Transaction Procedure Fob Dip & Pay Rotterdam

1. Buyer accepts seller working procedure and issue ICPO to the End seller via Seller's representative.

2. Seller issues a commercial invoice and NCNDA and Buyer signs and returns commercial invoice on due date along with Buyer TSA.

3. The Seller issues following PPOP to buyer for evaluation:
â?¢ Statement of Product Availability
â?¢ Passport product analysis.
â?¢ Authorization to Sell and collect (ATSC).
â?¢ Letter of Guarantee
Upon buyer verification and confirmation of the above PPOP Documents, buyer provide signed TTTIA with his tank company to engage injection Programming.

4. Seller provides buyer with Injection program, Fresh SGS, Injection Report and ATV (Physical Verification) with Unconditional DTA for Dip Test in seller tank for product reconfirmation before injection to buyer tank.

5. Buyer makes 100% payment by MT103 TT wire transfer for the total product and Seller pays commission to all intermediaries involved in the transaction within 24 hours after confirmation of the buyer's payment.

6. Seller issues draft SPA to the buyer to review for R&E monthly deliveries.

7. Buyer reviews and approves the SPA and issues SBLC/IRDLC irrevocable, non-transferable, auto revolving for 12 months shipment value, documentary letter of credit for length of contract and for each lift per schedule. Buyer pays after Dip Test by MT103 Wire Transfer one each monthly quantity.

8. The subsequent delivery shall commence according to the terms and conditions of the contract.

9. Seller pays commissions to all intermediaries as per IMFPA/NCNDA 24 hours after receiving payment from the buyer.