CIF ASWP TRANSACTION PROCEDURE (OPTION 1)
1. Buyer
confirms SCO and issues an official ICPO inserting seller’s terms and
procedures.
2. Seller
issues FCO for buyer’s signing, buyer returns signed FCO and a letter of
procedures acceptance.
3. Seller
issues draft contract/SPA which is open for amendments.
4. Buyer
returns the signed draft contract with NCNDA/IMFPA and a letter of guarantee to
perform.
5. Seller
submits the signed SPA for registration and legalization with the appropriate
authorities.
6. Seller
sends the registered/legalized contract hard copies with the below listed
partial pop documents to buyer via government secured courier service or mail,
on buyer choice.
a) Export
license certificate
b) Statement
of availability of product
c) Commitment
to supply the product
d) Certificate
of origin
e) Analysis
test result
7. Buyer
within 7 banking days issues DLC swift MT700 or SBLC swift MT760 according to
Seller's fiduciary bank verbiage to seller nominated fiduciary offshore bank
account for first month shipment, and whereby buyer fail to issue payment
instrument within 7 banking days, buyer will make cash deposit of $270, 000 by
TT wire transfer for allocation and security guarantee to enable seller charter
vessel and commence shipment, and this payment shall be deducted from the total
cost of product after inspection at discharge port.
8. Seller
bank issues the full set of proof of product (pop) and shipping document's with
2% PB (Performance Bond) to buyer’s bank. QQ Certificate & Product passport
docs, all will be issued on time.
9. Shipment
commences immediately as scheduled in the contract.
10. Buyer
pays for the total product value via TT/MT103 to the seller's bank after
successful SGS/CIQ inspection at discharge port and tittle of product ownership
transferred to buyer.
11. Seller
pays all intermediaries involved in transaction as per signed NCNDA/IMFPA
within 72 hours.
CIF ASWP TRANSACTION PROCEDURE (OPTION 2)
1.
Buyer
issues ICPO must be with buyer company letterhead and buyer banking information.
2.
Seller
issues Draft Contract (open for any amendments) to Buyer. Buyer signs, seals
and returns the Draft Contract to Seller for final endorsement with buyer’s
company Information sheet CIS and buyer’s identity. Seller gives Partial
proof of products
and transports product
to loading port.:
a)
Refinery
Commitment to Supply
b)
Certificate
of Origin
c)
Statement
of availability of product
d)
Product
quality passport (Analysis test Report) By Russian standard gost R
3.
Within
5 banking days, Buyer’s bank sends Transferable or nontransferable 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.
If buyer
fails to issue payment instrument within 5 banking days, buyer will make cash
deposit of $ 300,000 by TT wire transfer for allocation and security guarantee
to enable seller charters vessel and commences shipment, and this payment shall
be deducted from the total cost of product after inspection at discharge port.
4.
Seller’s
Bank will issue Full POP Documents to the Buyer’s Bank alongside with the 2%
Performance Bond (PB).:
a)
Copy
of license to export, issued by the department of the Ministry of Energy,
Russian Federation.
b)
Copy
of Approval to Export, issued by the Ministry of Justice, Russian Federation.
c)
Copy
of statement of availability of the product.
d)
Copy
of the refinery commitment to produce
the product.
e)
Copy
of Transnet contract to transport the product to the loading port.
f)
Copy
of the port storage agreement.
g)
Copy
of the charter party agreement to transport the product to discharge port.
h)
Copy
of Vessel Questionnaire 88.
i)
Copy
of Bill of Lading.
j)
SGS
Report at loading port.
k)
Dip
test Authorization (DTA) & ATB.
l)
NOR /ETA.
m)
Certificate
of Ownership Transfer.
n)
Allocation
Transaction Passport Code Certificate (ATPCC) by Ministry of Energy.
5.
Shipment
commences as per signed contract delivery schedule and the shipment should
arrive at buyer’s discharge port within 5-25 days. The SGS inspection will be
borne by the Seller at the loading seaport and Buyer at the unloading seaport.
