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- Available product(s) for sale
- Pricing of said product(s)
- Product specifications
- Product origination
- Needed product(s)
- Company profile
- Product(s) specifications
- Intended proof of funding i.e. SBLC, bank comfort letter, etc.
Each transaction can be unique in nature due to varying circumstances; therefore, some degree of flexibility often needs to be adopted by all parties involved. Below is an example of a procedure that typically works well for most Buyers and Sellers.
DIP and PAY PROCEDURES
- Seller issues SCO and then, Buyer issues an official ICPO.
- Seller issues a commercial invoice (CI) for the available quantity in the storage tank for buyer signing.
- Buyer signs and returns the commercial invoice and NCNDA/IMFPA signed by all buyer groups.
- Seller issues to buyer the listed below POP documents: • Fresh SGS report inspection (less than 48 hours in Rotterdam) or SGS compliant Unconditional DTA
- Buyer verifies the POP documents and pays for the total product value and seller immediately transfer the title of product ownership to buyer with all export documents.
- Seller immediately commences injection of the product into buyer's tanks or chartered vessel.
- Seller pays all intermediary involve in the transaction within 72 hours.
• Injection report
• Certificate of Origin
• Product passport (analysis test report)
• Notarized and endorse NCNDA/IMFPA
• Authorization to sell & collect (ATSC)
• Tank storage receipt (TSR)
- Buyer issues an LOI after a conference call with Seller or Seller’s Mandate, and a framework to proceed is understood by both parties.
- The Contractual Seller of Record will accept (or amend and accept) the same by initialing this document acceptance for the Seller where provided for below.
- Buyer (with attorney) will engage in direct telephone dialogue with Contractual Seller of Record to formalize all commercial values, procedures, and terms.
- A formal contract will then be drafted and signed by both the Buyer and the Seller.
- Trial Shipment will commence and complete.
- With a successful trial shipment completed, then the term portion of the contract will commence.
The MT-103 to be paid upon a complete Q&Q / SGS report on the Buyer’s loaded vessel at the Sellers load port. The Q&Q will be completed by an International Surveyor, at the cost of the Buyer & Seller shared 50/50. This report will be binding on both the Buyer & Seller.
The LC as referenced herein will be issued as non-operative, to be operative with/by a 2% PB.
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