Dip & Pay — Seller and Buyer Jointly Pay to Buyer Tank Farm (FOB)
VIRGIN FUEL OIL D6 (0.380 SULPHUR MAX) – RUSSIA ORIGIN
LIFTABLE QUANTITY: 100,000,000 GL / 500,000,000 GL
WEEKLY PRICE: GROSS US $ 0.80 GL, NET US $ 0.78 GL
COMMISSION: BUYER SIDE US $ 0.01 / SELLER SIDE US $0.01 PGL
1. Buyer issues ICPO, with TSA and company registration certificate.
2. Seller issues Commercial Invoice (CI) to buyer, buyer signs and returns back to seller with NCNDA/IMFPA signed by all buyer groups with commission structures. Seller provide the below documents to buyer:-
• Certificate of Incorporation
• Certificate of Origin of the Product
• Statement of Product Availability
• Product Quality Passport (Dip Test Result)
• Commitment/Assurance letter to Supply
• Tank Storage Receipt (TSR) GPS coordinates, location Tank Number, Bar Code.
• Notification Of Readiness (NOR)
• Authorization to sell and collect (ATSC)
3. Seller logistics team verifies buyer’s provided tank farm and pay 3 days of buyer’s tank farm and after confirmation of the funds by buyer’s tank farm, Buyer pays the remaining 2 days to his Tank Farm Company to obtain 5 Days TSR, to show both parties proof of Readiness with GPS Coordinate-Tank Storage Receipt (TSR)
4. Seller issues following POP documents to Buyer:
• Injection report
• Dip test authorization letter (DTA) – Unconditional
• 48 hours Fresh SGS Report in Rotterdam.
• Authorization to verify the product in seller’s tank (ATV)
5. Buyer conducts Dip test on the product by his SGS team or equivalent
6. Seller commence Injection of the product into buyer’s Leased Tank.
7. On completion of the product injection into buyer’s tanks, buyer makes full payment of the product by means of MT103/TT to seller nominated bank account. Seller pays all intermediaries involved in the transaction and subsequently monthly Shipment continues as
per terms and conditions of the Commercial Invoice and extension of transaction by issuing 12 months contract to buyer for proceeding
SPOT – DIP & PAY FOB – SELLER TANK EXTENSION
1. Buyer issues ICPO to the Seller upon acceptance of Seller mandate’s SCO Along with buyer TSA
2. Seller issues commercial invoice CI, for the available quantity in the storage tank to Buyer, Buyer Signs and returns CI to Seller and buyer parties sign the NCNDA/IMFPA and send to seller.
3. Seller sends the following documents to the Buyer:-
• Injection Report
• Sellers Tank Receipt GPS coordinates, location Tank Number, Bar Code
• Authorization to Sell and Collect ATS
• Product Passport
• Notification of Readiness (NOR)
4. Buyer extends Seller’s tank for 2 days, to facilitate the DTA, for a Dip Test, Buyer pays and conducts DT in Seller’s tank, after 2 days validated.
5. After a successful Dip Test (DT), Buyer provides Tank details and submits NOR to prepare for injection of product into Buyer’s leased tanks.
6. Seller shall immediately submit the SGS Report along with the full Proof of Product to the Buyer. Seller proceeds with product injection into Buyers leased tanks.
7. Seller submits the SGS Report with the full Proof of Product to the Buyer. Seller commences product injection into Buyers Vessel
8. Buyer makes 100% payment by MT 103 TT wire transfer for the total product within 78 hours and Seller transfers the Title Document into Buyer’s name including all export documents.
9. Seller pays commission to all intermediaries involved in the transaction 24 hours after confirmation of the Buyers Payment, for initial Spot, as well as each subsequent contract shipment.
10. A mutual contract transaction shall continue as agreed by both parties.