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We selling Petroleum Products
CIF BANK TO BANK WORKING PROCEDURES:
1. Buyer issues Purchase Order upon receipt in acceptance of seller's Soft Offer.
2. Seller issues Draft Sales and Purchase Agreement Contract and, Commercial Invoice for buyer's review and signing.
3. Buyers sign the Sales and Purchase Agreement Contract and Commercial Invoice back to the seller.
4. Seller registers and legalizes the signed Sales and Purchase Agreement Contract.
5. Seller sends legalized contract and below Partial POP Documents to buyer as listed below:
Certificate of Origin,
Commitment to Supply,
Product Passport,
Statement of Availability of the product,
Export License Copy
Verbiage of DLC MT700 or SBLC MT 760
6. Buyer issues their Financial Guarantee pre-advise (DLC MT700 or SBLC) to cover the first shipment to seller's bank in Five (5) working Days.
7. If Buyer fails to issue DLC-MT700 or SBLC MT760 in 5 working days, in alternative buyer shall make Security Guarantee Deposit of 3% via T.T Wire from total value of the first shipment to seller fiduciary bank Account as performance to secure the allocation which will be deducted from the first shipment.
8. Upon confirmation of buyer's DLC-MT700 or Security Guarantee Deposit of 3% via T.T Wire to Fiduciary seller's bank, seller will issue 3% Performance Bond, Full POP and Shipping Documents via SWIFT bank-to-bank as shown below:
Product Allocation Export Permit,
Allocation Title Ownership Certificate,
Contract to transport the product to the loading port,
Port storage agreement,
Charter party Agreement to transport the product to discharge port,
Tank Storage Receipt,
SGS Quality and Quantity Certificate,
Bill of Landing,
Vessel Questionnaire 88.
10. Shipment commences and upon arrival of the vessel tanker at the discharge port, buyer conducts SGS Inspection and makes operative SBLC/DLC or makes payment for the full shipment via TT Wire or MT103
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