TRANSACTION: TTO
INSTRUMENT: PRE-ADVISE SBLC/ BG/ BF/ DLC
PRICE: $610/10
NON-NEGOTIABLE TTO PROCEDURE FOR LOME WATERS.
1. BUYER ISSUE LETTER OF INTENT (LOI) TO RECEIVE SPA. SELLER ISSUES SPA AND BUYER SIGNS AND RETURNS SPA WITH BUYER’S PASSPORT DATA PAGE AND COMPANY REGISTRATION CERTIFICATE. WITH BUYER’S CIS TO ISSUE SBLC/BG/BF/DLC VERBIAGE AND SPECIFICATION VERY IMPORTANT. CIS of BUYER THAT SIGN THE SPA AND INSTRUMENT ISSUING ACCOUNT SIGNATORY
2. BUYER RETURNS THE CONTRACT DULY SIGNED VIA E-MAIL TO THE SELLER. THE ELECTRONICALLY SIGNED COPY IS LEGALLY BINDING AND ENFORCEABLE. BOTH PARTIES DEPOSIT THE SAME AT THEIR RESPECTIVE BANKS.
3. WITHIN THREE 3 BANKING DAYS BUYER’S BANK SWIFTS PREADVISE OF SBLC/BG/BF/DLC TO SELLER’S NOMINATED FIDUCIARY BANK (BUYER’S BANK TRANSMIT COPY OF SWIFT TO SELLER’S FIDUCIARY BANK AND SELLER’S EMAIL) SHOWING BUYER’S FINANCIAL CAPABILITY AND READINESS TO PURCHASE THE CARGO TO SELLER’S NOMINATED FIDUCIARY BANK ACCOUNT WHICH WILL STAND AS SECURITY GUARANTEE FOR THE TRANSACTION.
4. UPON CONFIRMATION OF PREADVISE, SELLER GETS VESSEL LOADED, PROGRAMMED AND ISSUES POP DOCUMENTS TO BUYER VIA EMAIL AS LISTED BELOW:-
a. Certificate of Origin
b. Product quality passport (Analysis test Report)
c. Bill of Lading
d. Freight cargo Manifest
e. NOR
f. ETA
g. Vessel Q88
5. BUYER WITHIN 48HRS SWIFT’S INSTRUMENT TO SELLER’S FIDUCIARY ACCOUNT(BUYER’S ACCOUNT OFFICER TRANSMITS COPY TO SELLER’S FIDUCIARY ACCOUNT OFFICER AND SELLER’S EMAIL) AND SELLER DELIVERS THE VESSEL TO BUYER’S DESTINATION (OUT-SIDE PORT/TERMINAL ON INTERNATIONAL WATERS ) AND ISSUES ETA TO BUYER’S POD.
6. VESSEL ARRIVES INTERNATIONAL WATERS AND ISSUES ATB AND DTA (DIP TEST AUTHORIZATION) TO ALLOW BUYER’S INSPECTION TEAM TO DIP TEST/Q&Q BY SGS. INSPECTION TEAM SHALL BOARD WITHIN 24 HOURS of ATB/DTA ISSUANCE
7. WITHIN 48 HOURS OF A SUCCESSFUL INSPECTION, BUYER MAKES PAYMENT FOR PRODUCT BY MT103//23 AND TANKER IS TAKEN OVER.
8. SELLER TRANSFERS THE TITLE TO THE POTENTIAL BUYER’S COMPANY’S NAME AND ALSO RE-ASSIGN ALL OTHER OUTSTANDING DOCUMENTS TO THE POTENTIAL BUYER’S COMPANY’S NAME.
9. SELLER PAYS ALL COMMISSION TO ALL AGENTS WITHIN 24-48 HOURS.
10. NEXT DELIVERY.
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