TRANSACTION BUYERS PROCEDURES CIF. PRICE 14 LESS 4..TRANSACTION PROCEDURES: 1. BOTH PARTIES SIGN AND EXCHANGES SPA WITH RESPECTIVE BANKS 2A. SELLER PROVIDES A CONFIRMATION LETTER FROM HIS BANK (EVEN IF ADDRESSED TO THEMSELVES IS FINE), STATING THE AVAILABILITY OF FUNDS OF xxxx MILLION OF USD (FOR THE 2% PB OF THE TOTAL VALUE OF PRODUCT) TO BE ISSUED AS PB IN FORM OF STANBY LC IN FAVOUR OF THE BUYER WHICH WOULD BE VALID FOR 45 DAYS IN RELATION TO THIS SPECIFIES OFFER OF TRANSACTION.( copy of this letter should be send to us 2B. BUYER VERIFIES SELLER’S BULK ALLOCATION DETAILS, ATS AND EXPORT LICENSE AS WOULD BE GIVEN TO THE BUYER’S BANK VIA SELLER’S BANK SWIFT AND SECURE EMAIL AND IT SERVES AS POP. 3. BUYER’S BANK WRITES VIA MT/760 TO SELLER’S FINANCIER’S BANK STATING BUYERS READINESS TO RECEIVE A 2% NON OPERATIVE PERFORMANCE BOND FROM THE SELLER AND BUYER’S READINESS, WILLINGNESS AND ABILITY TO ISSUE A BANK GUARANTEE/ TO ACTIVATE SELLES’S 2 % NON OPERATIVE PB 4. ON CONFIRMATION OF BUYER’S RWA, TO RECEIVE SELLER’S 2% NON OPERATIVE PB AND TO ISSUE A BANK GUARANTEE, SELLERS BANK ISSUES A NON OPERATIVE A 2%PB TO BUYER’S BANK AND BUYER ISSUES A BANK GUARANTEE VIA MT760 FROM ANY OF TOP BANKS IN THE WORLD TO SELLER’S BANK USING SELLER’S FORMAT TO ACTIVATE SELLER’S 2% NON OPERATIVE PB. 5. SELLER ISSUES NOR/ETA & MOVES VESSEL TO BUYER’S PORT OF DISCHARGE. ON ARRIVAL LOADED VESSEL CAPTAIN WILL ANNOUNCE TO THE HARBOUR MASTER POSITION, ISSUES MARINE ATB TO BUYER’S INSPECTORS TO COME ON BOARD AND TAKE SAMPLE FOR Q&Q ANALYSIS. 6. ON RELEASE OF THE Q&Q REPORT TO BOTH SELLER & BUYER, BUYER ISSUES TO SELLER MT 103 BASED ON THE Q&Q REPORT FROM ANY OF THE TOP BANKS IN THE WORLD USING SELLER’S FORMAT AS STATED IN THE CONTRACT FOR THE TOTAL VALUE OF THE CARGO. 7. BUYER MAKES FULL AND FINAL PAYMENT TO SELLER & ALL BROKERS VIA A MASTER FEE PROTECTION AGREEMENT (MFPA). 8. LOADED VESSEL DISCHARGES INTO BUYER’S STORAGE FACILITY
Posted on: Sun, 18 Jan 2015 20:07:41 +0000
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