Buyers Published date: June 10, 2014 Modified date: January 2, 2015

I NEED SELLER WHO CAN FOLLOW THIS PROCEDURE 100%---------
PROCEDURES:
1. Supplier issues draft CONTRACT AND PROFORMA INVOICE for negotiation. Buyer and seller sign and seal after mutual agreement. (The contract and the invoice signed and sealed are sent to the banks).
2. Upon de signature of the FINAL CONTRACT AND THE PROFOMA INVOICE with transaction code reference number, Buyer's Bank issue for each cargo one MT 103/23 CONDITIONAL (to check and verify the documents and the product, including the Dip Test Authorization) and REVOLVING. Send via Swift to the supplier’s bank, with copy to supplier’s secure E-mail address.
4. Upon confirmation of the MT 103 CONDITIONAL the Supplier Issue immediate the following:
- Supplier deposit 2% PB.
- All the documents regarding to the product at following:
a) The Dip Test Authorization, tank storage, receipt and survey report made by SGS or IASC
b) Tanker Ullage report at loading port, with time log and Shipmaster report.
c) Certificate of Origin, countersigned by a local Chamber of Commerce.
d) Notice of readiness (NOR) lodged by Shipmaster at loading port, countersigned for acceptance by terminal’s representative.
e) Signed commercial invoice, based on the delivered quantity/quality, showing name of vessel date of completion, loading quantity and state of delivery.
f) Master sample receipt at loading port.
g) Any other documents pertaining or related to the current trip, duly by theauthorized Buyer’s persons.
h) Certificate of Insurance Coverage with payment confirmation issued by Insurance Company.
i) Plus all the documents that may be require by the buyer.
POP Documents

- Copy of license to export issued by the Ministry of Energy.
- Copy of registration with Ministry of Justice -Export Duty Control.
- Copy of statement of allotment availability of the product by the refinery.
- Copy of the refinery commitment to produce the product.
- Copy contract to transport the Product to the Port.
- Copy of the Port Storage agreement.
- Copy of the charter party agreement(S) to transport the product to the discharge port.
- Assignment of ownership documents.
- Seller issues SGS Q/Q certification, Tank Storage Receipts and Dip Test etc.
5. Buyer will receive within a short time, all relevant documents of the POP after the confirmation of the Conditional MT103/23, Once the buyer has received all the documents, he has 5 (five) banking days to check and verify the product and all the documents (Including the DIP test).
6. Once the DIP TEST is done successfully, the supplier issues COMMERCIAL INVOICE to the buyer. When the Buyer approves all the documents the product will be loaded into the vessel. Buyer receives the Charter Party agreement with the shipping company, the insurance (110% of the value of the product) and the Q88 of the vessel.
7. Supplier issues Bill of lading within 24 hours upon completion of vessel loading.
8. After the vessel is completely loaded and before the vessel undocks the port, Buyer instructs his bank to release the payment (the MT103/23). The title is issued to the name of the buyer.
NOTE: Supplier will not provide Partial nor full POP before the buyer sends the CONDITIONAL MT 103.

Oluwalade James

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• Publisher: OLUWALADE JAMES
• Company Name: JAMOLU INTL VENTURES LTD
• Country: NIGERIA

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