TRANSACTION: TTO
INSTRUMENT: LIEN OR LC
PRICE: $580/10
SINGAPORE TTO LOADED VESSEL TRANSACTION PROCEDURE (NON-NEGOTIABLE).
1. Buyer issues ICPO according to the seller’s working procedure along with buyer’s company certificate of registration with copy of buyer’s passport.
2. Seller issue draft MOU agreement to Buyer counter-sign and return back to seller.
3. Upon seller receipt of the properly signed MOU – contract alongside with a letter of guarantee of readiness to follow the procedure from the buyer, Seller sends to the Buyer the following documents for the Buyer’s due confirmation;
a) SGS Report (Q&Q) onboard the vessel.
b) Certificate of Origin
c) Bill of Lading
d) Tanker Vessel Q88 Document
e) Vessel (N.O.R) Notice of Readiness
f) ETA
g) Ullage Report
h) Cargo Manifest
i) Invoice for the lien funds Instrument
5. Upon the receipt of the documents, Buyer verifies the availability of the product on high sea and immediately contacts Seller’s fiduciary bank informing them of his intent to credit the fiduciary bank account with One Million US dollars ($1,000,000:00M) only and places a LIEN on it and the receiving account officer (Seller’s fiduciary bank account officer) is to liaise with the Seller’s fiduciary bank account owner to place their local LIEN on the One Million US dollars ($1,000,000:00M) only.
6. Buyer/His bank upon receiving response from Seller’s fiduciary bank account officer goes ahead and transfers the sum of One Million US dollars ($1,000,000:00M) only and places a LIEN on it immediately. Seller’s fiduciary bank account officer having earlier briefed his manager of this transaction instructs the Seller’s fiduciary account owner to officially write a LIEN/UNLIEN LETTER to the Bank to LIEN the account for THIRTY (30) DAYS and to UNLIEN it after THRITY (30) DAYS which is done immediately.
7. Upon Seller’s receipt of the issued LIEN due confirmation and authentication, seller orders Captain of the loaded vessel for re-route to buyer’s desired port of discharge, transfers the title to the buyer’s company’s name and also re-issue/re-assign all other outstanding documents in the buyer’s company.
8. Vessel arrives at the discharge port and buyer carries out the CIQ/SGS inspection and upon a successful attestation and inspection, the lien of One Million US dollars ($1,000,000:00M) only becomes cashable and buyer pays by MT103 T/T wire for the entire cost of the full product to the seller account less the One Million US dollars ($1,000,000:00M) only already paid.
Non-Performance Refund – if the SGS inspection is unsuccessful or the product is not as per specifications, then the seller will refund the LIENED AMOUNT payment back to the buyer’s bank within 48 hours.
9. Seller within 72 hours upon receipt of the payment from buyer pays all intermediaries involve in the transaction.
Singapore, Singapore, Singapore!
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