PROCEDURES DIP & PAY FOB ROTTERDAM, NOVOROSSIYSK, VLADIVOSTOK, PRIMORKS

PROCEDURES FOB DIP & PAY STORAGE TANK TO STORAGE TANK
Dip Test on Seller tank before injection into buyer hire tank1. Seller issues SCO/ICPO FORMAT/NCNDA+IMPFA to End buyer.

2. Buyer provide below requirement to GNGROUP PTE. LTD.

  1. Official ICPO with full banking details address to End Seller Via Mr Mr HHI & Mr JC
  2. Tank Storage agreement (TSA) from reputable tank farm storage company
  3. NCND + IMFPA must fill up, sign, stamping, endorsement by Bank and Notary Public
  4. Company Profile must latest
  5. Passport picture page owner company or any director company

3. Seller issues CI (Commercial Invoice) and Buyer counter signed and return with 48 Hours to seller.

4. Seller Approve buyer TSA and issue POP documents to Buyer:

  1. Commitment to supply
  2. Certificate of Origin
  3. Q&Q done by indigenous lab at port of Origin
  4. ATS (Authorization to Sell) License certificate
  5. Statement of availability of product
  6. Notice of Readiness (NOR) to Commence Injection of the Product.

5. Buyer provide to Seller Tank Storage Receipt (TSR), Authorization to Verify (ATV), Readiness to Receive Fuel (RTR) and send to Seller.

6. Seller confirm buyer tank and verify buyer tank then Seller issue to buyer Dip Test Authorization(DTA), Tank Storage Receipt (TSR), Authorization to Verify (ATV) to enable buyer to verify the fuel in Seller tanks.

7. Buyer engages SGS to conduct Q&Q dip Test Inspection on the Product on Seller tank to check the Quality and Quantity of the fuel before injection can to take place to be sure the product match the Specification for international Standard product.

8. Seller inject fuel into buyer tank and buyer confirm the fuel and buyer Pays by MT103 against SGS report

9. Seller issue Title ownership documents to buyer

10. Seller pays commission to Seller Side, Buyer pays Buyer side commissions:

  • 50%: Seller Side: (50% Closed to Seller Side)
  • 50%: Buyer side: (50% Open to Buyer Mandate & Intermediaries)
  • The agreed commission will be included within an Irrevocable Master Fee, Protection Agreement (IMFPA) to be signed between the buyer and the seller, group of each party prior to issuance of the Sales and Purchase Agreement (SPA).

11. Seller issue contract to buyer for signing and buyer sign and return same back to Seller.

12. Seller open 2% PB to buyer to guarantee the contract shipments and buyer open BG to guarantee the contract shipments and buyer make payment against Q&Q done by SGS report with Commercial Invoice on each slot tank

13. Buyer will pay 5% to Seller as penalty if the buyer fails to be performed and default while Seller will pay 5% to Buyer as penalty if the Seller fails to be performed and default.

               

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