2: TTO (TAKE TAKE OVER)-TRADING PROCEDURE
1. Buyer issue purchase order (ICPO) to seller with targeting price, buyer initially signed and returns it to seller for final confirmation.
2. Seller issues Commercial Invoice (CI) to buyer, buyer returns the signed CI to seller and buyer’s bank issues Proof of Funds swift (POF) swift to seller’s nominated bank (bank to bank).
3. Seller submits below verifiable Partial POP material copies (with previous trading record) to buyer via secured email (or by courier at seller’s expense):
- Copy of Incorporation & Registration Certificates
- Copy of Certificate of Origin,
- Copy of Previous BL (Not older than 72-days),
- Copy of SGS Report (Not older than 10-days),
- Copy of Injection Report (Not older than 7-days),
- Copy of Allocation Title Holder Certificate.
- Copy of Statement of Availability of the Product,
- Copy of the Refinery Commitment to Produce the Product,
- Copy of Statement of Availability of the Product.
4. Buyer submits chartered vessels details (Q88’s) to seller / tank farm, operator and seller submits location (GPS) of product and Dip Test (DTA) to buyer.
5. Upon buyer’s successful confirmation of quality and quantity at seller’s storage farm, buyer makes payment by MT103 or TT-wire within 48hours.
6. Seller, within Thirty Six (72) hours since received payment, pays commissions to all intermediaries involved in the transaction