BLCO PROCEDURE FOR CIF CHINA
BLCO PROCEDURE FOR CIF CHINA
1. Buyer and Seller sign and seal this Sale and Purchase Agreement.Buyer issues ATB format with the details of Buyer’s inspection company and copies of the passports of the inspectors including their e-mails and contact phone numbers to Seller. The electronic signed copy by all parties is considered legally binding and enforceable.
2. Buyer issue PRE-ADVICE (see MT199 verbiage below) from their bank to Seller’s bank by Swift AFTER getting the signed CPA between the seller and the shipping company. Upon Seller bank received MT199, Seller shall instruct their shipping agent to contact buyer’s shipping agent and both sides’ shipping agent signed imported authorizing agreement. Seller submits the following documents to Buyer and Buyer’s Bank for confirmation.
1) Clean on-board ocean Bill of Lading
2) Certificate of Quality
3) Certificate of Quantity
4)Certificate of Origin
5) Vessel Haulage Report
6) Receipt of Samples
7) Cargo Manifest
8) Authority to Sell (ATS)
3. Upon successful communication between the shipping agents from both sides and receipt and confirmation of cargo documents, Buyer sends Stand directs Buyer’s Bank to issue Documentary Letter of Credit (DLC) for this shipment to Seller’s Fiduciary Bank via SWIFT MT700 to be issued within three (3) banking days and valid for 45 days.
4. Seller confirms Buyer’s SWIFT MT700 DLC and submits ETA and Notice of Readiness (NOR) to enter to Buyer’s port of discharge.
5. Loaded vessel sails to 10-12 km near from Buyer’s Port of Discharge.
6. Upon arrival at Buyer’s Port of Discharge, Seller vessel’s captain issues NOR to tender the vessel’s arrival and issues Marine ATB from his vessel domain via e-mail to the Buyer.
7. SELLER WILL NOT DISCHARGE INTO TANK FARM EXCEPT AFTER PAYMENT WITH MT 103,Q & Q WILL HAVE TO CONDUCTED WHILE PRODUCTS IS STILL IN VESSEL AND DISCHARGE AFTER CONFIRMATION OF PAYMENT
8. Upon positive Q&Q result, payment is made by Buyer within three (3) banking days by MT103 directly to Seller’s account by SWIFT for the total value of the crude oil per out-turn barrel upon presentation at the counter of Buyer’s Bank of original shipping documents in the name, including Seller’s Commercial Invoice and Title.
9. Seller pays commission to all intermediaries (based on an executed IMFPA) within 48 hours upon receipt of Buyer’s payment.
10. Next delivery commences according to the schedule stated in the spa!!!
BEST REGARDS
- Company Name: ADWENPA CONSULT
- Country: GHANA
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