CIF TRANSACTION PROCEDURES TERMS & CONDITIONS

1. 1. Buyer signs Soft Corporate Offer (SCO) and send it to International Trading Company along with a Letter of Intent (LOI).
1. Company issue Full Corporate Offer (FCO), send it to the buyer along with the format of the
2. Buyer signs the FCO, put the ICPO on the letterhead of their company, completes all the company and banking information, sign/stamp, and send both documents back o Company, along with Company Profile (Company Profile should have the year of establishment, founders, and a history of major projects completed) CIS, Passport copy of the authorized signor for the company, Certificate of Registration.
3. Seller issues Sales and Purchase Agreement (SPA). Buyer reviews, amends (if necessary), signs and returns the (Draft Contract) SPA in PDF format to Seller within Three (3) banking days for final endorsement. Then Seller counter signs the Seller signs NCNDA/IMFPA between all intermediaries involved.
4. Within 5 Working Days of signing the SPA, in accordance of the Seller’s acceptable verbiage, Buyer’s Bank issues a Non-Operative, Irrevocable, Non-Transferable, Revolving, and Confirmed DLC/MT700 with the first month shipments’ value, with full bank responsibility via swift MT700 to the seller’s bank to be automatically operative by Seller’s 2% performance Bond, and provides Seller with swift copy.
5. Within 5 Banking Days of accepting the DLC, Seller’s Bank issues the 2% Performance Bond and the DLC will be operative.
6. Within 5-15 working days on confirmation and acceptance of the Buyer’s DLC, seller commence loading of the product and issues full POP/Shipping documents as listed below, with legalized SPA to buyer’s company via bank to bank and copies via email; buyer shall notify the seller by official written notice of his bank receiving seller’s full POP/Shipping documents:
   1. Copy of export license, issued by the ministry of Petroleum and
   2. Copy of approval to export, issued by the ministry of
   3. Copy of Transnet contract to transport the Product to the
   4. Copy of the Port Storage agreement/
   5. Certificate of
   6. Product Passport,
   7. Statement of availability of
   8. Commercial Invoice
   9. Copy of charter party
   10. Copy of Customs clearance
   11. Copy of the tank receipt issued by the storage
   12. Copy of Fresh SGS Report or Equivalent at Loading
   13. Copy of Vessel Q88
   14. Copy of Bill of Lading
   15. Copy of Cargo Manifest
   16. DTA & ATB
   17. NOR/ETD.
   8. Shipment commences as scheduled in the contract and upon arrival of the cargo at the discharge port, within 2 working days of vessel’s arrival at discharge port, buyer's inspection team carry out SGS/CIQ or Equivalent Inspection to ascertain quality and quantity of the product.
   9. Upon successful SGS/CIQ Inspection by the buyer, Buyer’s Bank release payment for the total shipment value via swift fund transfer MT103/TT within 2 banking days of issuing the SGS report at discharge port, then Product is discharged to buyer’s destination storage facility and title of product ownership transferred to buyer.
   10. The seller pays all intermediaries involved in all the transactions as per signed NCNDA/IMFPA within 72 hours.
   11. Subsequently monthly shipment continues as per signed SPA and product payment will be made against successful SGS/CIQ or equivalent inspection via TT/MT103.

   This SCO shall be signed by the Buyer, to be accompanied with a Letter of Intent (LOI), and sent directly from the corporate email of the Buyer to corporate email of the Company, by the validity date of the SCO.