MT760/MT103

CIF ANY SAFE WAR PORT PROCEDURE SBLC 

 

  1. Buyer issues ICPO upon accepting Seller’s Soft Corporate Offer with the documents:
    (a) Paymaster MT103 and MT760 Issuer banking details,
    (b) Company profile,
    (c) Passport copy,
    (d) Acceptance letter stating to adhere to seller’s procedure,
    (e) TSA.
  2. Seller acknowledges buyer’s ICPO and issues contract to buyer open for amendment, buyer signs SPA and returns the contract to the seller.
  3. Seller makes the final signature and forwards to buyer as final approved contract along with soft performance guarantee PPOP documents given below:
    (a) CONFIRMATION / COMMITMENT LETTER TO SUPPLY
    (b) STATEMENT OF AVAILABILITY OF THE PRODUCT
    (c) PRODUCT PASSPORT
    (d) COMPANY CERTIFICATE OF INCORPORATION
  4. Buyer’s Bank in accordance proceeds to issue MT760 in full amount of goods value to SELLER’s designated account after receiving a copy of PPOP documents for security & guarantee for commencing the shipment and confirms Consignee details to Seller via Confirmation letter within 5 days upon receiving PPOP.
    – BILL OF LADING, VESSEL DETAILS (Q88).
  5. Upon Seller’s bank successfully receiving the MT760 from Buyer’s bank within the stipulated 15 working days and issuing operative Performance Bond 2% to Buyer, Seller loads the product and releases Full Sets of POP documents in buyer’s company name to buyer via email as given below:
    – DIP TEST REPORT FOR QUALITY AND QUANTITY OF THE PRODUCT BY SGS, SAYBOLT, INTERTEK OR SIMILAR.
    – CERTIFICATE OF CONFORMITY OF THE PRODUCT.
    – CERTIFICATE OF ORIGIN ISSUED BY THE CHAMBER OF COMMERCE.
    – Administration export permit.
    – Dip test authority letter.
    – Copy of the charter party agreement to transport the product to discharge port.
  6. Buyer provides below documents upon receiving full set of POP within 10 days:
    (a) Tank storage agreement of destination port
    (b) Tank storage receipt.
  7. Shipment commences as scheduled in the contract and upon arrival of the Cargo at the discharge port, buyer’s inspection team carries out CIQ or equivalent inspection to ascertain quality which shall be finished in 3 days. Buyer releases payment via MT103 – T/T for 100% of product cost within 3 working days after CIQ.
  8. After Seller receives full payment, Seller through the Captain hands over all Exportation Documents and Certificate of Ownership to Buyer and all commission is released to intermediaries.