CIF WORKING SELLER’S PROCEDURES NON- NEGOTIABLE

1. Buyer issues an official ICPO with company registration license including buyer’s passport copy.

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 issue to buyer the below listed soft performance guarantee PPOP documents:



Commitment letter to supply product

Availability letter of product

Certificate of origin

Notice of readiness.

4. Buyer’s bank issues bank instrument via SBLC MT760 for the value of first shipment to

seller’s nominated fiduciary bank coordinate in a format acceptable to seller/seller’s bank within Seven (7)

banking days of buyer receiving final approved contract in PDF format with soft performance guarantee POP

documents to enable seller commence trans- loading of product with the shipping company and release full

set of POP documents after loading via bank to bank swift within Seven (7) working days, note: if buyer fails to

issue the bank instrument within Seven (7) banking days, in alternative buyer pays via MT103/TT USD

450,000.00 or equivalent in EURO/RMB as provisional guarantee performance within 72 hours and the

amount will be deducted from the product face value when final payment is to be made.

5. Within Seven (7) banking days of seller’s fiduciary bank receiving buyer’s bank instrument,

seller’s fiduciary bank issues 2%PB to buyer’s bank account which is detailed and mutually agreed

in the signed contract (Please note: 2% PB will not be issued by seller for alternative provisional

guarantee performance payment of USD 450, 000.00).

6. Upon seller’s fiduciary bank’s successful receipt of bank instrument and buyer receipt of 2% PB from seller’s

fiduciary bank or in the alternative, on receipt of MT103/TT payment of USD 450,000.00 by seller’s nominated

bank, seller commence loading of the product within 7 days and issues full POP/Shipping documents with

legalized SPA to buyer’s company via bank to bank and copies via email; buyer shall notify the seller by official

written notice of his bank receiving seller’s POP documents.

7. Shipment commences as scheduled in the contract and upon arrival of the cargo at the discharge port,

buyer’s inspection team carry out SGS/CIQ or Equivalent Inspection to ascertain quality and quantity of the product.

8. Upon successful SGS/CIQ Inspection by buyer, product is discharged into buyer’s storage facility.

Buyer’s bank release total product payment value or balance payment via MT03/TT in USD or equivalent and

title of product ownership transferred to buyer.

9. Seller pays all intermediaries involved in transaction as per signed NCNDA/IMFPA within 72 hours.

10.Subsequently monthly shipment continues as per signed SPA and product payment will be made against

successful SGS/CIQ or equivalent inspection via TT/MT103