Tank To Tank Standard Sales Procedures (1) TTT
1. Buyer issues ICPO and Company Registration Certificate or any I.D. with TSA for Seller's verification.
2. Seller Issue Draft Commercial Invoice, Buyer and Buyerâ??s tank farm company completes and return to Seller within its validity.
3. Seller upon receipt of the above reverts with copies of the countersigned & legalized CI alongside full POP Documents as below listed:
* Fresh SGS Report (not older than 48 hours)
* Dip Test Authorization-Unconditional
* Injection Report
* Tank Storage Receipt with GPS Coordinates
* Letter of Commitment to Supply.
* Registration Certificate & Copy of Export License
* Authority to Sell & Collect (ATSC)
* ATV â?? For Physical Verification
* Irrevocable Commitment to Supply for Spot and 12 months Contract
* NCNDA/IMFPA
4. Buyer conduct Dip-Test in Sellerâ??s tank via SGS on Buyerâ??s cost; Seller injects the fuel into Buyerâ??s tank and Buyer makes payment based on Q&Q by MT103 wire transfer/TT according to the final CI
5. Seller transfers the title of ownership as per Buyerâ??s instruction. Buyer lifts the product.
6. Seller pays all intermediaries involved in the transaction and subsequently monthly contract shipment continues as per terms and conditions of the Sales and Purchase Agreement contract between Buyer and Seller.
FOB
PROCEDURE FOR TANK TO VESSEL TTV , TTT
1. Buyer issues ICPO to seller with CP and buyer passport.
2. Seller issue CI with NCNDA to buyer, buyer return signed Ci with NCNDA to seller.
3. Seller release the listed PPOP to the buyer as a prove of products:
I. Product Passport (analysis)
II. Statement of Product Availability
III. Commitment letter to supply
IV. Authority to sell (ATS)
4. Buyers bank issue MT199 swift bank to bank within 3 working days only.
Note: If the buyer fails to issue the MT199 swift within the 3 working daysâ?? time frame,
BUYER will be required to pay Alternative of $120,000 USD as a guarantee for TTT OR TTV
via TT transfer to the sellers nominated bank account, this amount will be deducted on the
final invoice of the successful transaction.
5. Upon confirmation of the buyer MT199 swift or alternative payment of the $120,000 usd,
seller issue to buyer endorsed TTVIA, or TTTIA , fresh SGS report , TSR and unconditional
DTA for the buyer dip test conducting physically.
6. Buyer issue CPA and vessel details to the seller. In order to program lift in the name of the
buyer at the sellers loading port. (Only buyers with ready vessels are considered.)
7. Upon confirmation of the buyer's vessel, the seller's programs lift in buyers name.
8. Upon completion of the dip test, the Buyer makes full total payment by MT103 wire
transfer for 100% of the product to seller's bank before loading, Title Ownership is
transferred to Buyer's name.
9. Seller load buyers vessels.
10. Seller releases payment to intermediaries within 24hrs of Buyer's payment. Payment
confirmation as per signed NCNDA & IMFPA.
