Description
TRANSACTION PROCEDURE:
3.2.1. Buyer issues ICPO with official sing/seal and company
profile.
3.2.2. Seller issue Sales & Purchase Agreement draft with
Seller’s Banking Co- ordinates.
3.2.3. Buyer and Seller sign and seal Contract including banking
Coordinates and exchange the signed copy by electronic mail. The
electronic signed copy by both parties is considered legally
binding and enforceable and MUST not be changed. The executed SPA
is lodged in their respective banks.
3.2.4. Upon Sign and seal of contract by the parties “Seller and
buyer". Seller transmits to the buyer within *4 working
hours(*4hrs) the following documents (Tank Receipt/Shore Tank
Report "at loading port", Certificate of Quantity and Analysis
Report “for Qualityâ€) as "proof of product" for the buyer’s
confirmation.
3.2.5. Upon receipt of the sellers "POP" Buyer nominates a vessel
for loading the product and sends Complete Vessel Details to the
seller within (*8 hours) to include "Charter party agreement,
Charter receipt and Q*8" and advise the seller of Vessel\'s ETA to
enable seller program accordingly.
3.2.6. Buyer’s bank, in no more than 2 banking days of sellers
Invoice, issues a SBLC "Standby Letter of Credit" in favor of the
Seller, transmitted by SWIFT MT**0 to Seller’s nominated bank as
a guarantee for payment to the seller after vessel is programmed
for lifting in buyers name.
3.2.7. Buyer\'s Vessel shall be called into the Terminal and
Loading takes place with Q&Q performed at loading port. Full
documentation is issued in the buyers’ name.
3.2.8. Buyer\'s bank pays for the cargo by SWIFT/MT**3 to the
sellers account. Loaded cargo sails to the buyers’ destination
port.
