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Terms of Transactions

Mohannad Altameemi > Terms of Transactions

DELIVERY CIF ANY SAFE WORLD PORT
PAYMENT TERM MT 103, TT WIRE
ORIGIN KAZAKHSTAN
INSPECTION ANY UNIVERSALLY ACCEPTED Q&Q INSPECTION COMPANY
COMMISSION TO BE SHARED 50% EACH BY BOTH SIDES
PROCEDURES TRANSACTION PROCEDURE (CIF)

1. Buyer issues Purchase Order upon receipt and acceptance of seller’s Soft Offer.
2. Seller issues Draft Sales and Purchase Agreement Contract with Commercial Invoice for buyer’s review and signing.
3. Buyer sign the Sales and Purchase Agreement Contract with the Commercial Invoice back to the seller.
4. Seller lodges the signed Sales and Purchase Agreement Contract with their respective banks.
5. Seller send the Partial POP Documents to the buyer/mandate as listed below:

  • Certificate of Origin,
  • Commitment to Supply,
  • Product Passport,
  • Statement of Availability of the product,
  • Product Allocation Export Permit,

6. Buyer issues a DLC (MT700) or SBLC (MT760) within five banking days to seller’s designated bank. In case of buyer’s inability to issue the DLC, the payment term will be changed to a 3% security guarantee deposit to be made via TT Wire transfer to the seller designated receiving bank.
7. 48hrs after the confirmation of buyer’s Letter of Credit or 3% Guarantee Deposit payment at seller’s bank, seller transfers title holder of the cargo to buyer, issue the 2% PB and commence loading of the cargo into the vessel tanker. Upon completion of loading the cargo, seller will issue the full POP and shipping documents to buyer as shown below:

  • Allocation Title Ownership Certificate,
  • Trans-Neft Contract to transport the product to the loading port,
  • Port storage agreement,
  • Charter party Agreement to transport the product to the discharge port,
  • Tank Storage Receipt,
  • SGS Quality and Quantity Certificate,
  • Bill of Landing,
  • Vessel Questionnaire 88.

8. NCNDA /IMFPA shall be issued for all Buyer/Seller Intermediaries to complete for further processing by the Seller. 9. Shipment shall commence and upon arrival of the vessel tanker at the final discharge port, the buyer shall conduct the SGS/CIQ Inspection and make the balance payment for the full shipment via TT Wire or MT103 TT (Wire Transfer). 10. The seller pays all buyer and seller intermediaries the full commission amount as stated in the NCNDA/IMFPA agreement

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