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Sell M100 (October 14, 2006)
ORIGIN: Russia QUANTITY:250,000 MT DELIVERY: CIF Any Safe World Port, Except Russia, Ukraine, Turkey, Romania Operation Procedure (Extracted from Draft Contract): 1. Seller issues Full Corporate offer (FCO) with attached Draft Contract. 2. Buyer signs FCO and issues ICPO with attached Draft Contract and SWIFT BCL to Sellers Bank. Buyers bank must be one of top 25 world banks, otherwise seller will not accept it. 3. In the attached Draft Contract, Buyer initials on every page, signs, seals and returns to the Seller for Sellers signature and seal (with amendments if any). 4. Seller counter signs and seals the draft Contract and sends/fax to Buyer. 5. Notarized Hard Copies are exchanged via Fedex or similar. Alternatively, Hard Copies of Contract can be signed at Sellers office. Buyer and Seller lodge notarized contract with their banks. 6. After both parties sign the Contract, the Seller shall within 3 banking days send MT799 through SWIFT to Buyers bank to request the Proof Of Fund (POF) and the Buyers bank shall SWIFT POF through MT799 to Sellers bank upon receives the Sellers request. 7. After receives the SWIFT POF from Buyers bank, within 5 banking days, the Seller shall instruct his bank to issue Proof of Product (POP) and Non. Operative Performance Bond to Buyers Bank via SWIFT. The exchange of POP and PB is strictly from Bank to Bank via SWIFT. 8. The Buyer issues the non. Operative Irrevocable DLC for the full cargo within 5 banking days after receipt of PB from the Seller. This action simultaneously and automatically makes the 2% PB from the Sellers bank and the DLC from the Buyers bank operative. On second delivery and onwards, the Buyer shall issue the DLC minimum ten (10) banking days before the Seller loads the vessel. 9. Delivery commences as per contract and the shipment should be arrival at Buyers discharge port within 45 days after DLC receiving by Sellers bank. 10. All banking charges from the Buyers bank shall be borne by the buyer and all banking charges incurred by the Seller at Sellers bank shall be borne by the Seller. 11. Should any amendments to the DLC be requested once the same had been issued, then the Party requesting the change will be responsible for the payment of the related costs, unless changes are needed to construct the instruments in compliance with the Contract, then the costs shall be borne by the faulting Party. 12. The Seller will provide the following documents as POP Copy of license to export, issued by the ministry of energy. Copy of approval to export, issued by the ministry of justice. Copy of statement of availability of the product. Copy of the refinery commitment to produce the product. Copy of Transneft contract to transport the Product to the Port Copy of the Port Storage agreement Copy of the charter party agreement(s) to transport the product to discharge port.
[Related Categories: Fuel Oil ]
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