TRANSACTION
PROCEDURE (DIP & PAY) - ROTTERDAM.
Product:
EN**0 European Diesel *0PPM
1. Seller issue Full Corporate Offer
2. Buyer issues ICPO to the Seller
3. The seller issues the buyer a commercial invoice (CI) and an
additional storage agreement (TSA), the buyer signs and returns the
CI with BCL or an equivalent bank instrument indicating the
financial ability of the buyer to purchase the goods, a copy of the
passport of the buyers designated / authorized representative, who
will visit the sellers reservoir to check the quality and quantity
of services in Rotterdam.
4. The seller must provide an unconditional permit for immersion
testing (DTA) and authorization for verification (ATV) through an
authorized tank farm agent in Rotterdam. The buyer / authorized
representative conducts the Dip Test.
5. The Tank Farm Agent represents the Buyer / Authorized
Representative with the unconditional Dip Test Authorization (DTA)
and Verification Authorization (ATV). The buyer / authorized
representative is present at the Tank Farm shipyard with an
authorized Tank Farm agent for survey, SGS and Dip Test. After the
services are provided, the buyer / authorized representative must
receive a new SGS report within *8 hours, and the results of the
dive test no later than *2 hours later.
6. After the buyer is satisfied with the quality and quantity, the
seller must submit a storage receipt in the tank (TSR), an
injection report, a certificate of origin and a sales and
collection permit (ATSC) to the buyers management.
[NOTE: the documents mentioned above (# 5) should be submitted ONLY
to the buyer after reports on the quality of the goods are provided
to the buyer and the buyer agrees to the quality and quantity of
the goods].
7. The seller transfers the right to the buyer to the buyer,
presenting the buyer a full set of documents with full POP, the
buyer makes a full payment for the goods via MT**3 or TT-Wire money
transfer, and after the seller receives the payment, the buyer
removes the goods or increases the shelf life of the goods.
8. Seller and buyer, if agreed, must sign the twelve (*2) months
FOB
/ CIF Contract (SPA), immediately after the completion of the Dip
& Pay transaction, and the buyer's bank will issue SBLC /
MT**0 or DLC / MT**0 against a 2% Seller Bond.
