1. Buyer requests a Soft Corporate Offer.
2. Seller submits a Soft Corporate Offer and the language for the ICPO.
FOR FIRST TIME BUYERS
3. The Seller will submit along with the Soft Corporate Offer a registration form and the language for the Financial Instrument that needs to be approved by Buyer’s Bank.
4. Buyer completes registration form and returns to Seller.
5. Seller processes the registration form and submits results to Buyer.
6. Buyer returns to Seller the ICPO and the language for the Financial Instrument approved by the Buyer’s Bank.
7. Seller submits Final contract to Buyer for signature.
8. Signed contract is returned to Seller.
9. Seller signs and seals the contract and returns it to Buyer.
10. Both parties lodge contract with their respective Banks.
11. Buyer submits to Seller’s Bank Proof-Of-Funds via MT-999 within five (5) Banking days based on the pre-approved language for the Financial Instrument. If the MT-999 is not submitted within five (5) banking days then the contract is canceled.
12. Once MT-999 is received then Seller schedules vessels for shipment. Typically, it takes 48 to 72 hours for vessels to be scheduled and loaded, subject to vessel availability.
13. Once vessels have been loaded then the POP documents are submitted to the Buyer for review and verification.
14. Buyer coordinates with Seller for the Tanker Take Over of the product.
15. Seller issues the following POP documents:
Ø Charter Party Agreement
Ø Bill of Lading
Ø Cargo Manifesto
Ø Authority to Board
Ø SGS as at time of loading of Vessel
Ø Certificate of Origin of Product
Ø Commercial Invoice
Ø Authorization to Dip the Tanker Tanks
16. Buyer will carry out the verification and endorsement of the POP, seal the same with their bank, and return to the Seller and issue a MT-103 for the full value equal to that of the product verified in the tanks or ships.
17. Buyer issues an inactive Financial Instrument via MT-760 such as IRDLC (Irrevocable Revolving Documentary Letter of Credit) or SBLC (Standby Letter of Credit) or BG (Bank Guarantee) equals to one month’s liftable amount.
18. Seller transfers Title to the Buyer’s Bank for the product lifted and that activates the Financial Instrument.
19. Buyer pays 100% at sight with MT-103 monthly and the Financial Instrument stands in background throughout contract
INTEGRITY IS THE MAIN INGREDIENT TO A SUCESSFUL TRANSACTION!!!