- Buyer issues and official ICPO containing procedures along with Buyer company certificate of incorporation POF/ BCL or RWA and full CIS.
- Seller on receipt of Buyer ICPO issues Memorandum of Understanding (MOU) and Commercial Invoice (CI) for total cargo value.
- Buyer countersign Memorandum of Understanding (MOU) and Commercial Invoice (CI) return back to Seller.
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Seller lawyer will show to Buyer the below listed documents at Seller lawyer office :
- Commitment to supply
- Certificate of origin
- Product passport (quantity & quality dip test analysis report)
- Statement of availability of product
- Ullage Report
- Authorization to Sell and Collect
- Cargo Manifest
- Bill of Lading
- Commercial invoice
- Buyer pays $250,000 USD to Seller’s ESCROW bank in Malaysia. After payment, seller release the POP to Buyer. This Seller will provide BG for the deposit which secure the deposit for the Buyer. On top of that the deposit paid to an international law firm in Malaysia, and very established. So they pay the deposit once and can take the vessel every week or 2 week once.
- Upon the receipt of the above documents by the Buyer, the Buyer shall verify the availability _________ the Product on High Sea.
- Seller releases the Vessel Q88 & Notice of Readiness (NOR) to Buyer for inspection team to _________________vessel.
- Vessel arrive the discharge water and buyer carries out the SGS inspection and upon a successful inspection, Buyer pays the 100% of total product cost by MT103 TT to the Seller nominated Account within 24-48 banking hours.
- Tran-loading commence.
- Both parties proceed with the signing for 12-month contract upon completion of the first trial order.
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