OFFICIAL TRANSACTION PROCEDURE ON CIF
1. Buyer issues (ICPO) must be with buyer company letterhead.
2. Seller issues Draft Contract (open for any amendments) to Buyer. Buyer signs, seals, and return the Draft Contract
to Seller for final endorsement.
3. Seller gives Partial Proof of Products.
Certificate of Origin,
Commitment to Supply
Product Passport
Statement of Availability of the product
Company Registration Certificate
4. Buyer issues their Financial Guarantee (DLC MT700) to cover the first shipment to seller's bank in Five (5) working
Days.
5. If Buyer fails to issue DLC-MT700 in 5 working days, in alternative buyer shall make Security Guarantee Deposit
of 5% via T.T Wire from total value of the Contract to seller fiduciary bank account as performance to secure the
allocation, which will be deducted from the first shipment.
6. Upon confirmation of buyer's DLC-MT700 or Security Guarantee Deposit of 5% via T.T Wire to Fiduciary seller's
bank, seller will issue 5% Performance Bond, Full POP and Shipping Documents via SWIFT bank-to-bank as shown
below:
Product Allocation
Export Permit
Allocation Title Ownership Certificate
Shipping company 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.
7. Shipment commences and upon arrival of the vessel tanker at the discharge port, buyer conducts SGS or CIQ
Inspection Including quality inspection documents at the Buyer's unloading port and makes payment for the full
shipment via TT Wire or MT103.
8. Seller release Payment to all intermediaries as per signed NCNDA IMFPA within 48 hours of receiving the payment
for the Product from the Buyer's bank for each lift.
Comments