BLCO-CIF

PROCEDURE 1- FOR CIF WITH MT799 BLOCKED FUNDS

1- Buyer issues LOI with Bank details, Company profile, Business certificate and Passport copy

2- Seller issues SPA, buyer signs and returns + Bank RWA given to the Buyer (TOP 25 BANK) + Authority to verify (ATV); the signed SPA received and exchanged through electronic mail attached document shall be deemed a legally binding contract and enforceable. Both parties shall submit same to their respective banks.

3- Buyer sends MT199 to Seller’s nominated Bank to confirm readiness to receive Buyer’s MT799 CASH BACKED BLCOKED FUNDS. Seller’s nominated bank responds via MT199 to confirm its readiness to receive the MT799

4-Buyers bank confirm seller’s bank pre-advice and within three (3) banking days, Buyer’s bank Sends Swift Operative Irrevocable Confirmed CASH BACKED BLOCKED FUNDS via Swift MT799 to Seller Fiduciary Bank account for entire cargo from a prime rated top world commercial bank.

5- Seller verifies and confirms buyer’s instrument, loads a vessel in buyer’s name and issues NOR/ETA to the buyer’s port and after which the vessel sets sail.

6. The vessel and the shipping Agent will be in contact and upon arrive at buyer’s port, the shipping agent must clear her in within 24 hours or arrival.

7. Seller instructs the captain to issue MATB to enable Buyer’s inspection team to board and conduct QnQ/CIQ.

8 Upon completion of the QnQ, the report is given to both Seller and Buyer. Seller gives commercial invoice for the amount of the total cargo. Buyer’s bank shall issue payment via MT103 or T/T for the full cargo and commissions are paid commission to all within three banking days as per separate IMFPA.

9. The vessel is instructed to discharge into buyer’s tank farm or awaiting vessel and all the titles of the product handed over to the buyer.

10. Any demurrage incurred as a result of unreasonable delay after three (3) banking days of Q & Q /SGS/CIQ report shall be paid by the Buyer, such amount to be calculated as applicable to the marine laws. Buyer places MT760 SBLC to cover subsequent deliveries.

11. Next Shipment Commences.

PROCEDURE 2- FOR CIF WITH DLC/MT700

  1. Buyer & Seller sign and seal contract and exchange the signed copy by electronic mail. the electronic signed copy by both parties is considered legally binding and enforceable.
  2. Buyer provides to Seller dully filled CIS/KYC form for Bank compliance purpose.
  3. Buyer’s bank issues a Pre-advice by swift to Seller’s designated receiving bank to notify the readiness to deliver a Bank Guarantee via MT700 for full cargo (Verbiage mutually accepted by parties and to be provided) and the seller’s bank reply similarly via swift and confirm on the seller’s readiness, willingness and ability to receive the MT700.
  4. Buyer’s bank will issue a fully operative DLC/MT700 to Seller’s designated Bank Account, while copy of the delivered MT700 message will be sent for the attention of Seller’s Bank Officer In-Charge as notification of SWIFT delivery.
  5. Within (14) banking days the Seller issues the confirmable POP and PROVISIONAL LIFTING RIGHT and NOMINATED VESSEL details in Buyer’s name for one way voyage charter or full charter to Buyer’s port of dis-charge.
  6. Within sixteen (16) banking days, Seller furnishes Buyer with CPA & Q88 and the following documents are provided to Buyer and/or Buyer’s bank: Within sixteen (16) banking days, Seller furnishes Buyer with CPA & Q88 and the following documents are provided to Buyer and/or Buyer’s bank:

i) Clean – on – Board Ocean Bill of Lading
ii) Certificate of Quantity (SGS or equivalent)
iii) Certificate of Analysis (optional)
iv) Certificate of Origin
v) Certificate of Quality
vi) Seller’s Commercial Invoice
vii) Vessel Ullage Report {optional}
viii) Receipt of Samples (optional)
ix) Cargo Manifest

8. After the vessel has discharged its cargo at Buyer’s designated port outlined above and Buyer has received the Port Discharge Q & Q Report from SGS Inspectors, including all relevant documents presented by the Seller after the time of cargo delivery as required by the payment instrument, Buyer must make the payment by MT103 or TT wire to Seller’s Bank Account for this transaction and to all Payees named are paid as well within 3 international banking’s days against presentation of stated shipping documents (non-negotiable copies) at Buyer’s bank..

CIF PROCEDURE WITH SBLC/MT760 AND 2% PB

1- Buyer issues LOI with Bank details (For Seller’s approval of the Bank) Or ICPO.

2- Seller issues SPA, buyer signs and returns CIS, Business certificate and Passport copy, detailed company profile + Authority to verify (ATV); the signed SPA received and exchanged through electronic mail attached document shall be deemed a legally binding contract and enforceable. Both parties shall submit same to their respective banks.

3- Buyer sends RWA via MT199 to Seller’s nominated Bank to confirm readiness to receive Buyer’s SBLC. Seller’s nominated bank responds with RWA via MT199 to confirm its readiness to receive the Buyer’s SBLC.

4-Buyers bank confirms seller’s bank RWA and issues pre-advice via MT799, Seller’s nominated bank will reply with MT799 and within three (3) banking days, Buyer’s bank Sends Swift Operative Irrevocable, transferable and Confirmed Standby letter of Credit (SBLC) via Swift MT760 to Seller Fiduciary Bank account for entire cargo from a prime rated top world commercial bank.

5- Seller, verifies and confirms buyer’s instrument and swifts 2% Performance Bond (PB) into the Buyer’s nominated account, loads a vessel in buyer’s name, and issues NOR/ETA to the buyer’s port and after which the vessel sets sail.

6. The vessel and the shipping Agent will be in contact and upon arrive at buyer’s port, the shipping agent must clear her in within 24 hours or arrival.

7. Seller instructs the captain to issue MATB for them to board and conduct QnQ/CIQ.

8 Upon completion of the QnQ, Seller gives commercial invoice for the amount of the total cargo. Buyer’s bank shall issue payment via MT103 or T/T for the full cargo and commissions are paid commission to all within three banking days as per separate IMFPA.

9. The vessel is instructed to discharge into buyer’s tank farm or awaiting vessel and all the titles of the product handed over to the buyer.

10. Any demurrage incurs as unreasonable delay after three (3) banking days of Q & Q /SGS/CIQ report shall be paid by the Buyer, such amount to be calculated as applicable to the marine laws.

11. Next Shipment Commences.