FOB

NON NEGOTIABLE TERMS FOR FOB PROCEDURES

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

  1. Buyer receives Seller’s official Soft Corporate Offer and upon satisfactory review, issues Irrevocable Corporate Purchase Order (ICPO) in line with seller’s procedure and Tank Storage Agreement (TSA) for approval
  2. Seller review buyer’s ICPO/TSA and issue Commercial Invoice of the product in Tanks at the port; Buyer sign and returns the Commercial Invoice to Seller, with Tank Storage Receipt (TSR)
  3. Upon receipt of the Commercial Invoice and TSR, Seller issues the below POP documents:
    1. Commitment letter to supply.
    2. Statement of product Availability.
    3. Product Passport.
    4. Countersign and Legalized Commercial Invoice.
    5. Unconditional Dip Test Authorization (D.T.A.)
    6. Fresh SGS Report (Not older than 72 hours)
    7. Loading Port Injection Report (P.I.R.)
    8. Certificate of Origin
    9. Tank Storage Receipt (T.S.R.)
    10. Authorization to Sell and Collect (A.T.S.C.)
  4. Upon successful verification of the Full POP documents, Buyers orders His/Her SGS, Intertek or its equivalent team to conduct Dip test on the product in Seller’s tank at buyer’s expense.
  5. Following the completion of the Dip Test, Buyer makes 100% payment of total product by Swift gpi, before injection commences into buyer’s leased storage tanks and upon completion of injection, issues to Seller full injection Report.
  6. Seller issues and endorses NCNDA/IMFPA dully signed by all Parties and Seller pays commission to all intermediaries involved in the transaction within 24 hours upon confirmation of buyer’s payment.
  7. Seller issues Draft Sales Purchase Agreement (SPA) to buyer to review for R&E monthly deliveries.
  8. Buyer reviews and approves the SPA and issues SBLC/IRDLC irrevocable, transferable, divisible and auto revolving for 12 monthly shipment value and to be verified at Buyers cost as well as documentary letter of credit for length of contract and for each lift per schedule.  Buyer pays after dip test by Swift gpi Wire transfer on each monthly quantity.
  9. The subsequent delivery shall commence according to the terms and conditions of the contract.