6.
Buyer releases
payment to Seller by TT/MT103 upon receipt of the shipping
documents and confirmation of
the Q & Q by SGS/CIQ at destination port.
7.
Seller pays commission within
48 hours by swift MT103 to
all intermediaries as signed
NCNDA/IMPFA.
CIF ASWP TRANSACTION PROCEDURE (OPTION 3)
1.
Buyer sends LOI or ICPO to seller, seller responds with FCO, buyer
signs and returns.
2.
Seller issues Draft Contract address to Buyer Company.
3.
Buyer reviews and signs on each page of full Draft Contract and
return to Seller.
4.
Seller registers and legalizes the full Draft Contract with the Russian
ministry on seller's
cost and sends hard copies of
registered and legalized Draft Contract along with Notarize partial POP to
Buyer or buyer’s bank by courier on buyer charges, POP as stated below.
a)
Certificate of Origin of the product
b)
Company Registration
c)
Statement of Product Availability
d)
Export License
e)
Commitment to produce the product
f)
Attestation of allocation certificate
g)
Bill of lading / Q88
h)
Analytical report, fresh SGS
5.
Upon the confirmation received of the partial POP to buyer's
bank, Buyer’s Bank swifts stand
by Letter of Credit or DLC. (DLC OR SBLC Conditional).
6.
After confirmation of the buyer payment instrument, Seller will
issue to Buyer’s bank the full Shipment documents / full
Proof of Product
(POP) Plus 2% Performance Bond via swift bank to bank Upon acceptance of buyer’s payment
instrument (DLC OR SBLC) covering the first trial shipment by seller.
7.
The SGS inspection will be borne by the Seller
at the loading seaport and Buyer
at the Discharge Seaport.
8.
Shipment commences as per contract.
9.
Buyer’s bank upon arrival of the cargo at the discharge port,
payment will be made for arrival
Cargo shipment by the buyer via MT103 100% after SGS Inspection at Discharge port.
10.
Seller will release
payments to the intermediaries involved
according to IMFPA signed by all
parties within 48 hours of receiving Payment of the product from the Buyer's
bank, second shipment proceed accordingly.
CIF ASWP TRANSACTION PROCEDURE (TTM PROCEDURE)
1. Buyer
sends Corporate Profile and Letter Of Intent with Buyer’s Banking Coordinates
included for soft prob/vetting.
2. Seller’s
Attorney sends Buyer, full vetting documents for Buyer to fill, sign and revert
with issuing Bank RWA letter for endorsement.
3. On
Seller’s final vetting and approval, Seller invites the Buyer or Buyer’s
representatives to their Administrative Office for a
Face-To-Face TTM.
4. Seller
issues the Sales and Purchase Agreement (SPA) alongside with all POP documents
at the Seller’s Administrative Office
(Face-To-Face TTM).
5. Product
is shipped and delivered CIF to ASWP of Buyer’s choice.
6. Buyer
conducts SGS inspection at discharge port on Buyer’s expense.
7. Buyer
pays 100% of shipment value by MT103 against presentation of full shipping
documents and confirmation of the Q & Q by SGS/CIQ at the discharge port.
8. Seller
Attorney pays commission within 48 hours by SWIFT MT103 to all intermediaries
involved in the transaction as signed in the NCNDA/IMFPA.
9. After
a successful First Trial Shipment, Buyer issues an SBLC or RDLC for Monthly
Shipment Value Minimum of 12 Months.
Note:
· Prices are subject to change without prior notice.
· Procedures are non negotiable.
·
No
upfront payment, 100% transparency, end to end Buyer and Seller Bank to Bank.
·
Face-To-Face
(TTM) for Buyer or Representatives or Authorized Person(s) is Mandatory at the
Refinery Administrative Office, no issuing of POP documents via internet/mail.
For inquiry, please contact us for further proceed.
