TRANSACTION PROCEDURES CIF

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Description:

FOR ANY HYDROCARBON'S  TRANSACTION, FOLLOWING PROCEDURE HAS TO BE RESPECTED

Guaranty:
European Standard CE - SGS ISO Certificate

CIF PROCEDURES

 

1.Buyer issues  ICPO  with company registration certificate and company profile. (the ICPO should content BCL from his bank)

2.Seller issues Sales Purchase Agreement (SPA), Buyer  Countersign with 72Hrs and returns signed SPA, along with  CPA (Charter  Party  Agreemenet ) from any Iranian and Russian shipping Company for both review and counter signing .

3. Seller and Buyer sign NCNDA/IMFPA, with all parties involved.

4.Seller verifies the Buyers nominated Shipping Company and Seller signs the CPA with the Buyer .Seller sends copy of signed CPA to the Buyer with the below listed PPOP documents :

A. Copy of legalized contract

B. Product Passport (DIP test result)

C. Commitment to supply

D. Statement of product availability

E. Tank receipt at loading port

F. ProForma- Invoice

G. Company Registration Certificate

 

5. Buyer and Seller make payment for the CPA

 

6.Seller loads the product into the chartered vessel and the shipping company issues the below shipping documents both parties and vessel sails to buyer destination port :

a) Commercial Invoice

b) Ocean Bill of Lading

c) Cargo Manifest

d) Vessel Q88

 e) SGS or similar Certificate of Quality and Quantity

f) Certification of Origin

 

7.Buyer issue payment instrument in form of SBLC (MT760) or RDLC (MT700)

8. Upon arrival of the cargo at the Buyer’s destination port, the vessel Captain issues an  Authority  To Board (ATB) to the Buyer’s nominated agent to come aboard for Quality and Quantity analysis. After  Q&Q, Seller transfer title ownership to the Buyer, and Buyer issue MT103 for the full cargo.

9.Seller  makes payments to the involved  Intermediaries/Mandate in accordance with the signed NCNDA/IMFPA.

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