SELLER’S PROCEDURES – NON NEGOTIABLE

Start. Buyer sends LOI/ICPO with CIS/KYC File and Bank Details duly completed and signed. 

1. After Compliance approval, the FCO-Full Corporate Offer is send with all banking directions and instructions to the Buyer, who must analyze it carefully and, if in  agreement with the terms and procedures, return it signed to the Seller. 

2. Within 5 (five) business days after the electronic signature of all parts of the FCO, the Buyer will send the Proof of Funds which may be a BCL or RWA with bank  liability, obligatorily via Bank to Bank through the Global Swift System, as this is  the only format accepted by the seller's banks. 

3. After verification of the Buyer’s Proof of Funds through Bank, the seller will issue your SPA open for small amendments, if necessary, as usually everything is as outlined in FCO and sends it for review to the Buyer. 

4. The Seller through your Bank or Lawyer will within 5 Days after approval of the  Clients POF send the following Proof of Product - POP Documents to the Buyer (1) CERTIFICATE OF ORIGN  /  (2) COMMITMENT TO SUPPLY CERTIFIED BY A NOTARY PUBLIC  / (3)∙ PROOF OF PRODUCT EXIST STATEMENT CERTIFIED BY A NOTARY  PUBLIC 

5. The buyer makes his amendments, sends them back to the seller and seller  prepares final SPA which includes the accepted adjustments and revert to buyer. 

6. If the buyer agrees, the seller starts DocuSign or familiar electronic system fixing  the final SPA version for the signature of all parties involved. 

7. After SPA has been signed by all Parties, Buyer issues Financial Instrument, within  5 – 7 Bank Business Days or what was agreed and concluded to The Seller named  Bank account as per the Commercial Invoice. 

8. As soon as Financial Instrument is received and verified from seller`s bank The  Seller will issue Performance Bond of 2% max. 5 days after verifying the instrument  through the Bank. 

9. Within 20 – 30 Business Days logistics starts, and transportation, Packaging, Inspection, Loading, and shipping will commence.

10. The Seller will send in due Time invitation Letter to the Buyer to be present if wanted for Inspection and Loading. 

11. The Seller will send complete original shipping documents to Buyer’s bank via their bank and email copy of original shipping documents to the buyer. 

12. Buyer instructs his bank for payment per supply when getting the agreed documents and payment must be received on seller`s bank account latest within 2 banking days. 

13. As soon as seller`s bank confirms that payment is cleared in our bank account ownership of each supply changes with immediate Effect and a Certificate of Title Transfer will be issued. 

14. Procedure repeats until contract settled and seller pays intermediaries involved preferred through a paymaster.

Note: The seller Not present “past performance” or “latest BL records”. Visits and inspections ONLY at the Loading Port with SGS/CCIC, upon Invitation Letter  sent by the Seller. All certificates of the seller like Company Registration and  GACC are submitted for the buyer’s compliance, others documents reference  the manufacturers and exporter are provided along BL documentation in  accordance to the Procedures. 

INCOTERM - CIF

TRANSACTION PROCEDURE   //        

For compliance: The buyer issues a LOI with CIS for compliance and the seller issues the SCO

If the buyer accepts the seller's terms and procedures;

1.- The buyer issues an Irrevocable Corporate Purchase Order.

2.- The seller issues draft contract.

3.- Both parties confirm draft contract and signed it.

4.- Seller Register the Product contract in OFAC. Seller issues Commercial Invoice.

5.- Buyer signs the Commercial Invoice and returns it to the Seller.

6- The Buyer shall provide Proof of Funds through a SWIFT communication (MT199, MT799, BCL, or RWA), to be transmitted directly to the Seller’s designated bank. Such communication shall serve to evidence the Buyer’s financial capacity to issue a banking guarantee covering the value of the first shipment under this Agreement

7.- Seller issues to buyer the Proof of product documents (PPOP) following beneficiary certificates below:

a. Commitment to Supply

b. Product-specific OFAC license authorization with code.

c. Statement of Product availability

d. Certifícate of Origin

e. Export Certifícate.

