FOB & CIF PROCEDURES
ADAM TRANSACTION WORKING PROCEDURES:
(1) STANDARD SELLER'S ACCEPTED FOB PROCEDURES.
1) Buyer issues ICPO together with Tank Storage Agreement (TSA) and ATV Authorization to verify on Buyer’s company letter heading.
2)Seller issues Commercial Invoice (CI) ICC Warning Letter for the available quantity in the Storage Tank in Rotterdam.
3)Buyer signs and then return the Commercial Invoice with NCNDA/IMFPA signed by all Buyer groups with commission structures.
4)Seller program the injection and then issues Buyer the following documents.
-(Three)3 days Unconditional Dip Test Authorization (DTA); - Fresh SGS Report inspected in Rotterdam; - Tank Storage Receipt (TSR) with GPS coordinates; - Authorization du verify (ATV); - Injection Report Shore Tank Rotterdam; - Certificate of origin; - Authorization to Sell and Collect (ATSC).
5) Buyer upon verification and confirmation of the product and the PPOP documents, order SGS to conduct the Dip Test in the Seller Tank on Buyer expense.
6)Upon successful Dip Test, Seller commences injection immediately into Buyer Tank and issues Buyer Title of Ownership Certificate to be followed by all Export Documentation.
7)Buyer makes payment by MT 103 or TT Wire Transfer for the total product and lifts the product and Seller pays all intermediary involve in the transaction.
(2) STANDARD SELLER'S ACCEPTED FOB PROCEDURES.
1. Buyer issues ICPO on the receipt of seller soft offer.
2. Seller issues Commercial invoice and buyer signs and seals the CI and returns it within 12-24hours.
3. Seller sends to buyer, Commitment to supply and Product Availability in Storage.
4. Seller issues Dip test authorization agreement letter sign by buyer's & Seller.
5. Buyer returns back to Seller sign Dip test authorization agreement letter along with:
• Tank Storage Agreement (TSA) • Authorization to verify (ATV)
6. Upon complete verification of the Tank Storage Agreement (TSA) by the Seller company, Buyer contacts their tank farm to arrange invoice for seller to pay for 2storage days to Buyers tank storage company to confirm their readiness towards the transaction.
7. Upon receipt of the payment for the 2 days by Buyers tank storage company, Buyer provides to Seller a, Confidential Agreement (CA) from their Tank Storage Company.
8. Seller transfers product allocation to Buyer and releases the following documents to Buyer:
• Product Passport • Certificate of Origin • Authority to Sell and Collect
9. Seller releases to Buyer and Buyer’s Tank Storage Company the injection schedule along with the NOR (Notice of readiness) to commence the injection of the product into Buyer’s Tank and injection commences as per agreed SPOT lift quantity.
10. Seller releases the following documents to Buyer:
• Injection Report • Recent SGS Quality Survey • Allocation Certificate
11. Buyer proceeds with inspection of product with SGS agent in his own tank. Upon successful Q&Q dip test on the product, Buyer makes the payment or the total value of the product injected into the Tank through TT/MT103/
12. Seller releases to Buyer the product Title of Ownership documents and Buyer lifts the product with his vessel/Tanker.
13. Seller pays commissions to all intermediaries as per IMFPA/NCNDA 24 hours after receiving payment from buyer.
=================================================================== (1) WORKING PROCEDURES CIF
1. Buyer issues ICPO and Buyer signs and returns.
2. Seller issues MOU and CI open for Amendments.
3. Buyer returns the MOU and CI duly signed via E-mail to Seller.
ETC ETC ETC
See more on WWW.intercontinentalagency.com/offers or
Contact mail@intercontinentalagency.com for details.
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