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STANDARD CIF TRANSACTION PROCEDURE NON RUSSIAN ORIGIN
1. Buyer issues LOI on buyer company letterhead
2. SELLER ISSUES THEIR FULL COOPERATE OFFER (FCO).
3. AFTER PROPER VERIFICATIONS ON SELLERS DETAILS, BUYER ISSUES AN official ICPO along with seller signed FCO and Refinery transaction procedures MUST be inserted in the ICPO with Full buyer banking information and buyer any form of IDENTIFICATION, (preferably international passport).
4. After proper verification and approval on buyers details, Seller issues their Official COMMERCIAL INVOICE / SALES AND PURCHASE AGREEMENT (open for amendments) by Buyer. Buyer signs, seals and returns the SALES AND PURCHASE AGREEMENT to Seller for final endorsement with their official confirmation letter to confirm that they are willing and able to complete the transaction without changing sellers¡¯ procedure.
5. After accepting buyers signed and sealed CI/SPA, seller legalizes and registers the signed CI/SPA(CONTRACT) at the appropriate Ministries/ Authorities on sellers expense and then issue to buyer their Partial proof of products.
A. SELLER COMPANY CERTIFICATE OF INCORPORATION
B. REFINERY EXPORTS LICENSE
C. Refinery ATTESTATION TO SUPPLY.
D. Certificate of Origin Of Product.
E. ATTESTATION of THE AVAILABILITY OF PRODUCTS.
F. Product quality passport (DIP TEST Analysis test Report).
G. Certificate of Conformity
H.CERTIFICATE OF PRODUCT DECLARATION
I. REFINERY TRUSTEES REPRESENTATIVE AGREEMENT
6.After proper verifications of the above PPOP documents, seller and buyer signs the REFINERY TRUSTEES REPRESENTATIVE AGREEMENT with the sellers representative in the UNITED STATES OF AMERICA.
7. After Buyer has signed the agreement with the Seller (Refinery) representative in USA, seller registers the final copy of REFINERY TRUSTEES REPRESENTATIVE AGREEMENT with a PUBLIC NOTARY and send all parties the final copy of the agreement after registration.
8. Refinery representative in USA and the buyer conducts a face to face TTM meeting at the buyers office.
9.After successful TTM between buyer and Refinery USA (American) representative, BUYER Deposits 2% of the total contract value to the Refinery representative nominated AMERICAN (USA) BANK ACCOUNT security guarantee fees, to enable seller to proceed in the transaction with the confidence that buyer will not back out of the transaction after they must have secured the vessels and paid all port fees, TANK STORAGE FEES etc.
NOTE THAT THE 2% SECURITY GUARANTEE FEE IS ALSO DEDUCTIBLE FROM THE TOTAL COST OF PRODUCT WHEN BUYER IS PAYING FOR THE FIRST SHIPMENT TOTAL COST AFTER SELLER MUST HAVE SUPPLIED.
10.AFTER SUCCESSFUL DEPOSIT BY THE BUYER, SELLER CONCLUDES THE SHIPPING ARRANGEMENTS WITH THEIR SHIPPING COMPANY, AND PAY OFF ALL PORT FEES IN OTHER TO COMMENCE THE TRANSPORTATION OF THE PRODUCTS TO THE BUYERS DISCHARGE PORT AND THEN ISSUE TO THE BUYER ALL SHIPPING DOCUMENTS TO BUYER SECURE EMAIL AND HARD COPIES TO GOVERNMENT COURIER SERVICE. AND SHIPMENT COMMENCES¡¦
A. ULAGE REPORT.
B. TANK STORAGE RECEIPTS.
C. CARGO MANIFEST.
D. Copy of the port storage agreement.
E. Copy of the charter party agreement to transport the product to discharge port.
F. Copy of Vessel Questionnaire 88.
G. Copy of Bill of Lading.
H. SGS Report at loading port.
I. Dip test Authorization (DTA) & ATB
J. COPY OF NOR /ETA M.
K. BUYER Allocation CERTIFICATE.
11. Shipment commences as per signed contract delivery schedule and the shipment should arrive at Buyer¡¯s discharge port within 5 TO 25 days, depending on buyers discharge port terminal distance. The Quality and Quantity SGS or SAYBOLT inspection shall be borne by the Seller at the loading seaport and Buyer at the discharge port Terminal.
12. Within 72 banking hours, Buyer releases payment to Seller by MT103/TT upon receipt of the PRODUCTS at the buyers discharge port after positive confirmation of the Q & Q Results by SGS/CIQ at discharge port.
13. Seller pays commission to all intermediaries and buyer mandate/seller mandate within 48 hours by swift MT103/TT to all intermediaries INVOLVED in the transaction as signed NCNDA/IMPFA.
Best Regards
Borislav Abramovich Chupina
Export Manager
maxschmid418@gmail.com or wa +264 81 351 4519
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