Specifications: Standard Export Quality.
* Payment: By MT103/760
* Price/Commissions: Final price to Buyer is the Gross, including all commissions.
Commissions
* Payment is then made by Seller, who carries out all commissions transfers.
* Contract: 12 Months with possible rollovers.
* Inspection: SGS or similar
* CIF DLC or SBLC PROCEDURE
1. Buyer issues ICPO, company registration, I.D. and Top World Bank redacted Bank
Statement or equivalent
2. Seller issues Sales and Purchase Agreement (SPA).
3. Buyer signs and returns SPA.
4. Buyer's Bank issues a RWA letter to guarantee to issue an instrument on behalf of the Buyer within three working days after receiving the following PPOP.
5. Seller issues PPOP to Buyer including the following:
A. Copy of license to export issued by the Department of the Ministry of Energy.
B. Copy of approval to export issued by the Department of Ministry of Justice.
C. Copy of statement of availability of the product.
D. Copy of the refinery commitment to produce the product.
E. Copy of contract to transport the product to port
F. Copy of the port storage agreement
G. Copy of the charter party agreements to transport the product to the discharge port.
H. Tank Storage Receipt (TSR)
I. Q & Q by Current SGS report.
6. Buyer's bank issues operative Letter of Credit DLC MT 700 or SBLC MT-760
to Seller's fiduciary Bank account.
7. Seller issues 2% Performance Bond to Buyers bank.
8. Shipment Commences
9. On getting to Buyer's port of discharge, the Buyer's inspection team board the vessel and perform an inspection. Buyer sends SGS report to Seller.
10. Seller provides shipping document and a master commercial invoice to Buyer, within 3 banking days, Buyer makes the payment in full via MT 103/TT to Seller's Bank account.
