3. REBCO CIF Gross $70/MT, Net $64/MT commission $3/$3
c). REBCO crude oil for 100,000-500,000 MT/ month
SELLER OPERATIONAL CIF PROCEDURE FIRST TRIAL SHIPMENT.
1. The Buyer issues the ICPO to the Seller.
2) The Seller issues the Draft Contract for the Buyer to sign and return.
3) The Seller sends copy of the approved, final Contract to the Buyer along with below Partial – POP Documents;
– (a) Commitment to supply;
– (b) indigenous Analytical Report Q & Q.
– (c) Statement of product availability
(d) Company Tax Registration.
4) Upon Buyer Receipt of the Above documents buyer issue Documentary Letter of Credit (DLC) to Guarantee payment for the product, In any case Buyer fails to issue payment instrument within seven (07) banking days, within five (5) banking days Buyer Must make cash deposit of 240.000$ USD by TT wire transfer for security Guarantee to enable Seller charter vessel and commence shipment. And this payment will be deducted from the total cost of the product after inspection at discharge port or legal action will be taken against buyer for default.
5) Upon confirmation of the Documentary Letter of Credit (DLC) to Guarantee payment, the Seller’s bank sends full POP documents; notably the documents issued to buyer after loading of the product are –
(a) Original and three copies of commercial invoice.
(b) Full set of three original and non-negotiable copies of bill of lading
(c) One original and three copies of Certificate of Quantity and quality
(d) One original and three copies of Certificate of Quality
(e) One original and three copies of Certificate of Origin
(f) One Original and three copies of master’s receipt of samples
(g) One Original and three copies for master’s receipt of each one-copy document, commercial invoice for the balance payment after CIQ and one Original Ullage report issued at loading terminal.
(i) One Original and three copies of cleanliness report at loading port.
(j) Certificate of Ownership.
6) Shipment commences
7) Buyer Pays via MT103/TT as per the commercial invoice as soon as possible after the unloading and CIQ/SGS inspection at the discharge port.
8). Seller release payments commission to intermediaries involve as signed in the NCND/IMPFA
9) After successful closing of the first trial shipments, 1-year long contract will be approved and issued for subsequent shipment.
Note: For serious Buyers
only, Incapable Buyers ICPO shall be rejected.