A) C.I.F. - COST, INSURANCE, FREIGHT PROCEDURE:
1. Buyer issues an official Irrevocable Corporate Purchase Order (ICPO), with Sellers
procedures.
2. Seller issues Sales and Purchase Agreement (SPA) open for amendment via mandate to
Potential Buyer.
3. Potential Buyer countersigns, duly initial by Co- Buyer and sends back to Seller
the aforesaid SPA in Acceptance.
4. Seller issues, SGS report, Certificate of origin and product attestation letter to
buyer.
5. Seller requests the nominated shipping company to issue the Charter Party Agreement
(CPA) for Seller to sign with the shipping company as the Consignee to be shown on
the Bill of Lading to whom the shipment is consigned.
6. Seller submits the Contract to the Ministry of Energy for Legalization and final
approval and notarization (if required), Buyer and Seller make 50% payment of
Shipment value via MT103 TT
7. Seller Legalizes the Draft contract, and send the final approved contract to Buyer
via Secured Email service along with PPOP which include:
Product Passport (Quantity & Quality Dip Test Analysis Report).
Certificate of Origin.
Copy of TSR (Tank Storage Receipt) at Loading Port.
Legalized Contract (SPA).
Export License.
Fresh Data marine analysis Report
Note: Freight Payment (50/50 between Seller & Potential Buyer). Such payment shall be
deducted from the final cargo payment.
8. All parties involved in this transaction sign the NCNDA/IMFPA to product for all
intermediary's commission(s) as payable by each side oneself separately.
9. Once Receipt of Payment as aforesaid Seller commences loading of the product into
the chartered oil tanker vessel and provides the following shipping documents via
CoBuyer to the Potential Buyer after loading:
Ocean Bill of Lading
Cargo Manifest
Certificate of Insurance
Certificate of Ownership
Ullage Report
SDS (Safety Data Sheet) The Quota Allocation Certificate issued by the
Ministry of Energy
10.Upon vessel on arrival to the Discharge Port, Seller issues ATB/DTA via mandate to
Potential Buyer and meantime directs the Captain to dock with the shipping agent
along with inspection team to conduct Dip Test in the Vessel Tanker to confirm Q&Q.
11.Upon successful RESULT of Dip Test, Potential Buyer causes his bank to pay via
Swift MT103 by T/T wire.