EN590 FOB TURKEY
DIP & PAY SPOT PLUS YERLY CONTRACT
( Valid Till August 31st )
Commodity: Ultra Low Sulphur Diesel Oil -10PPM (EN590)
Origin: Kazakhstan / Turkey
First Trial/Spot: 30,000 MT
Monthly Quantity: 80,000 MT Per Month Yearly Contract
Shipping Terms: VESSEL TO VESSEL/TANK FOB TURKEY
Price: For Spot: Platts FOB MED ( code AWYY00) Minus $40 USD Per Metric Ton
Gross, and Minus $30 USD Per Metric Ton Net.
For Contract: Platts FOB MED ( code AWYY00) Minus $50 USD Per Metric
Ton Gross, and Minus $40 USD Per Metric Ton Net.
Inspection: SGS, or equivalent as per Buyer’s option
Payment method: By MT103 Swift upon successful SGS .
Payment Guarantee for
Monthly Quantity:
By SBLC/BG MT760 with the value of monthly quantity valid for the
contract period issued OR confirmed by top 50 bank.
Performance Bond: Two (2%) percent PB By Seller’s Bank.
Commission: $10 PER MT, 50% SELLER SIDE CLOSED / 50% BUYER SIDE OPEN.
To be paid by the SELLER to all intermediaries under NCNDA&IMFPA
that will be Issued by Seller.
FOB Transaction Procedure & Terms:
1. Buyer issues Irrevocable Corporate Purchase Order (ICPO) along with
buyer’s company registration, signatory’s passport copy, CIS, CPA, and
verifiable BCL.
2. Seller issues to Buyer the commercial invoice (CI) , then within 3 days Buyer and
Seller meet in Istanbul to sign the CI, and negotiate the SPA. Seller issue
MCNDA&IMFPA to intermediaries.
3. Within 3 working Days of signing the CI, Seller provides the Buyer with the
following POP documents:
a) Bill of Lading ( in seller’s name as a consignee )
b) Certificate Of Origin.
c) Dip Test Authorization (DTA) & Authorization To Board (ATB).
d) Unconditional Authority to Verify all Documents (UATV).
e) ATSAC.
f) Vessel’s Captain contacts details ( Name, Telephone, Email Address ).
5. Within 2 W o r ki n g Days, buyer’s inspection team carries out on board CIQ, SGS
or equivalent inspection to ascertain quality and quantity, and verify documents
with the vessel’s captain.
6. Within 2 working days of successful inspection and verification, Buyer provides vessel’s
Q88 and then daughter Vessel is connected to inject the product to Buyer’s vessel.
7. Within 2 Working days of issuing the inspection report ( SGS or equivalent ) Buyer makes
100% payment via Swift MT103 for the full product’s value as per the issued CI to the
seller designated accoun t then product is injected into the Buyer’s vessel,
immediately the Seller transfer tittle of the product to Buyer.
8. Seller within 48 hours pays the intermediaries involved according to
signed NCNDA/IMFPA.
9. Within 5 Working days of successful first shipment execution, Seller issues
Sales and Purchase Agreement (SPA) . Buyer reviews, amends (if necessary),
signs and returns the (Draft Contract) SPA in WORD format to Seller within
Three (3) Working daysforfinal endorsement. Then Seller counter signs the SPA,
and the SPA is logged with relevant banks.
10. Buyer’s bank issues an Irrevocable, Transferable, and Confirmed SBLC/BG
MT760 with monthly quantity’s value.
11.Upon receiving and accepting the SBLC/BG, Seller’s Bank issues 2%
Performance Bond.
12. Shipment commence as per the agreed upon delivery schedule.
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