CIF PROCEDURE

1. Buyer issues Purchase Order upon receipt in acceptance of seller’s Soft Offer.
2. Seller issues Draft Sales and Purchase Agreement Contract and Commercial Invoice for buy review and signing.
3. Buyer signs the Sales and Purchase Agreement Contract and Commercial Invoice back to the seller.
4. Seller registers and legalizes the signed Sales and Purchase Agreement contract.
5. Seller sends legalized contract and below Partial POP Documents to buyer as listed below:

• • Certificate of Origin
  • Commitment to Supply
  • Product Passport
  • Statement of Availability of the product
  • Export license

6. Buyer issues their Financial Guarantee (SBLC MT760 or DLC 700) to cover the first shipment to the seller's bank in 5 working days.
7. If the buyer fails to issue SBLC or DLC in 5 working days, an alternative buyer shall make a guaranteed deposit of 2% TT Wire from total value of the Contract to seller’s fiduciary bank account as performance to secure the allocation which will be deducted from the first shipment.
8. Upon confirmation of buyer’s SBLC/DLC or guarantee deposit of 3% TT Wire to seller’s bank, seller will issue 2% Performance Bond, Full POP and Shipping Documents via SWIFT bank to bank as shown below:

• • Product Allocation Export Permit
  • Allocation Title Ownership certificate
  • Transneft 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 Lading
  • Vessel Questionnaire 88

9. Shipment commences and upon arrival of the vessel tanker at the discharge port, buyer conducts SGS Inspection and makes operative SBLC/DLC or makes payment for the full shipment via TT Wire or MT103.

TANKER TAKE OVER (TTO) PROCEDURE

1. Buyer issues an official ICPO product right inside the vessel on the sea.
2. Seller issues MOU.
3. Buyer countersign MOU and forward back.
4. Upon the receipt of countersign MOU from the buyer, seller send to buyer the listed below documents issued in the name of the initial buyer as stated below:

• • Product Passport (Quantity & Quality Dip Test Analysis Report)
  • Certificate of Origin
  • Bill of Lading
  • Vessel Q88 Document
  • E.T.A. (Estimated Time of Arrival) Of Vessel
  • Vessel (N.O.R) Notice of Readiness
  • Ullage Report
  • Cargo Manifest
  • Invoice for title transfer

5. Upon the receipt of the documents, buyer verifies the availability of the product on high sea and makes payment Within 48 hours for the title takeover which amounts to the sum of $550,000.00 (Five hundred & Fifty Thousand United state dollars) to seller’s Fiduciary account.
6. Upon seller receipt of the first deposit of title takeover payment, seller transfers the title to the potential buyer's company's name and re-issue all other outstanding Documents to the potential buyer's company's and send via swift from seller bank the full proof of product to buyers Bank.
7. Upon receives the full POP buyer take over the vessel and POD to buyer’s name,
8. The seller orders for the vessel to be re-routed to buyers desired Port under the coordination by buyer’s forwarder, Vessel arrives the discharge port and buyer carries out the CIQ/SGS inspection and upon a successful inspection, Buyer pays by MT103 T/T for the full product to the seller. Note the title takeover payment will be deducted from the total product value.
9. Seller pays all parties involved their commission within 48 hours.

SELLERS FOB/ ROTTERDAM DIP AND PAY SPOT & CONTRACT STANDARD Procedures

1. Buyer accepts the seller's working procedure and issues an ICPO addressed to the seller refinery.
2. Seller issues commercial invoice, buyer signs and returns back commercial invoice and tank storage agreement (TSA).
3. Seller provides the buyers with the below listed PPOP.

• • Certificate of origin of the product
  • Irrevocable commitment letter to supply
  • Statement of product availability
  • Inspection approval letter to be signed by buyer logistics Storage Company

4. Seller provides buyer with full POP below:

• • Fresh 24hrs. SGS report
  • Injection report
  • Unconditional Dip Test Authorization (DTA)

5. (NCNDA/IMFPA) will be signed, buyer within 24 hours after successful dip test in sellers tanks injection commenced and seller provide buyer with the injection report of the product into buyers tanks.
6. Buyer makes payment for total cost of product injected into buyer tanks via MT103, seller transfers title ownership to buyer with all export documents required of buyer for the transaction. Upon conclusion of the first transaction, the seller pays all intermediaries involved in the transaction and proceeds with the signing of contract with the buyer.