We have EN590 =POP in hand right now.
Procedure as below;
TTM IN SELLER BANK ON MONDAY..PUT MONEY IN ESCROW, CHECK POP , AND DIPTEST AFTER
01. The buyer issues the Irrevocable Corporate Purchase Order (ICPO), Passport Copy and Company Registration Certificate to Seller
02. The Seller issues a draft contract/SPA as well as a Commercial Invoice (CI). The buyer shall proceed with Sales Purchase Agreement (SPA) and both parties to countersign the SPA or Sales Contract, under the condition that Singapore/Thailand and her sea ports are safe from war and political chaos, or FORCE MAJEURE.
03. The Buyer verifies the CONTRACT and CI, signs and return. After the Sales Purchase Agreement (SPA) and both parties countersigned the SPA or Sales Contract, the seller issues the Commercial Invoice (CI) for buyerâ??s review & acceptance. The buyer returns the countersigned CI.
04. The Seller provide IMO and Statement of Product Availability to the Buyer.
05. The buyerâ??s associate bank to issue commitment fee USD2,000,000.00 via Escrow Account to guarantee purchasing to the sellerâ??s bank to proceed with the transaction.
06. The Escrow Account holder confirmed to Seller the commitment fee, the Seller issue 2% PB from the commitment fee amount and provide Full POP to the Buyer.
07. Seller verifies Buyerâ??s Tank Storage Receipt (TSR) or Q88 and issue Dip Test Authorization (DTA) and Authorization to Verify (ATV). Seller conduct Dip Test of the product in the Vessel.
08. Upon successful Dip Test, Buyer pay for the full amount WITH COMMITMENT FEE (Escrow) DEDUCTED as agree in CI via SWIFT MT103 / TT transfer for the total product and after confirmation payment, Seller injects product into Buyerâ??s tank / vessel and Seller issue to Buyer Title Transfer & Change of Ownership Certificate of the product, within a maximum of 72 (Seventy-Two) hours upon successful SGS Certification.
09. Unloading of fuel from main vessel will anchor at IPL STS Singapore/Malaysia. Unloading of product shall take within 5-7 international working days.
10. Seller pays commission to all intermediaries involved in the transaction as per IMFPA/NCNDA within 48 hours after confirmation of the Buyer's payment.
11. The subsequent delivery shall commence according to the terms and conditions of the contract.
P 52368-2005
EN590 FOB TTV JURONG DIP&PAY Price: 610 $/MT Quantity: 300.000MT per month Procedure: 1- Buyer send CIS + CPA 2- Seller issue CI + PPOP 3- Buyer sign CI return 4- Seller authorizes SGS 5- After successful SGS, buyer pay the product by MT103
TANK TO TANK 1. Buyer's issue ICPOwith full banking details & company profile.along TSA. 2. Seller issue commercial invoice to buyer. 3. Buyer signed/sealed and returns commercial invoice with letter of acceptance to seller within 24hrs. 4. Seller pays first 3 days of storage tanks in Buyer's Tanks Farm and after the verification of Seller's payment, Buyer pays other 2 days to complete together TSR 5 days in Buyer's tank farm in the name both companies. TSR to include GPS Coordinates oftank location along withNotice of Readiness (NOR) 5. Seller issues to the buyer the below PPOP documents: a) Certificate of origin. b) Schedule of injection. c) Product Passport. Prices range from 400USD to 520USD Depending on Location, Refinery and Market Prices.
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1. BUYER issues LOI with full company KYC including: Company Details, Contact Details for Signing Authority, and Passport Facing Page.2. SELLER issues Soft/Full Corporate Offer SCO/FCO) including: Full Company Details, Contact Details for Signing Authority, Passport Facing Page, and Company Banking Details.3. BUYER accepts terms and issues Irrevocable Corporate Purchase Order (ICPO) addressed to the SELLER. ICPO MUST include SELLERâ??S procedures on BUYERâ??S official company letterhead.4. Included with ICPO, BUYERâ??S Bank issues a BCL/POF/RWA bearing the SCO REF Number: SCOKVPL0524001 a. BUYER authorizes SELLER and/or SELLERâ??S Financial Service Provider to verify BCL/POF/RWA via BUYERâ??S Bank. 5. SELLER issues PPOP upon successful verification of BUYER bank BCL/POF/RWA. Documents included in the PPOP document package are:a. SELLER Bill of Lading b. Loaded SGS Report Q&Q -(Notarized).c. Chief Officers Ullage report-(Notarized) d. SELLER Charter Party Agreement (CPA) e. Product Passport (product analysis report) -(Notarized) f. Certificate of Origin -(Notarized) g. Statement of Product Availability -(Notarized) h. Commitment and Assurance Letter to supply -(Notarized) i. Authority to sell and collect (ATSC) -(Notarized) 6. End-to-end procedure after issuing PPOP is NOT expected to exceed TEN (10) working days, including 96 hours for vessel loading laycan. 7. Included with PPOP, SELLER issues Commercial Invoice (CI), and NCNDA / IMFPA to BUYER. 8. The BUYER signs and returns the executed documents to the SELLER. If the documents are not executed in a timely fashion. The SELLER may terminate this agreement without prejudice to any rights or remedies of the SELLER. Notice will be in writing. 9. After safely receiving the PPOP and returning the executed CI and documents. The BUYER MUST issue either MT 700 DLC or MT 799 BLOCKED FUNDS to the full value of commercial invoice amount. 10. Additionally, the BUYER MUST present his vessel for loading in the nominated port and be ready within 24 Hrs to load the full cargo. When requesting the UDTA to be issued, BUYER MUST provide the following details to the SELLER: a. VESSEL NAME b. VESSEL Q88 c. Vessel Agent full contact details 11. After fund instruments and vessel nomination details are received. The SELLER will issue Unconditional Dip Test Authority (UDTA) to the BUYER. SELLERâ??S agent will contact the BUYERâ??S agent and program the vessel for ShipTo-Ship (STS) loading within 24 hours. 12. BUYER loading LAYCAN will commence 24hrs after the UDTA is issued to the BUYER. BUYER has 96 hours Laycan to finish loading the vessel. CIN: U74999DL2016PTC298417 13. BUYER Dips Tanks prior to vessel berthing. BUYER obtains fresh SGS Quantity and Quality report. 14. After successful Dip Test and Q&Q report. BUYER instructs account manager to make full payment of the full value of commercial invoice via SWIFT MT103 to SELLERâ??S nominated accounts.