Purchase request and procedure
Product
- Product:
- EN590 10ppm
- Quantity:
- 100.000 MT
100.000 - 300.000 MT / Monat
x 12 months + R&E - Delivery Method & Port:
- CIF, AWSP
- Origin:
- international
- Price:
- Platts formula price or fixed price by agreement
Preferred CIF-Prozedur
CIF TRANSACTION PROCEDURE
1. The buyer accepts the seller's procedure. He issues an ICPO to the seller on the letterhead of his company with his bank details. In addition, the buyer submits a copy of his passport and the company's certificate of incorporation to the seller for verification.2. The seller issues a draft contract to the buyer. The buyer checks and signs the draft contract. With his signature, he confirms that he as the buyer is willing and able to carry out the transaction in accordance with the seller's procedure. The seller submits a partial proof of the products:
(a) Seller company certificate of incorporation;
(b) Refinery exports license;
(c) Refinery commitment to Supply;
(d) Certificate of Origin;
(e) Statement of availability of product;
(f) Product quality passport (DIP TEST Analysis test Report) By Kazakhstan standard Gost Company rated with SGS, SAYBOLT etc.;
3. The seller returns the NCNDA/IMFPA for signature by all intermediaries involved in the transaction as confirmation.
4. Within 7 banking days, the buyer's bank shall send an SBLC via MT 760 or a DLC via MT700 according to the wording of the seller's trustee bank to the account specified by the seller for the first month's delivery. Should the buyer fail to issue a payment instrument within 7 banking days, the buyer will deposit a cash deposit of USD$300,000.00 of the total cost by TT transfer as a security guarantee to allow the seller to charter the vessel and commence shipping. This payment will be deducted from the total cost of product after inspection at discharge port, Seller's Bank Issues Full POP Documents to the Buyer's Bank alongside with the 5% Performance Bond (PB) in 7 working days, should sellers bank fail, seller shall issue to the buyer agreeable security guarantee deposit to buyers as a penalty clause for defaulting or failing to adhere to the working transaction procedure:
(a) Copy of license to export, issued by the department of the Ministry of Energy;
(b) Copy of Approval to Export, issued by the Ministry of Energy;
(c) ULLAGE REPORT;
(d) TANK STORAGE RECEIPTS;
(e) CARGO MANIFEST;
(f) Copy of the port storage agreement;
(g) Copy of the charter party agreement to transport the product to discharge port;
(h) UCopy of Vessel Questionnaire 88;
(i) Copy of Bill of Lading;
(j) SGS Report at loading port;
(k) Dip test Authorization (DTA) & ATB;
(l) opy OF NOR /ETA;
(m) Allocation CERTIFICATE (TRANSACTION DEAL PASSPORT);
5. Shipment commences as per signed contract delivery schedule and the shipment should arrive at Buyer's discharge port within 5-15 days. The SGS inspection will be borne by the Seller at the loading seaport and Buyer at the unloading seaport.
6. Buyer releases payment to Seller by TT/MT103 upon receipt of the shipping documents and confirmation of the Q & Q by SGS/CIQ at destination port.
7. Seller makes payment immediately to the intermediaries, according to NCNDA/IMFPA after receipt of payments from Buyer, and both parties commence monthly shipment as per the signed and sealed legalized contract.
Further procedure
If the seller/refinery accepts the above procedures, we ask for corresponding offers (SCO/FCO). After that, everything follows the above procedure.
The above procedure is not a dogma. The buyer is open to negotiable procedures.