CI, DIP & PAY FOB ROTTERDAM
(1) DIP & PAY (ROTTERDAM) PROCEDURE:
1. Buyer issues official order (ICPO) to seller endorsed with choice price confirming acceptance to Terms, Conditions and Trading Procedure.
2. Seller provides buyer with TIME FRAME for availability of agreed quantity at storage source and issues a Commercial Invoice (CI to Buyer), upon buyer’s assignment to CI, seller submits Tank Storage Agreement (TSA).
3. Buyer signs, seals & returns (TSA) to seller accompanied with passport copy of buyer / nominated authorized representative to attend seller’s Tank Farm for all necessary tasks towards product confirmation on quality and quantity. Seller’s Tank Farm management appoints date of survey, SGS and Dip Test conductance, Tank Farm Agent FORMALLY invites buyer / nominated authorized representative.
4. On this agenda, seller shall provide buyer with Authority to Verify (ATV) with specific product storage co-ordinates in order for buyer / authorized representative to visit tank farm for assigned product analytical services.
5. On visiting in Rotterdam, tank farm shall appoint a date to attend assigned analytical services. Buyer / authorized representative shall accommodate and pay SGS & Dip Test expenses through an authorized tank farm agent. Upon conduction of services on presence of Buyer / authorized representative at tank farm yard, buyer / authorized representative receives fresh SGS report within 48hours and Dip Test results not longer than 72hours.
6. Upon buyer’s satisfaction to quality and quantity, seller shall submit Tank Storage Receipts (TSR) and Product’s Injection Report for buyer’s management / authorized representative shall register lifting logistics with tank farm and arrange total product payment through MT103/23. [TSR & INJECTION REPORT SHALL NOT BE SUBMITTED to Buyer / authorized representative before product quality reports and acceptance of buyer on product’s quality].
7. Buyer (“Authorized representative And / Or Their Nominees / Assign’s”) signs ACT of Title Transfer and returns it to seller with letter of acceptance. Upon Title Holder transferred to buyer with complete set of Full POP documents, buyer lifts the product after seller received full product payment Via MT103 or TT-Wire Funds Transfer.
8. Seller and buyer, if necessary, shall sign a twelve (12) Months FOB / CIF-Contract (SPA), immediately after completed execution of Dip & Pay under buyer’s issuance of SBLC/MT760 or DLC/MT700 against seller’s Performance Bond 2% (PB).
(2) PROCEDURE ON FOB BASIC
1. Buyer accepts seller working procedure and issue ICPO 2. Seller issues commercial invoice (CI), Buyer signs and returns back commercial invoice. 3. Seller issue TSR with GPS coordinate to Buyer Company, 4. Buyer contacts the Seller's storage facility for tank extension to enable Buyer approval to gain access to the facility and execute the Quality & Quantity Inspection in Seller Tank Farm for FRESH Analytical Report/Result by SGS. 5. After successful DIP test, (NCNDA/IMFPA) will be signed by all parties. 6. Seller injects product into Buyer’s vessel or injects into Buyer’s tanks Buyer or buyer take over the storage tanks, within maximum 48 hours Buyer pays via MT 103/TT for the spot transaction and seller issues all export documents to buyer. 7. Upon conclusion of first lift transaction seller pays all intermediaries involved in the Transaction and proceed with the signing of contract with Buyer.
Contact us for more information.
NCNDA.org - Important information
- - This website is NOT associated with any user registered here!
- - Never pay anyone by Western Union, Moneygram, or another payment system.
- - Contact us about a user who sends scam offers. This account will be blocked.
Send a message to this company
You need to log in or register to send a message to this company from the website.