NON NEGOTIABLE CIF PROCEDURES

As of the 21st of January The current published procedures supersedes all other procedures in any other SCO

  1. BUYER CONFIRMS SOFT OFFER AND ISSUES AN OFFICIAL ICPO
  2. SELLER ISSUES DRAFT CONTRACT TO BUYER, BUYER RETURNS COUNTER SIGNED CONTRACT TO SELLER WITH A LETTER OF ACCEPTANCE SELLER REVIEWS SIGNED CONTRACT AND SEND A COPY OF THE SIGNED AND SEALED CONTRACT IN PDF TO SELLER
  3. BOTH PARTIES LODGE WITH THEIR RESPECTIVE BANKS.
  4. SELLER RELEASES TO BUYER THE BELOW LISTED PARTIAL POP DOCUMENTS
    • -REFINERY COMMITMENT TO SUPPLY
    • -CERTIFICATE OF ORIGIN
    • -STATEMENT OF AVAILABILITY OF PRODUCT
    • -PRODUCT QUALITY PASSPORT (ANALYSIS TEST REPORT)
    • -TANK STORAGE RECEIPT
  5. BUYER ISSUES SBLC SWIFT MT760 (ACCORDING TO THE CONTRACT VERBIAGE) WITHIN FIVE (5) BANKING DAYS.
  6. SELLER SIGNS THE CPA WITH A SHIPPING COMPANY AND ISSUES THE FULL POP DOCUMENTS AND SELLER ISSUES 2% PB TO BUYER’S BANK.
    1. BILL OF LADING
    2. VESSEL TANKER Q88
    3. FRESH SGS REPORT
    4. CHARTER PARTY AGREEMENT
    5. OWNERSHIP CERTIFICATE
    6. TITLE TRANSFER AFFIDAVIT
    7. PRODUCT ALLOCATION CERTIFICATE
    8. ULLAGE REPORT
    9. CARGO MANIFEST
    10. NOTICE OF READINESS
  7. SHIPMENT COMMENCES AS PER CONTRACT SCHEDULE.
  8. WITHIN 2 WORKING DAYS OF VESSEL ARRIVAL, BUYER RELEASE FULL PAYMENT VIA SWIFT GPI AFTER CIQ / SGS AT THE DESTINATION PORT.
  9. SELLER PAYS ALL INTERMEDIARIES ACCORDINGLY WITHIN 72HOURS.