Diesel Fuel

CIF Procedure:

1.        Buyer provides ICPO and BCL on buyer‘s company letterhead.

2.        The Seller shall issue to the Buyer a Draft Contract (open for any amendements). The Buyer signs, seals and returns the draft BCL Contract (POF) to the Seller for final approval. The Seller provides a partial confirmation of the Goods:

a)       Seller‘s irrevocable obligation to deliver.

b)       Product availability statement.

c)        Commercial invoice for the first (trial*) batch.

*Trial lot size minimum 25.000 tons.

3.        Within 7 banking days, the Buyer‘s bank opens a documentary letter of credit DLC MT700 (irrevocable, transferable,                       uncovered) from the TOP-40 rating banks for an amount equal to two-month account value, valid for 120 days.

4.        The Seller‘s bank issues a full confirmation of the Goods:

a)       Acopy of the product availability statement.

b)       A copy of the charter agreement for the transport of the product to the port of discharge.

c)        Copy of the ship‘s questionnaire 88.

d)       A copy of the bill of landing.

e)       SGS report at loading port.

f)        Certificate of transfer of ownership.

5.        Shipment begins in accordance with the delivery schedule of the signed contract, and the consignment must arrive at the Buyer‘s port of discharge within 25-30 days. SGS inspection is paid by the Seller at the seaport of loading and the Buyer at the seaport of discharge.

6.        Buyer transfers payment to Seller via TT/MT103 after receiving shipping documents and Q&Q confirmation from SGS/CIQ at destination port.