TRANSACTION: TTV
PRICE: $655/10
CIF Standard procedure
1. Buyer issues ICPO must be with buyer company letterhead and buyer banking information
2. Seller issues the draft contract SPA to Buyer/Buyer signs seals and returns the SPA to Seller,
3. Seller sends a copy of the approved final contract to the buyer along with the below Partial proof of products, (POP) documents.
a) Refinery commitment to supply.
b) Certificate of Origin.
c) Statement of availability of product.
d) Export licensee) Profoma invoice for the first value shipmentf)
Product passport
4. Within seven (7) banking days, Buyer’s bank sends Irrevocable Operative SBLC via MT760 or DLC via MT700 according to seller’s fiduciary bank verbiage to seller nominated fiduciary offshore bank account for first month shipment, should buyer fail to issue payment instrument within 7 banking days, buyer will make 3% deposit of the total cost of product by TT wire transfer for security guarantee purpose to enable seller charter vessel and commence shipment, and this payment will be deducted from the total cost of product after inspection at discharge port or legal action will be taken against the buyer for default.
5. Upon buyer’s successful issuing of SBLC via MT760 or DLC via MT700 according to seller’s fiduciary bank verbiage to seller nominated fiduciary offshore bank account or successful confirmation of buyer’s security guarantee from seller’s nominated fiduciary bank viaMT103 TT wire transfer, seller proceeds immediately to Issue Full PPOP Documents to the Buyer’s Bank.Full PPOP Documents;
a) Fresh SGS report) Copy of Approval to Export, issued by the Ministry of Justice Kazakhstan Federation.
c) Copy of statement of availability of product.d) Copy of Refinery commitment to produce the product.
6. Seller pays commission within 48 hours by swift MT103 to all intermediaries as signed NCNDA/IMPFA. Seller & buyer move on yearly basic as per signed draft contract.
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