TRANSACTION PROCEDURE (DIP
& PAY) - ROTTERDAM.
Product: EN**0
European Diesel *0PPM
1. Seller issue Full Corporate Offer
2. Buyer issues ICPO to the Seller
3. The seller issues the buyer a commercial invoice (CI)
and an additional storage agreement (TSA), the buyer signs
and returns the CI with BCL or an equivalent bank
instrument indicating the financial ability of the buyer to
purchase the goods, a copy of the passport of the buyers
designated / authorized representative, who will visit the
sellers reservoir to check the quality and quantity of
services in Rotterdam.
4. The seller must provide an unconditional permit for
immersion testing (DTA) and authorization for verification
(ATV) through an authorized tank farm agent in Rotterdam.
The buyer / authorized representative conducts the Dip
Test.
5. The Tank Farm Agent represents the Buyer / Authorized
Representative with the unconditional Dip Test
Authorization (DTA) and Verification Authorization (ATV).
The buyer / authorized representative is present at the
Tank Farm shipyard with an authorized Tank Farm agent for
survey, SGS and Dip Test. After the services are provided,
the buyer / authorized representative must receive a new
SGS report within *8 hours, and the results of the dive
test no later than *2 hours later.
6. After the buyer is satisfied with the quality and
quantity, the seller must submit a storage receipt in the
tank (TSR), an injection report, a certificate of origin
and a sales and collection permit (ATSC) to the buyers
management.
[NOTE: the documents mentioned above (# 5) should be
submitted ONLY to the buyer after reports on the quality of
the goods are provided to the buyer and the buyer agrees to
the quality and quantity of the goods].
7. The seller transfers the right to the buyer to the
buyer, presenting the buyer a full set of documents with
full POP, the buyer makes a full payment for the goods via
MT**3 or TT-Wire money transfer, and after the seller
receives the payment, the buyer removes the goods or
increases the shelf life of the goods.
8. Seller and buyer, if agreed, must sign the twelve (*2)
months FOB
/ CIF Contract (SPA), immediately after the completion of
the Dip & Pay transaction, and the buyer's bank will
issue SBLC / MT**0 or DLC / MT**0 against a 2% Seller Bond.
