FOB MT103

TANK TO TANK DIP & PAY- NON-NEGOTIATABLE PROCEDURE

 

  1. Buyer provides Company Profile / Website and LOI with confirmation of acceptance of Seller’s FOB Procedure. (Only through an official corporate email address).
  2. Upon the approved LOI, Seller sends Soft Corporate Offer (SCO) OR Full Corporate Offer (FCO).
  3. Buyer issues ICPO with this non-negotiable FOB procedure included before the expiry date of SCO or FCO. Upon the acceptance of ICPO, Buyer provides the following information:
    (a) TSA,
    (b) Company profile,
    (c) Passport copy,
    (d) Fresh BCL within 7 days from Payment account / Bank Statement / POF,
    (e) Acceptance letter to verify (for Bank statement or POF only).
    (f) Seller issues the Commercial Invoice (CI) for the available quantity to Buyer. Buyer signs and returns to Seller with NCNDA/IMFPA signed by all intermediaries with commission structures.
  4. Seller proceeds to verify Buyer’s Tank Storage Agreement (TSA) and issues DTA (Dip Test Authorization) to be signed within the expiry date by the Buyer and Buyer’s tank farm.

    (Note: If Buyer TSA doesn’t pass Seller’s verification, Buyer must extend Seller’s tanks to enable Buyer to dip and lift from Seller’s tanks.)

  5. Upon the signing of DTA by all parties, Seller proceeds with registration and issues a fresh SGS Report within 3 working days.
  6. Upon registration approval from Port Authority, Seller issues Tank Receipt, Injection Report, Certificate of Origin, Refinery Reservoir Receipt, and ATV (Authorization to Verify) at Seller’s tank within 3 working days.
  7. Buyer designates SGS to conduct a Dip Test of the product in the Seller’s Tank at Buyer’s expense. Upon a successful Dip Test, Buyer provides Tank details, and Seller immediately submits the (SGS) Inspection Report along with the full Proof of Product (POP) to the Buyer.
  8. Buyer makes 100% payment by MT103 TT wire transfer for the total product, and Seller & Tank Farm coordinate the Injection Schedule.
  9. Ownership transfer by all original certificates.
  10. Seller pays commission to all intermediaries involved in the transaction within 3 working days after confirmation of Buyer payment.