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IRREVOCABLE CONFIRMED PURCHASE ORDER
We ‘XXX Ltd., hereby state and represent that we are ready willing and able to
purchase the following commodity as per the specification and in the quantity and for the
price as specified in the terms and conditions as stated below. The representation is
made with full corporate authority and responsibility of the above.
BITUMEN 60/70 & BITUMEN 80/100
Terms and Condition:
Commodity: Bitumen 60/70 Grade AND Bitumen 80/100
Specification of Bitumen(Asphalt)
60/70 Grade (VG 30) and 80/100 Grade (VG10)
INDIAN STANDARD 73:2006
Description VG 30 VG 10
1. Viscosity 60c, poises, min 2400 800
2. Kinetic viscosity 1350c, cSt, min 350 250
3. Flash Point, oC, min 220 220
4. Solubility in trichloroethylene,% min 99.0 99.0
5. Penetration at 25oC 50 – 70 80 - 100
6. Softening Point, oC, min 47 40
7. Softening Point, oC, min 4.0 4.0
8. Ductility at 25oC, cm, min, after thin film oven test 40 75
Country of Origin: Russian Federation
Price: $ …….. Per MT’s on CIF Cochin Port, India.
Contract Quantity: 50,000 MT’s Each
Quantity per Shipment: 50,000 MT’s (Spot)
Shipment per Month: 1 (One Spot)
Contract Period: 1 Month
Packing: New Steel Drums 195 Ltrs. AND Bulk (Pls. Provide both grade and packing prices)
Payment: By Irrevocable, Non-Transferable, Document Letter of Credit (DLC) with one
shipment value, Payable 100% at sight of shipping documents.
Performance Bond: 2% in order to DLC against One shipment value.
First Shipment: Within 30 days after received DLC.
Inspection: SGS in loading port and fee paid by seller.
Buyer Banking Information:-
1. BANK SOFT PROBE AUTHORIZATION:-
BANK NAME : STATE BANK OF XXX
ADDRESS : XXX
TEL / FAX : XXX
SWIFT CODE : HSBXXX
ACCOUNT NAME : XXXPVT. LTD.
ACCOUNT NUMBER: XXX
BANK OFFICER : XXX
E-MAIL : XXX
Procedures:
1. Buyer confirms soft offer and issue an ICPO + Soft Probe
2. Seller issues FCO & Buyer sign the FCO and the acceptance of the terms and
producers to the Seller’s Company.
3. Seller provides Draft contract to Buyer to review and confirm by initial. Buyer sign
contract via electronic mail, which shall be deemed legally binding and enforceable,
each lodge contracts with their respective banks.
4. Seller sends by Fax / Mail the Soft Proof of Product to Buyer open for verification by
the Buyer.
5. Before contract proceeds to the ministry, the buyer would be requested to Visit the
Factory to witness the proceedings.
6. The buyer would be requested necessary documents required to register the contract
(Expenses will be borne by the Seller).
List of Documents:-
Copy of Tax Registration Certificate,
Copy of Registration Certificate of Legal Entity (Certificate of Incorporation)
Post details, bank details,
All documents are to bear a company stamp and a chief executive’s signature.
7. Seller registers and legalizes the hard copy contract with the Ministry of Energy
Export Control Department.
8. Buyer proceeds and acquires PAC/Certificate of ownership of the transaction from
the Ministry of Energy Export Control Department Russian Federation (Seller will
borne the expenses if any)
9. All Expenses Including transaction passport & export clearance certificate and
registration of contract etc. shall be borne by the seller’s company and include in
their quoted price.
10. Seller’s bank shall notify the buyer’s bank that they are willing and ready to issue a
non-operative 2% performance bond to buyer’s bank, the 2% performance bond will
be placed in the buyer’s bank account, should the seller fail to supply the cargo of the
products this 2% PB will be paid to the buyer and intermediaries accordingly as
compensation.
11. The SGS inspection will be borne by the seller’s company at the loading port and
Buyer at the unloading port.
12. Seller’s bank swift to buyer’s bank the full Proof of Product (POP) documents.
Copy of export license, issued by the ministry of petroleum and energy.
Copy of approval to export, issued by the ministry of Justice.
Copy of statement of availability of the product.
Copy of the refinery commitment.
Copy of Transnet contract to transport the product to the port.
Copy of the port storage agreement/Insurance.
Copy of charter party agreement.
Copy of customs clearance certificate.
Copy of the tank receipt issued by the storage facilitator.
Copy of SGS Report.
13. Buyer’s bank issues the financial Instruments in equivalence of the first month cargo
value within 5 (Five) banking days after receipt of 2% PB from seller’s company.
This action makes simultaneously and automatically the 2% performance bond from
the seller’s bank and Financial Instrument from the buyer’s bank operative.
14. Seller pay for tariff cost for the transportation calculated by the shipping company,
and pays for custom clearance duty fee calculated by customs department.
15. Shipment commences as per contract and the shipment should arrive at Buyer’s
discharge port within 30-40 days after the Financial Instrument received by the
seller’s bank.
Validity: This ICPO will expire on the date one week from issue date.
Please provide your FCO accordingly and we shall proceed with the deal.
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