TANK TAKE OVER (TTO) PROCEDURE
1.Buyer issues Irrevocable Corporate Purchase Order (ICPO) with Guarantee Letter to take over Title of the product.
2.Seller issue draft (MOU) agreement to Buyer, buyer counter-sign and return back to seller.
3.Upon Seller receipt of sign MOU-contract from the buyer, Seller legalizes the agreement with the ministry of energy, agriculture & trade Russian federation.
4.Seller sends to Buyer the following documents for Buyer's confirmation.
Bill of Lading- (in the name of Buyer as Consignee.)
Product Passport-Dip-Test Report.
Title Transfer Payment Invoice.
Certificate of Origin
Statement of Availability of Product.
Notice of Readiness (NOR),
Authorization to Sell and Collect (ATSC).
Commitment to Supply.
5.Buyer confirms the product documents and make title transfer deposit payment which stands as an Allocation, guarantee payment to the seller nominated bank by T/T via Wire Transfer within 3 banking days, which shall be deducted from the total payment value of the takeover product.
6.Seller release a fresh date for Dip-Test Authorization-DTA to Buyer. To order SGS inspection or equivalent inspection team for Q & Q inspection upon goods/cargo arrival at the discharge port.
7.Upon the successful completion of Dip-test inspection, Buyer make the balance 95% payment by MT103 via wire transfer for the total product value, Seller transfers Title of ownership Certificate to buyer name as the legitimate owner of the product and commence trans-loading.
8.Trans-loading commence immediately.
9.Seller release payments to the intermediaries involved within 48 hours of receiving payment for the product the Buyer’s bank.