EN

Translate:

WORLD'S #1 EMERGING OIL & GAS ENERGY TRADING PLATFORM.


STANDARD CIF ASWP TRANSACTION PROCEDURE

BUYER MUST PROVE HIS ABILITY TO RECEIVE, STORE/ TRANSPORT CARGO WHILE SELLER MUST BE A TITLE HOLDER

  

1. Seller sends official SCO with company Email Address, Phone & Fax Numbers, Tax Registration Numbers, with Official Seal incorporating this transaction procedure addressed to "End Buyer Via SUBCONTRACTS INDIA (Global Oil and Gas Trading)" 

2. Buyer issues Irrevocable Corporate Purchase Order “ICPO” with complete banking references, Company Profile (CP), Company Registration, Copy of Buyer's Passport and RWA Letter signed by two of buyer’s bank officers and issued to seller’s name, which stipulates that Buyer is RWA to issue financial instrument for payment guarantee of goods ordered.

3. On receipt of buyer's ICPO and RWA Letter, seller issues (amendable) draft Contract (SPA) electronically including this transaction procedure and Seller’s financier banking details in addition to Commercial Invoice (CI) in favor of the buyer and NCND/IMFPA completed by Seller Mandate. 

4. Buyer returns to seller the signed and sealed Commercial Invoice and the SPA along with the IMFPA/NCNDA completed and signed by Buyer, Buyer Facilitator, Buyer Mandate Group and all Intermediaries. 

5. Seller issues approved, countersigned and sealed SPA which now incorporates the NCNDA/IMFPA as an Annexure within the SPA document. Both buyer and seller lodge the legalized SPA contracts in their respective Banks.

6. Seller issues PPOP, which will consist of the following documents: 

          I. Passport product analysis. 

          II. Notarized Authorization to Sell (ATS) 

          III. Company Registration Certificate. 

          IV. Tax Registration Certificate 

          V. Notarized Commitment to Supply 

          VI.Notarized Statement of availability of Product. 

7. Buyer verifies PPOP and if satisfied with the outcome,  issues inoperative, transferable / Non-transferable SBLC/DLC – (CHOICE IS BUYER'S)

8. Seller issues 2% PB to activate the SBLC/ DLC.

9. Seller provides FULL PROOF OF PRODUCT, which will include: 

 

  1. Copy of License to export
  2. Copy of Approval to Export    
  3. Copy of Certificate of Origin
  4. Copy of Statement of Availability
  5. Vessel details, IMO Q88
  6. CPA- Charter Party agreement
  7. Fresh SGS from vessel at loading port, re-make SGS/CIQ Inspection at discharge port
  8. DTAOB- Dip Test Authorization on Board Vessel 
  9. ATB- Authority to Board
  10. B/L cargo manifest
  11. Certificate of authenticity  
  12. Certificate of quality (Issued by nominated Inspection Agency at the Loading Port)
  13. Certificate of quantity (Issued by nominated Inspection Agency at the Loading Port)
  14. Tanker Ullage Receipt 
  15. Ship Master’s Receipt for Sample 
  16. Ship Master's Receipt for Documents


10. Ship arrives at destination port and Q&Q inspection is conducted by nominated inspection agency such as SGS or equivalent others on the goods and buyer releases payment via MT103/TT to seller's bank  (100% payable for each shipment) within 3 banking days upon the cargo passed nominated inspection agency's (such as SGS or other equivalent) tests for Q&Q, BL and Commercial Invoice.

11. Documents from shipping on board vessel. (To be issued after loading) 

  1. One Full set of 3/3,Ocean Bill of Lading; 
  2. SGS Q/Q 2/2 at the port of loading;      
  3. Certificate of Origin 1/2; 
  4. Signed commercial invoice based on  the delivered quantity and quality onboard vessel; 
  5. Cargo manifest 1 original; 
  6. Captain’s receipt of all documents of the shipped product 1/1.

12. After confirmation of receipt of payment seller shall instruct ship's captain to discharge cargo.

13. Seller sends the title ownership documents to Buyer.

14. Seller Pays all intermediaries’ commissions as per IMFPA within 24 hours of receipt of Payment for shipment from Buyer.

Global Oil and Gas Trading - Standard CIF ASWP Transaction Procedure

Global Oil and Gas Trading - Standard CIF ASWP Transaction Procedure