TRANSACTION PROCEDURES FOB
Procedures: Dip & Pay FOB.
JPA1, JP54, D2, AGO, D6, EN590, 500PPM, MAZUT, REBCO.
Dip Test on Seller tank before injection into buyer hire tank
1.BUYER ISSUES ICPO +NCNDA/IMPFA + COMPANY PROFILE to the Sales Director of:
2) Seller issue Commercial Invoice (CI) for Buyer to countersign and return to Seller signed CI along TSA for Seller approval.
3) Seller Approve buyer TSA and issue POP documents to Buyer: Commitment to supply, Certificate of Origin, Q&Q done by indigenous lab at port of Origin, ATS (Authorization to Sell) License certificate, Statement of availability of product, Notice of Readiness (NOR) to Commence Injection of the Product.
4) Buyer provide to Seller Tank Storage Receipt(TSR), Authorization to Verify (ATV), Readiness to Receive Fuel (RTR) and send to Seller. 5) Seller confirm buyer tank and verify buyer tank then Seller issue to buyer Dip Test Authorization(DTA), Tank Storage Receipt (TSR), Authorization to Verify (ATV) to enable buyer verify the fuel in Seller tanks.
6) Buyer engages SGS to conduct Q&Q dip Test Inspection on the Product on Seller tank to check the Quality and Quantity of the fuel before injection can to take place to be sure the product match the Specification for international Standard product.
7) Seller inject fuel into buyer tank and buyer confirm the fuel and buyer Pays by MT103 against SGS report
8) Seller issue Title ownership documents to buyer
9) The commissions will be paid by the BUYER, against IMFPA with the following distribution: • 50%: Seller Side - Closed to xxxxxxxx-commodities. • 50%: Buyer side - Open to Buyer Mandate and Buyer Intermediaries.
10) Seller issue contract to buyer for signing and buyer sign and return same back to Seller.
11) Seller open 2%PB to buyer to guarantee the contract shipments and buyer open BG to guarantee the contract shipments and buyer make payment against Q&Q done by SGS report with Commercial Invoice on each slot tank
12) Buyer will pay 5% to Seller as penalty if the buyer fails to performed and default while Seller will pay 5% to Buyer as penalty if the Seller fails to performed and default.
-----WE DO NOT ACCEPT ANY ICPO WITH OTHER PROCEDURE-----
These procedures, prices and conditions, are not negotiable.
The Seller only accepts documents submitted with its format, If the Buyer's request, we can send ICPO, and NCNDA / IMPFA templates used by the Seller.