Product Description

CIF PROCEDURE FOR A LOADED VESSEL IN CHINA WATER

1. Buyer and Seller Sign Contract (SPA) and forward copy to their respective

Banks. Buyer return countersigned SPA with NOR + ETA format to the seller.

Electronic signed copy of Contract is considered binding and enforceable.

2. Buyer issues SLBC (Standby letter of Credit) MT**0 or RWA (Ready, Willing

and Able) via SWIFT to Seller bank and open communication with Seller bank

account officer for confirmation and send a copy of the verbiage to seller to

confirm.

3. Upon confirming Buyer&#*9;s SLBC (Standby letter of Credit) MT**0 or RWA

(Ready, Willing and Able) via SWIFT, Seller process and release cargo documents

in Buyer&#*9;s Title and instruct Captain of loaded vessel to issue NOR/ETA and move

vessel down to the Buyer&#*9;s Port of Destination (POD).

4. Seller authorizes vessel Captain to give Notice of Readiness (NOR) Estimated

Time of Arrival (ETA) to Buyers Discharge Harbour/Tank.

5. Upon arrival, the Captain opens communication and announces her arrival to

the Harbour Master on behalf of Buyer to come into the port, stating her exact

Longitude/Latitude with VHF channel. Buyer nominated shipping agent/company

obtains all necessary clearance documents from the port authority for the captain

of the vessel for anchorage. Buyer issues MT**3/*3 for the total cargo

6. Captain onboard drops anchorage and issue Marine Authority to Board (MATB)

for Buyers Inspectors to board for CIQ, Buyers Inspectors boards and Take

samples.
7. Upon confirmation of successful Quantity and Quality (Q&Q) Inspection report

issued to buyer and copy to the seller with Commercial Invoice. Seller hand over

the HARD Copies of the Cargo to the Buyer, with full set of original Proof of

Product (POP) and cargo documents, with the title of ownership reassigned in the

name of buyer.

8. The Buyer releases full payment by swift MT**3/*3 or TT wire to the Paymaster

and according to the banking details given in the Sales & Purchase Agreement

(SPA).

9. Seller confirms Payment made by swift wire (KTT) transfer to sellers

nominated Bank account.

*0. The captain commences discharging into buyer storage tank farm.