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TTO FUJAIRAH LAWYER TO LAWYER TRANSACTION PROCEDURE:
1. Buyer issues ICPO to Seller working procedure along with banking details.
2. Seller issues SPA/MOU & Escrow agreement to buyer opening for amendment, buyer reviews and signs and returns to the seller And Escrow agreement signed
3. Seller issues the POP Documents as shown below:
a). Product Passport (Quantity & Quality Dip Test Analysis Report).
b). Certificate of Origin.
c). Bill of Lading.
d). Statement of Product Availability.
e). Vessel Q88 & CPA.
f). Cargo Manifest
g). E.T.A. (Estimated Time of Arrival) of Vessel
h). NOR
i). Details Captain Contact number and Email.
j). ATV
4. Upon receipt confirmation of the above PPOP documents by the buyer, Buyer conducts due diligence on the product availability via the vessel Captain and via the vessel IMO NO.
5. AFTER A SUCCESSFUL VERIFICATION AND VESSEL TRACKING, BOTH PARTIES MAKES PAYMENT BUYER & SELLER 2% AND CAN THE BUYER OR BUYER ESCROW DIRECTLY PAY 2% FROM THE TOTAL VALUE OF PRODUCT TO SELLER NOMINATED ESCROW COMPANY ACCOUNT TO SECURE THE TITLE TRANSFER DEED TO ENABLE VESSEL REROUTING TO THE BUYER'S DESTINATION PORT AND SIGN NCNDA/IMFPA.
Note: Before buyer pay to Seller Escrow Account bank, Buyer or Buyer Escrow will contact seller Escrow Office by call and email; and The Escrow office in (SPAIN) and another escrow from seller.
6.RECEIPT OF THE ABOVE PAYMENT OF THE TITLE TRANSFER DEED, THE OWNERSHIP CERTIFICATE WILL BE ISSUED AND THE FULL SET OF PROOF OF PRODUCT ALONG WITH SHIPPING DOCUMENTS WILL BE SENT TO THE BUYER BANK AND ESCROW ACCOUNT AND COPY TO BUYER DIRECTLY WHILE THE VESSEL WILL BE RE-ROUTED TO THE CURRENT BUYER DISCHARGE PORT. AND ISSUES THE PRODUCTS CONFORMITY PERMIT (PCP) IN-ORDER TO GIVE THE VESSEL CAPTAIN A DIRECT INSTRUCTION TO SAIL THE VESSEL TO THE NEW BUYER DESIGNATED PORT OF DISCHARGE. (THIS IS COMPULSORY).
7. VESSEL re-route and arrive new buyer's desired port, and new buyer conduct DIP Test inspection on the products with SGS or Intertek
8. Upon a successful Inspection, buyer pays for the full products value via MT103 T/T Wire Transfer which all necessary cost borne by the buyer earlier will be deducted from the total cost of product and buyer pay all commissions to all mandates in same time via NCNDA / IMFPA.
9. Possible contracts begin for one or more year’s interval.
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