Description
Buyer submits Request for Contract by ICPO or Letter of Intent
confirming the procedures and including verifiable banking with BCL
signed by two bankers.
Seller’s banker verifies banking capacity with Buyer’s bank.
Seller’s bank confirms POP and issues draft contract in the Buyers
name.
1.1. Buyer and Seller sign and execute contract by lodging with
their respective banks.
1.2. Seller issues Commercial Invoice, and POP as Tank farm
receipts, SGS report on Quality and Quantity and perform a Dip
Test, and will schedule lift to Buyer\'s logistics.
1.3. Buyer will verify Tank farm receipts, SGS report on Quality
and Quantity and perform a Dip Test
1.4. Upon successful dip test, the Buyer transfers payment for
Commercial Invoice via SWIFT MT **3 or TT wire all within *0 hours
and Title passes to Buyer.
1.5. Buyer Transfers fuel to their tanks or vessel and transaction
is deemed completed.
