FestusChi International Services

Company Description

We the direct mandate to the Seller. Below is the seller procedure. CIF DELIVERY FOR OFF OPEC TRANSACTION 1. Seller issues transaction procedure and buyer issues an acceptance letter with the procedure inside the letter. 2. Seller issues SPA while Buyer signs and returns the SPA with CIS, port of discharge agent details, ATB/NOR/ETA formats. 3. Upon receipt of SPA, CIS and Passport information, the Seller signs and return the closed SPA with the seller’s CIS. 4. Buyer’s prime Bank issues RWA via MT799 stating readiness to issue DLC, Seller's bank responds via MT799 stating readiness to receive the DLC & place a 2% pb. 5. Within 96 business hours Buyer's prime bank issues to Seller's fiduciary bank a 366 days revolving DLC valid for duration of the contract (one year and with PRIOR MUTUALLY AGREED VERBIAGE, for the shipment of up to 4,000,000 barrels x 12 months. 7. Seller’s Bank validates the DLC and seller responds with 2%PB 8. Seller nominated and assigned cargo with full documentation in buyer's name and send to the buyer. Buyer shipping agent register’s the product documents with the Chinese Customs. (Certificate of quality to be loaded is Certificate of Origin Certificate of authenticity Certificate of authority to sell), etc. and authorizes Vessel Captain to move vessel to Buyer’s port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent. 9. At the Buyer’s discharge port, Buyer's shipping agent clears the vessel while the Captain Issues Authority To Board (ATB/DTA) to enable Buyer’s independent inspectors to perform Q/Q at mutually agreed location. 10. Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties while Seller Issue Commercial Invoice to the Buyer with exact Q/Q report figures. 11. Buyer releases full payment for cargo to Seller's nominated bank within 72 business hours after inspection against Q/Q Report, Commercial Invoice and Cargo Documents by MT-103 (cash wire). 12. Seller confirms payment and authorizes Captain to discharge cargo into Buyer’s storage tank. $11/ 3 $8 net gain $1,50 cent buyer commission open $1,50 cent seller commission close C I F Delivery to any save port