STANDARD PROCEDURES CIF:
1.) Buyer confirms Soft Offer and issues an official ICPO with Company profile.
2.) Seller issues Draft contract to buyer, Buyer returns countersigned contract to Seller with a letter of acceptance.
3.) Seller reviews signed contract and send a copy of the signed and sealed contract in PDF to buyer, both parties
lodge with their respective banks.
4.) Seller issues commercial invoice to the buyer, for buyer to issue MT199 POF to confirm their readiness to
purchase the product via swift to seller's nominated bank.
5.) Seller confirms the buyer's MT199 via swift and releases to Buyer the below listed Partial POP Documents:
(a)Irrevocable commitment letter to supplier
(b) Product passport / product analysis report
(c) Statement of availability of product
(d) Letter of Guarantee of product.
6.) Buyer issues SBLC MT760 swift (According to the contract verbiage) within seven (7) banking days. Should buyer
fail to issue instrument by the expiration of 7 business day. The buyer alternatively issues a payment of five percent
(5%) of the total value of the product within 3 business days to enable the refinery secure the following documents;
Customs bond, Certificates of Inspection, ATA CARNET/Temporary shipment certificates, master receipt for sample,
Weight Certificate, certificate of authenticity, Consular Invoice. If buyer fails to issue the alternative payment after 3
business days, contract is terminated.
7.) Seller signs the CPA with a shipping company and issues the Full POP documents and 2% PB to buyer’s bank:
(A) Bill of Lading
(b) Vessel Tanker Q88
(c) Quality and Quantity Report by SGS or Similar
d) Charter Party Agreement
(e) Ownership Certificate
(f) Title Transfer Affidavit
(g) Product Allocation Certificate
(h) Ullage Report
(i) Cargo Manifest
(j) Notice of Readiness
8.) Shipment commences as per contract schedule.
9.) Within 3 working days of Vessel arrival, buyer release full payment via MT103 after CIQ/SGS at the destination
port.
10.) Seller pays all intermediaries accordingly within 72 hours after receipt of Buyer's payment..
NOTE: The ICPO/LOI must be in buyer’s letterhead with authorized signatory and stamp. It is mandatory that the
document carries the buyer’s bank and bank officer’s contact information. The names and positions of the Company
representative signing the LOI/ICPO must be clearly indicated. Otherwise, the document has no legal value; the
documents must be fresh (recent date – the most 1-3 days old max.) The letterhead of the Company requesting the
commodity must correspond to the Bank Account Holder on the banking information provided.
The ICPO must be addressed to the seller LLC «PRIME ENERGY LLC". VIA “NATALIA CHEVCHENKO” as seller
representative and must carry the seller’s approved procedures as shown above. If your documents do not passthese
verification points, please discuss them with your Buyers and get them corrected. This will save time in ourprocess.
We look forward to a successful business relationship with your esteemed company
SPECIFICATION ULSD EN590 (10ppm),
Standard.
Comments