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Procedures

Non Negotiable April 2025
 

FOB – TANK TO TANK (TTT) – PROCEDURE WITH PHYSICAL VERIFICATION

 

1. The Buyer issues an ICPO (Irrevocable Corporate Purchase Order) along with:

  • Company Registration Certificate or ID (KYC/CIS)

  • Signed NCNDA

  • Joint Venture Agreement (JV)

  • Tank Storage Agreement (TSA) confirming storage capacity

 

All submitted for Seller’s approval.

2. The Seller issues the Commercial Invoice (CI) for the available quantity. The Buyer signs and returns it.

3. The Seller issues a contract committing to present the product along with all documentation for verification at Seller’s facilities.

The Buyer, having previously submitted: ICPO, TSA, signed CI, NCNDA, and JV, agrees to:

  • Have logistics and storage ready

  • Have funds available for payment

  • Proceed once product verification and injection plan begins

 

After signing this commitment, the Seller issues an Invitation Letter for a physical meeting in Rotterdam.

During the meeting, the Buyer must present:

Real-time verifiable Proof of Funds covering: Total product value

Storage costs

 

 

Then both parties proceed with:

  • Physical tank verification

  • Document validation

 

4. The Seller presents full Proof of Product (POP) at the tank terminal, including:

  1. Recent SGS report (max. 48 hours)

  2. UDTA (Unconditional Dip Test Authorization)

  3. Injection report

  4. Tank Storage Receipt (TSR) with GPS coordinates

  5. Tank barcode information

  6. Company registration & export license

  7. ATV (Authorization to Verify)

  8. Irrevocable commitment letter for TRIAL + minimum 1-year R&S contract with SBLC

 

After verification:

  • Buyer pays TSR (covered initially by Seller for 5 days)

  • Buyer presents logistics for injection

 

Buyer instructs tank operator to allow pre-injection inspection.

5. Buyer may conduct Dip Test via SGS (optional, at Buyer’s cost).

Afterward, the IMFPA is issued for all parties via Paymaster.

6.Seller injects product into Buyer’s tank. Buyer pays based on Quantity & Quality (Q&Q) via:

  • MT103 or TT

 

According to Final Commercial Invoice (CI), to Seller’s designated accounts.

7.Seller transfers product title. Buyer lifts the product.

8. Seller pays all intermediaries.

9. Monthly shipments continue under a minimum 1-year R&S contract

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