FOB TRANSACTION PROCEDURE
1. Buyer issues ICPO alongside with BCL (To name of Seller) and Buyer
Company Registration, Company Profile, CPA / TSA.
2. Seller issues Commercial Invoice (CI) for the available quantity in the Seller Storage
Tank to the buyer. The Buyer signs and returns the CI to the seller with proof of funds
(POF) assigned to Sellers Attorney to expedite this transaction.
3. All Parties sign IMFPA and return for the Seller's Bank acknowledgment.
4. The Seller issues the POP documents as below and sends them to the Buyer:
A. Commitment to Supply
B. Certificate of Origin
C. Product Passport
D. Unconditional DTA
E. Fresh SGS (not older than 48 hours)
F. Tank Storage Receipt (TSR)
G. Injection Report
5. Upon Successful Dip Test Inspection in Sellers Tank, Buyer submits the
Tank Farm or NOR from his Shipping Company, and Seller injects the product into the
6. Within Twenty-Four (24) hours, Buyer issues 100% (MT103/TT) wire transfer
payment to the seller.
7. Seller pays commission to all the intermediaries.
8. Seller transfers the product title with the complete POP Documents to the Buyer and
pays the commission to the Intermediaries as per Master Fee Agreement.
9. Monthly contract to supply commences (12 months). For the contract, a revolving
IRDLC / SBLC will be required to be issued for the full term of the contract.