CIF TRANSACTION PROCEDURES TERMS & CONDITIONS

1. Buyer signs Soft Corporate Offer (SCO) and send it to International Trading Company along with a Letter of Intent (LOI).

2. Company issue Full Corporate Offer (FCO), send it to the buyer along with the format of the ICPO
3. 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 to 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.
4. Seller issues Sales and Purchase Agreement (SPA). Buyer reviews, amends (if necessary), signs and returns the (Draft Contract) SPA in word format to Seller within Three (3) banking Buyer’s bank issue RWA, MT199, or MT799 as Proof of Funds (POF).

Note: If the Buyer for any reason cannot issue MT199/MT799 to show POF, alternatively the buyer has the following options:

a) The buyer will issue Operative DLC/MT700, or SBLC/MT760 to sellers nominated bank within no later than 10 business days from date of signing the contract, and then the Seller will issue 2% Performance Bond (PB) to Buyers bank after receiving the operative DLC/SBLC;
b)The Seller will not submit PPOP to the Buyer as per item No. 5 of the Procedures at this time and move to item No. 8 of the Procedures;

5. Seller submits signed SPA via secured email to the buyer along with soft copies of the below Partial Proof of Documents (PPOP):
   • Product Certificate of Origin
   • Commitment Letter to Supply
   • Statement of product availability in Storage
   • Legalized copy of fully endorsed Commercial Invoice for Trial Lift

Seller signs NCNDA/IMFPA between all intermediaries involved.

6. Within 10 Working Days of signing the SPA, Buyer’s Bank issues a Non-Operative, Irrevocable, Non- Transferable, Revolving and Confirmed DLC/MT700 or SBLC/MT760 with the value of Trial or first month shipments, with full bank responsibility via swift MT700 or MT760 to the seller’s bank to be automatically operative by Seller’s 2% performance Bond, and provides Seller with swift copy.
7. Within 5 Banking Days of accepting the DLC/SBLC, Seller’s Bank issues the 2% Performance Bond and the DLC/SBLC will be operative.
8. 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:

a. Copy of export license, issued by the ministry of Petroleum and Energy.
b. Copy of approval to export, issued by the ministry of justice.
c. Copy of Transnet contract to transport the Product to the Port.
d. Copy of the Port Storage agreement/ Insurance.
e. Certificate of origin.
f. Product Passport.
g. Statement of availability of product.
h. Commercial Invoice.
i. Copy of Charter Party Agreement.
j. Copy of Customs clearance certificate.
k. Copy of the tank receipt issued by the storage facilitator.
l. Copy of Fresh SGS Report or Equivalent at Loading Port.
m. Copy of Vessel Q88.
n. Copy of Bill of Lading.
o. Copy of Cargo Manifest.
p. DTA & ATB. q. NOR/ETD.

9. 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.
10. 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.
11. The seller pays all intermediaries involved in all the transactions as per signed NCNDA/IMFPA within 72
12. 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 the corporate email of the seller by the validity date of the SCO. WhatsApp delivery is not acceptable.