PRICE: $10 / 4
MARINAZ Procedure for CIF to ASWP
3.2) Within 48 hours after signed SPA, Buyer’s BANK issues pre-advice MT705 for $200m in favour to Seller’s nominated bank stating RWA to issue DLC via MT700 while Seller’s nominated Bank responds RWA to receive the DLC.
3.3) Within 48 hours after Seller’s Bank’s response, Buyer’s bank Swift genuine Operative DLC for $200M valid for contract duration from prime bank via MT700 to Seller’s nominated Bank with Seller’s verbiage while the Seller issue 2% performance bond after successful confirmation.
3.4) Seller load or assign vessels with 2m barrels per month and release full POP in Buyer’s name and move the vessels to Buyer’s Port of Discharge with periodic NOR/ETA to the Buyer and to Buyer’s Port of discharge.
3.5) At Buyer’s port of discharge, Buyer’s Shipping Agent clears vessels and pays all port and custom charges with copies released to the Seller.
3.6) Seller’s Captain Issues Authority to Board (ATB) to enable Buyer’s independent inspection to board the loaded vessels for Quality and Quantity(Q&Q) analysis at Buyer’s discharge port.
3.7) After QNQ/CIQ, Inspector’s release report to both parties while Seller provides commercial invoice.
3.8) Buyer’s bank within 48hrs, pays via cash wire transfer for the entire cargo to Seller’s authorized beneficiary nominated bank accounts based on bill of lading and Seller’s commercial invoice.
3.9) Seller confirms payment and authorizes Captain to discharge cargo into Buyer’s tank storage.
3.10) Seller issue title documents to the Buyer and pay agents fees as agreed to complete the trial shipment.
3.11) Next Shipment
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