Refinery Oil and Petroleum Products Procedure For CIF Working

 CIF Working Procedure

1.Buyer confirms SCO and issues an official ICPO with banking details.

2.Seller issues Draft contract/SPA to the buyer, Buyer returns countersigned contract to Seller with a letter of acceptance.

CIF WORKING PROCEDURE

3.Seller reviews signed the contract and sends a copy of the signed and sealed contract in PDF to the buyer, both parties lodge with their respective

banks.

4.Seller releases to Buyer the below listed Partial POP (PPOP) Documents.

  • Refinery Commitment to Supply
  • Certificate of origin
  • Statement of availability of the product
  • Product quality passport (Analysis test Report)
  • Company Registration Certificate

5.Within 7 days upon receipt and confirmation of the documents, Buyer issues a standby letter of credit (SBLC MT760) as per seller’s approved verbiage, (If Buyer fails to issue the Letter of credit within the stipulated validity days), Buyer will make a cash deposit of (450,000 USD) (Four Hundred and Fifty Thousand dollar by TT for Transaction security guarantee to enable seller Charter vessel and commence shipment, and this payment will be deducted from the total cost of the product after inspection at discharge port...

6.Seller signs the CPA with a shipping company and issues the full POP documents and 2% PB to the buyers Bank.

7.Shipment commences as per contract schedule.

8.Buyer releases full payment via MT103/TT for the total value of the product after passing the SGS test and performs the Q&Qat the buyer discharge port within 72 hours

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