Description
SOFT OFFER QUOTE
Seller: HRH PRINCE BANDER BIN KHALID BIN ABDUL AZIZ AL - SAUD
Product : Saudi Light Crude Oil (SLCO)
Origin
: Kingdom of Saudi Arabia
Quantity : Ten Million BBLS per month
Terms
of Contract : *0/*5 years
Delivery : FOB
Loading Port : Rass Tanura Port, Saudi Arabia
Inspection : SGS, SAYBOLT OR SIMILAR
Penalty Clause : 2% OF Total Contractual Value.
Payment Terms : Revolving Irrevocable Letter of Credit (RILC) /
Documentary Letter
of
Credit (DLC). For the total contract time period.
Price
: GROSS (NET) DUBAI PLATT – $7.*0 (DUBAI PLATT – $5.*0)
Commission : $2.*0 – *0/*0 Seller and Buyer groups
Specifications : Saudi Aramco Standard Specifications.
PROCEDURE:
1.
After receiving the SCO,Principal Buyer sends LOI based on this
Quote offer with Company Profile and Summary and the documents to
get Allocation No.
2.
Seller’s mandate and buyer’s mandate meet. Seller’s mandate then
arranges TTM between
Buyer/Buyer’s mandate and Seller. Buyer’s mandate must have the
letter of authority from the
Principal Buyer.
3.
Buyer’s mandate must get the NCNDA/IMFPA signed from the Principal
Buyer and must
produce it at the time of TTM.
4.
Buyer/Buyer’s mandate must provide POF (BCL) from the Buyer’s Bank
at the TTM.
5. At
the TTM Both Parties negotiate the terms and conditions and
endorses the Final Contract
and
NCNDA/IMFPA.
6.
Buyer registers and legalizes, and get attested the NCNDA/IMFPA
from the ICC and other
relevant Authorities.
7.
Buyer opens Letter of Credit/Documentary Letter of Credit. Terms of
RILC/DLC will be
decided at the TTM.
8.
Buyer arranges the vessel to load and sends the vessel to the
loading port. All expenses of
carriage and freight, and other if so, will be borne by the
Buyer.
9.
Upon receipt, verification, acceptance and authentication of
Buyer´s Bank Instrument, seller
loads
the vessel and conducts SGS at the loading point and submits all
related commodity
documents to buyer.
*0.
Shipment commences.
*1.
Buyer releases payment through Wire Transfer - T/T. Transfer to be
made after receiving Bill
of
loading.
*2.
Next shipments will follow the same procedures from point 8 to
*1.
