JP54 CIF PROCEDURE CONTRACT OR SPOT | Petroleum Products (Sellers) | NCNDA.org 

JP54 CIF PROCEDURE CONTRACT OR SPOT



Petroleum Products (Sellers) Published date: September 29, 2020



Dear Sirs,

Please read below:

- Product: JP54
- Qty: 1 million bbls
- Origin: Russia
- Price: US$34/bbl

PROCEDURE CONTRACT OR SPOT
1. Buyer issues an official ICPO, company registration certificate and copy of passport inserting seller’s terms and procedures.

2. Seller issues MOU and Commercial Invoice to Buyer.

3.Buyer issues draft SBLC/DLC MT700/LC at sight to Seller.
Seller issues PPOP documents to Buyer as listed below;
a. Declaration of product ownership
b. Analysis test report
c. Certificate of Origin
d. Bill of Lading
e. Ullage Report
f. Vessel Notice
g. Cargo Manifest
h. Vessel Q88

4. Buyer verifies PPOP and Seller verifies Buyer's documented SBLC/DLC MT700/LC at sight to Seller nominated bank account for first month shipment within five (5) to ten (10) bank working days within 72 hours after Seller’s confirmation of the bank instrument.

5. Upon receipt confirmation of the above payment, Seller issues approval to export certificate, Export license certificate, Authorization to Board vessel (ATB) and Dip Test Authorization (DTA) and all shipping documents will be reissued in Buyer’s name and vessel will be sent to the Buyer’s discharge port.

6. Upon arrival of the vessel at Buyer’s discharge port, Buyer pays for the total product value after successful CIQ/SGS or equivalent inspection via TT/MT103 and title of product ownership is transferred to Buyer.

7. Seller pays commission to Agencies, Broker and intermediary as per signed NCNDA/IMFPA .




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