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Procédure CRF (COST & FREGHT) AT NEGOCIABLE RRICES - TRADE TO PRICE

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Procédure CRF (COST & FREGHT) AT NEGOCIABLE RRICES

Pétrole & Dérivés > Procédure FOB, CIF, DIP & PAY
WORKING PROCEDURES


3: CFR (COST & FREIGHT) AT NEGOTIABLE PRICES:

1. Buyer issue ICPO to seller with targeting price, seller issued Draft Contract to buyer. Buyer initially signed and returns it to seller.  

2. Seller confirms final contract to buyer as countersigned under acceptance to trading terms.

3. Buyer shall secure insurance through authorized Escrow/ Notary Public. Upon which, seller shall submit set of verifiable Partial POP material copies (with previous trading record) to buyer:-  
     - Copy of Incorporation & Registration Certificates,
- Copy of Certificate of Origin,
- Copy of Previous BL (Not older than 2-months),
- Copy of Present SGS Report (Not older than 10-days),
- Copy of Allocation Title Holder Certificate,
- Copy of Statement of Availability of the Product,
- Copy of the Refinery Commitment to produce the Product.

4. Buyer’s bank within Seven (7) working days shall swift DLC/MT700, SBLC/MT760 or Blocked Funds –MT799 to seller’s nominated bank, seller’s bank within 72hours responds with 2% PB to buyer’s bank.    

5. Seller chartered deliveries and shipment commences. Seller submits Partial POP documents below to buyer’s bank:
      - Copy of License to Export, Issued by the Ministry of Energy,
- Copy of Approval to Export, Issued by Ministry of Justice,
- Copy of the Port Storage Agreement,
- Copy of the CPA, to Transport the Product to Discharge Port,
- Vessel Q88 + NOR / ETA,
- Copy of Allocation Transaction Passport Code Certificate [ATPCC],
- Copy of Bill of Lading (B/L),
- Copy of SGS Report (Done at loading port),

6. Upon successful confirmation of quality and quantity at destination port, buyer makes payment by MT103 or TT-wire within three (3) working days.  

7. Seller, within Thirty Six (72) hours since received payment, pays commissions to all intermediaries involved in the transaction.



4: CIF (COST, INSURANCE & FREIGHT) AT NEGOTIABLE PRICES:
1. Buyer issue LOI/ICPO to seller with targeting price, seller issued Draft Contract to buyer. Buyer initially signed and returns it to seller.  

2. Seller confirms final contract to buyer as countersigned under acceptance to trading terms.

3. Buyer’s bank shall issue Proof of Funds (POF) swift to seller’s bank (bank to bank). Seller submits set of verifiable Partial POP material copies (with previous trading record) to buyer:-
     - Copy of Incorporation & Registration Certificates,
- Copy of Certificate of Origin,
- Copy of Previous BL (Not older than 2-months),
- Copy of Present SGS Report (Not older than 10-days),
- Copy of Allocation Title Holder Certificate,
    - Copy of Statement of Availability of the Product,
- Copy of the Refinery Commitment to produce the Product.

4. Buyer’s bank within Seven (7) working days shall swift DLC/MT700, Blocked Fund MT799 or SBLC/MT760 to seller’s nominated bank, seller’s bank within 72hours responds with 2% PB to buyer’s bank.    

5. Seller chartered deliveries and shipment commences. Seller submits documents below to buyer’s bank:
      - Copy of License to Export, Issued by the Ministry of Energy,
- Copy of Approval to Export, Issued by Ministry of Justice,
- Copy of the Port Storage Agreement,
- Copy of the CPA, to Transport the Product to Discharge Port,
- Vessel Q88 + NOR / ETA
- Copy of Allocation Transaction Passport Code Certificate [ATPCC],
- Copy of recent Bill of Lading (B/L),
- Copy of SGS Report (Done at loading port).

6. Upon successful confirmation of quality and quantity at destination port, buyer makes payment by MT103 or TT-wire within three (3) working days.  

7. Seller, within Thirty Six (72) hours since received payment, pays commissions to all intermediaries involved in the transaction

 
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