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.
1. Buyer issues Irrevocable Corporate Purchase Order (ICPO) / International Passport
2. Seller issues the MOU/TTO contract addendum for review and endorsement by all parties
3. Seller issues Proof of Product and Shipping documents as listed below:
A. Letter of Guarantee
B. Declaration of ownership
C. Q&Q Analysis Report
D. Ullage Report
E. Clean on board Ocean Bill of Lading
F. Cargo Manifest
G. Q88
4. Buyer makes 3% deposit by TT Wire or MT103 as guarantee to Sellers fiduciary bank account Agreed by the buyer within three (3) banking day. Payment in Chinese RMB. Seller will issue 2% PB. If the buyer fails to make the 3% payment within 3 banking days, contract will be terminated. All parties involved signed NCNDA/IMFPA
5. Upon receipt of the above payment of the 3% payment for total cost of product, the Ownership Certificate will be issued along with SGS or equivalent and Authorization to Board (ATB).
6. Upon the arrival of the vessel at discharge Port, Buyer submits ATB/ BL with the Captain on-board for DIP Test.
7. After the successful conduct of DIP Test, the vessel captain will hand over the entire original POP documents to the buyer's representative while buyer pays for the total shipment after SGS, CIQ or equivalent inspection at the discharge port via MT103, T/T Wire transfer and the re-routing fee will be deducted while offloading will commence immediately.
8. The product SGS inspection charges will be borne by the Seller at the loading port. Seller invites buyer for visitation to witness the final inspection and TTM for negotiation of the future transaction (Optional to Buyer). Seller signs NCNDA/IMFPA between all intermediaries involved with the notarized copy sent to Seller's bank
9. Loading & Shipment of the product commences as per schedule. Upon Vessels arrival and finalization of SGS at the destination port, Buyer release payment via swift fund transfer within 3 to 5 banking days to Seller for total shipment value after discharge of product at destination port and receipt of the entire relevant shipping and export documents. Seller within 48 hours pays the intermediaries involved according to signed & notarized IMFPA