8.- The Buyer's bank issues for first delivery (TRIAL) Documentary Letter of Credit (DLC) MT-700 or Standby Letter of Credit (SBLC) MT760, or Guarantee check via MT110. Based on the approval of the draft DLC or SBLC, the current DLC MT-700 or MT760 must be submitted within 10 business days of signing the SPA. Failure to issue it by this date will result in the Buyer losing the agreed-upon supply quantity. For the extended contract, SBLC MT760 or Guarantee check via MT110.

9.- Upon confirmation of Buyer's Guarantee, the Seller issues a 2% performance bond or equivalent insurance (NOT FOR TRIAL).

10.- Seller issues the Full POP and shipping documents and send to the Buyer as show below:

a.- Product passport and all export documents.

b.- Allocation title ownership certificate.

c.- Port Storage Agreement.

d.- Fresh SGS Q&Q (Quantity and Quality) certificate.

e.- Bill of Loading  

f.- ETA of vessel

g.- Q88 vessel questionnaire

11.- Shipment commences and upon arrival of the vessel tanker to discharge port. Buyer conducts SGS or similar inspection team within (1) day, and makes operative payment. All deliveries will be paid within (3) days for upon vessel arrival and Q&Q verified at port of destination.

12.- Seller's Bank pays commissions to all the intermediaries involved into the transaction

INCOTERM - FOB 

TRANSACTION PROCEDURE - TTV // TTT 

For compliance: The buyer issues a LOI with CIS for compliance and the seller issues the SCO

If the buyer accepts the seller's terms and procedures;

1.- The buyer issues an Irrevocable Corporate Purchase Order.

2.- The seller issues draft contract.

3.- Both parties confirm draft contract and signed it.

4.- Seller Register the Product contract in OFAC. Seller issues Commercial Invoice.

5.- Buyer signs the Commercial Invoice and returns it to the Seller.

6- The Buyer shall provide Proof of Funds through a SWIFT communication (MT199, MT799, BCL, or RWA), to be transmitted directly to the Seller’s designated bank. Such communication shall serve to evidence the Buyer’s financial capacity to issue a banking guarantee covering the value of the first shipment under this Agreement

7.- Seller issues to buyer the Proof of product documents (PPOP) following beneficiary certificates below:

a. Commitment to Supply

b. Product-specific OFAC code.

c. Statement of Product availability

d. Certifícate of Origin

e. Export Certifícate.

8.- The Buyer's bank issues for first delivery (TRIAL) Documentary Letter of Credit (DLC) MT-700 or Standby Letter of Credit (SBLC) MT760, or Guarantee check via MT110. Based on the approval of the draft DLC or SBLC, the current DLC MT-700 or MT760 must be submitted within 10 business days of signing the SPA. Failure to issue it by this date will result in the Buyer losing the agreed-upon supply quantity. For the extended contract, SBLC MT760 or Guarantee check via MT110.

9.- The Seller schedules the order for shipment. The Seller issues a 2% performance bond or equivalent insurance (NOT FOR TRIAL).

10.- The Buyer sends the TSA (or tank’s contact) to the Seller.

11.- Seller issues the Full POP and shipping documents and send to the Buyer as show below:

a.- Product passport and all export documents.

b.- Allocation title ownership certificate.

c.- Port Storage Agreement.

d.- Fresh SGS Q&Q (Quantity and Quality) certificate.

e.- Injection Report.

f.- Dip Test Authorization (DTA).

g.- Authorization to Verify (ATV).

12.- The Buyer undertakes to carry out the inspection through SGS or another internationally recognized inspection company within one (1) business day from the vessel’s arrival at the port of destination. The Buyer further undertakes to make the corresponding payment within three (3) business days following the vessel’s arrival. The Buyer shall bear full responsibility for the verification of quality at the port of destination.

13.- Seller's Bank pays commissions to all the intermediaries involved into the transaction