SPOT DEAL: Title-Take-Over (TTO) Tank Procedure (Non-Negotiable)
Tank Storage: Jurong, Singapore Product: EN590 10PPM ULSD
Price: $550/mt (out 10/10)
Quantity: 100,000/mt
1. Buyer shall unconditionally accept the Seller's Working Procedure and sign the
NCNDA/IMFPA. The draft ICP shall be given to the Buyer to be issued to the Seller containing the quantity confirmed by the Seller and the Seller's Transaction Procedure with:
(a) Company Registration Certification;
(b) Company Banking Details;
(c) Buyer Identificiation (i.e. Scanned Passport Copy); and
(d) POF (Bank Statement in last 7 days only).
Note: The ICPO and POF must be the same company, the Seller shall not accept any JV or LOA.
2. The Seller shall issue the Commercial Invoice (CI) to the Buyer and the Buyer shall sign and endorse the Commercial Invoice and return it to the Seller.
3. Upon receipt of the endorsed Cl by the Seller, the Seller shall email the Buyer the listed documents as stated below:
(a) Product Passport (Dip Test Analytical Report);
(b) Statement of Product Availability;
(c) Injection Report;
(d) Seller's TSR; and
(e) Invoice for Title Take Over deposit fee of 1% via MT-103/TT or Cryptocurrency.
4. Upon receipt of the 1% title take over payment, the Seller shall provide the Buyer with the Unconditional Dip Test Authorization (UDTA) for the Buyer's inspection team to perform on the tank along with the Seller's representatives.
5. The Buyer shall, within 24 hours after a successful dip test in the Seller's tank, pay for the Total Product Cost less the depost fee of 1% via MT-103/TT or cryptocurrency, afterwhich, the Seller shall transfer the Title Ownership to the Buyer's Company with all exportation documents required by the Buyer for the transportation to be completed.
6. Upon the completion of the transaction, the Seller shall pay all intermediaries involved in the transaction a commission by MT-103/TT or cryptocurrency (as signed in the NCNDA/IMFPA).
