NON-NEGOTIABLE BLCO CIF CHINA/ROTTERDAM PROCEDURE
BLCO CIF CHINA/ROTTERDAM PROCEDURE NON NEGOTIABLE
1. Buyer writes a letter of intent (LOI) addressed ( Seller) with the following procedure inserted
2. Seller signs and seals the Sales & Purchase Agreement (SPA) and sends to Buyer. Buyer co untersigns and seals the SPA and returns it together with a Client Information Sheet (CIS) and copy Certificate of Registration. The executed documents are lodged with their banks, the Electronic signed copy of the SPA being considered legally binding and enforceable and not to be changed without the written consent of both parties.
3. Buyer's Bank issues POF by MT199 SWIFT for THE TOTAL CARGO or $100m.
4. Seller confirms it and sends to Buyer FULL Proof of Product (POP) of the Loaded Vessel in Buyer's company name.
5. Seller authorizes Vessels Captain to send MNOR/ETA to Buyer's Harbor Master, confirmable by Buyers shipping agency, then moves cargo to Buyers POD in Rotterdam/China for CIQ/Q&Q.
6. Vessel announces arrival at Buyers destination POD and enables Buyers Inspectors and Supercargo to board for Q&Q/CIQ at agreed Location inside Buyer's Port.
7. After Confirmation of the Q&Q/CIQ, Seller provides final invoice on Q&Q/CIQ Report conducted at discharge, and issues the complete shipping documents to the Buyer's Bank, in Buyers name, to enable the Buyer process the cash payment for the cargo, after discharge in the Buyers tank farm.
8. Upon Complete Discharge of Cargo, Buyer's bank pays within 48HRS via wire transfer MT103 for the entire cargo, to Seller's authorized beneficiary nominated bank accounts & commission to agents as stipulated in this contract, based on the total out turned barrels presented in the last Q&Q/CIQ Inspection in Buyer's discharge port.
NOTE: WE CURRENTLY HAVE THREE (3) VESSELS EN-ROUTE TO CHINA WATERS. THIS IS FOR SERIOUS BUYERS WHO CAN PERFORM ONLY!!!.
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