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PROCEDURE FOR CIF

1.) SELLER SUBMIT SIGNED AND SEALED SALES AND PURCHASE AGREEMENT (SPA) TO BUYER.

2.) BUYER SIGNS/SEALS THE SPA AND RETURNS. BOTH PARTIES DEPOSIT THE SIGNED SPA WITH THEIR RESPECTIVE BANKS.

3.) BUYER SHALL SEND MT199 OR MT799 PROOF OF FUNDS TO SELLER’S NOMINATED BANK ACCOUNT BY SWIFT.

4.) AFTER DUE CONFIRMATION OF POF BY SWIFT, SELLER LOADS HIS VESSEL AND PROVIDES BUYER WITH COMPLETE VESSEL DOCUMENTS FOR VERIFICATION.

5.) WITHIN 72 HOURS OF VERIFICATION OF VESSEL BUYER’S BANK SHALL PLACE A NON-OPERATIVE DLC (DOCUMENTARY LETTER OF CREDIT) COVERING THE CARGO

6.) SELLER’S BANK RELEASES 2% PERFORMANCE BOND TO ACTIVATE THE BUYER’S BANK INSTRUMENT (THE DLC).

7.) SELLER AUTHORIZES MASTER OF HIS LOADED VESSEL TO ISSUE MARINE NOR TO BUYER’S DISCHARGE PORT FACILITY/RECEIVING VESSEL (THIS NOR SHALL LEGALLY COMMIT THE VESSEL AND THE CARGO TO THE BUYER). DISCHARGE PORT MANAGER OR VESSEL MASTER SHALL, AFTER DUE CONFIRMATION OF THE ISSUED NOR ACKNOWLEDGE AND CONFIRM READINESS TO RECEIVE CARGO ON BEHALF OF THE BUYER. HE SHALL DO SO IN WRITING AND FORWARD TO SELLER’S CAPTAIN AND THE SELLER BY EMAIL.

8.) UPON ARRIVAL AT PORT OF DISCHARGE AND WITHIN 24 HOURS, BUYER’S INSPECTORS SHALL CARRY OUT Q&Q CERTIFICATION OF THE CARGO, ON THE SELLER’S VESSEL BEFORE DISCHARGE INTO BUYER’S RECEIVING FACILITY. INSPECTORS SHALL ISSUE REPORT ACCEPTABLE TO BOTH PARTIES IN ACCORDANCE WITH INTERNATIONAL STANDARDS.

9.) AFTER SATISFACTORY Q&Q REPORT IS RELEASED TO BOTH PARTIES, MASTER OF LOADED VESSEL SHALL COMMENCE DISCHARGE INTO BUYER’S READY AND WAITING RECEIVING FACILITY.

10.) BUYER MUST ENSURE THAT ALL SUPPORT EQUIPMENT AND MACHINERY NECESSARY FOR THE DISCHARGE OPERATION IS AVAILABLE READY AND FUNCTIONAL WITHIN 24 HRS AFTER ARRIVAL. FURTHER DELAY ATTRACTS PAYMENT OF USD$70,000:00 PER DAY AS COVER FOR DEMURRAGE AND SHALL SUBSIST FOR 7 DAYS.

11.) UPON COMPLETE DISCHARGE OF CARGO, BUYER’S BANK SHALL RELEASE ALL PAYMENTS BY SWIFT TELEGRAPHIC TRANSFER TO THE SELLER AND ALL BENEFICIARIES.