BUYER PREFERRED PROCEDURE
EN590 10PPM
200,000MT TRIAL
500,000MT MONTHLY
TRANSACTION PROCEDURES FOR TTT ROTTERDAM
1. Buyer Issues ICPO, an Irrevocable Corporate Purchase Order (ICPO) with complete corporate details, including, Certificate of Incorporation and Data page of the passport of the authorized signatory
2. Seller Issues Commercial Invoice for the available product in tanks. Buyer signs and returns the Commercial Invoice within 24 hours. Seller legalizes the Commercial Invoice.
3. Seller Provides the following documents or Full Proof of Product (POP) for verification:
a. Tank Storage Receipt (TSR) with coordinates and access.
b. Injection Report (if applicable).
c. Unconditional Dip Test Authorization (UDTA).
d. Authorization to Sell and Collect.
e. SGS Report (not older than 48 hours).
f. Authority to Verify Physical (ATV).
g. Certificate of Origin.
h. Product Passport.
i. Export Permit.
j. NCNDA/IMFPA (to be signed by both Seller and End-Buyer).
4. Upon successful verification, the Buyer conducts a DIPTEST at Sellers Tank. After successful DIPTEST, injection to Buyers tank commences.
NOTE:
The buyer signs a letter of undertaking with a penalty of US$1,000,000.00, if the Buyer fails to complete the transaction under the agreed upon procedures indicated in the Commercial Invoice.(This Letter of Undertaking comes with the ICPO)
5. After injection, Buyer makes payment via MT103 TT (Wire Transfer).
6. Upon receipt of payment, Seller issues Title Documents. And Seller pays all intermediaries as per agreement.
7. Both parties commence negotiations for a 12-month supply contract.
FOR THIS PROCEDURE My buyer is ok with $560/MT
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