report with copies to the seller. 9.8 Seller issues commercial invoice to buyer. The invoice shall be based on the Q&Q certificate. Seller also issues hard copy of documents to buyer. Documents (total original and Copies) will be sent to the buyer directly, or appointed bank by buyer for the payment. 9.9 Within 3 days from the date of the Q&Q Certificate, buyer pays to Sellerâ??s and agentâ??s account for the cargo via MT103). Vessel discharge to buyerâ??s tank. 9.10 Steps 9.4 to 9.9 is repeated for the next shipment.
