CIF PROCEDURES VESSEL 70%/30% PAYMENT BY SELLER & BUYER:
1.Buyer issues ICPO in accordance to Seller working procedure along with buyer passport.
2.Seller issues draft contract (SPA) to buyer open for amendment; buyer review and sign mutually accepted
contract and return to seller within 2 working days along with BCL ( Bank Comfort Letter ) from buyer’s bank.
3.Seller review contract SPA acknowledged and registered /legalize it through the ministry of energy.
Note: Seller bearing the cost of the registration and legalization.
4.Seller appoints shipping company for buyer and Seller signing Charter Party Agreement both parties
finalize. Seller make 70% payment and the buyer 30% payment to the vessel/shipping company.
5. Seller bank release Proof of Product as listed below to buyer and bank.
Certificate of origin.
Passport of Product.
Commitment to Supply.
Statement of Product.
Registered, Legalized, Approved SPA.
Endorsed Legalization & Notarization NCNDA /IMFPA.
Charted Vessel Receipt (CVR).
Tank Ullage report.
Bill of Lading/ Buyer name.
Full Injection Report.
TANK STORAGE RECEPT (TSR).
Fresh SGS Report (At Loading Port).
Certificate of Insurance.
Authorization To Sell and Collect (ATSC).
Authorization To Verify (ATV).
Unconditional DTA - Charter Party Agreement (CPA.
E.T.A(Estimated Time of Arrival) Of Vessel.
Vessel (N.O.R) Notice of Readiness.
Shipping schedule stating estimated time of departure, estimated time of arrival.
6.Upon arrival of the vessel at Buyer’s discharge port, Buyer provides seller with shore tank storage facility coordinates
and necessary requirements to enable Buyer’s SGS/CIQ conduct Dip Test.
7.Seller issues to Buyer Full DTA for immediate proceeding of inspection by Buyer's SGS/CIQ Agent.
8.Seller's Bank issuing Full Proof of Product (FULL POP/CURRENT DATED SGS REPORT) Buyer's bank pays the 100%
of Total value of the product in Buyer's storage tank by wire transfer MT103 in accordance with the Seller's invoice
and SGS/CIQ inspection report.
9.Upon confirmation of the payment, Seller issues to the Buyer the title of ownership and all Exporting documents and
Buyer pays commission in accordance with the NCNDA/IMFPA.