Product: M100 – MAZUT 100 GOST 10585-75 Quantity: Min; 15.000 MT. Max 400.000 MT Duration: 12 Months, with rolls of extension Origin: Russian Federation.
MAJOR PROCEDURES/TERMS
1. Buyer issue letter of intent (LOI)
2. Buyer confirms soft offer and issues an ICPO and BCL with right for soft probe.
3. Refinery" issues to the buyer Full Corporate Offer (FCO) to be sign by buyer return and obtain the Full draft contract open for amendments and both parties confirm draft Contract by endorsing it electronically, the Contract will require an immediate notarization and lodge to both banks
4. Refinery will confirm to the buyer the completing period of the production and issue an official invitation to the buyer for table to table meeting.
At refinery destination buyer will obtain performance invoice with the Full proof of the products POP and dip text Authorization to buyer for any immediate confirmation.
5. Buyer’s Bank send Pre -Advice to Refinery Bank to kick start the bank to bank process and refinery will lodged the contract into banks respectively with availability of products documents:
A, Copy of the Export License, B, Copy of the Storage License C, Copy of bank Swift POP confirmation for delivery D, Copy of the refinery Commitment to produce the product. E, Copy of statement of availability of the product F. Charter party agreement. 6. The Refinery appoints and signs charter party agreement with the vessel shipping company and finalize the procurement of the marine Insurance policy.
7. Buyer's Bank and Refinery bank finalizes the bank to bank process
8. Refinery will provide 2% operative performance guaranty (bond) to buyer's bank to activate buyer's payment instrument
9. Buyers Bank issue 100%, payment for an immediate lifting / shipment commence as agreed in the contract.
POP. to be confirm and verify by the end buyer, before the opening of the instruments.
PERFORMANCE BOND: Refinery will provide 2% operative performance guaranty (bond) to buyer's bank to activate buyer's payment instrument.
DELIVERY: CIF. (Any safe port of world,) Refinery will provide notice of vessel booking and shipping agreement as part of proof of product after receipt and confirmation.
