Buy JP 54 AVIATION KEROSENE

RFQ Description

Dear Sir, Please accept these procedures below. Buyer will send ICPO + BCL Please send SCO with accepted procedures. PROCEDURES 1. Buyer issues ICPO with full banking and company details. The Buyer’s Bank issues and transfers in written to the Sellers of Goods a Banking Comfort Letter, as confirmation of Buyer’s solvency for Contract on purchase of Gas oil (D2) in volume 6,000,000 metric tons over 12 months. 2. After verification and probe of the Banking Letter the Seller issues the draft Contract to Buyer, whereby the draft is open for amendments. Upon coordination between Parties is completed the Contract is signed by both Parties and copies are exchanged in electronic way, which are binding legally. 3. The Seller, within ten (10) working days after the date of receiving and verification of the Banking Comfort Letter, as confirmation of Buyer’s solvency, will provide to the Buyer the "Proof of Product". 4. Within two (2) banking days after receiving and verification of the “Proof of Products” documents by the Buyer, the Buyer provides to the Seller/Seller’s receiving Bank of the financial provision in the amount of USD 600,000,000.00 in the name of the Seller of Goods (…Ltd) and for Reservation in their sub-account being in the account of the Buyer at their first class Bank for period of 420 calendar days. After making a reservation at the Seller's sub- account of the financial provision, the Buyer, within one (1) banking day, provides release in the name and for the benefit of the Seller, of a Banking Letter on Irrevocable Unconditional Confirmation of Funds Reservation in the first class bank of the Buyer. 5. The Parties agree with the detailed schedule of the first month of deliveries of the Goods. Delivery commences as scheduled. 6. Not later than two (2) international banking days before the date on which it is expected that the total value of Cargo already delivered to the Buyer by the Seller will exceed value of the reserved funds (financial provision), the Buyer’s bank shall issue a MONTHLY REVOLVING DOCUMENTARY LETTER OF CREDIT (RDLC). The terms and conditions of the this letter of credit shall be agreed between the Parties and their banks, and then confirmed in writing in the form of an enclosure to this Contract within the first Thirty (30) days since the deliveries of Cargo to the Buyer has started. 7. When the Total Volume of the Cargo specified in the Contract will have been delivered, then, within Fifteen (15) international banking days the Parties shall clear their mutual calculations and settlements, if required, for all delivered Cargo, taking in to account the final price and sum of the financial provision. Email me at *_*@******************** Terry D. Blair