Buy D2, REBCO And M100 [Australia] |
We FNR World Trade are the buyer mandate of a Singaporean Oil Company who buys D2, REBCO and m100 for Chinese and Indonasian Govts.
Please send us your offers if you agree with the following procedures:
- Seller issues a fresh Irrevocable FCO under the penalty of perjury without discrepancy to the procedures as in below
* Buyer contra signs, seals and electronically reverts the FCO and issues the ICPO with initial Banking Details.
* Seller contra signs, seals and electronically reverts the ICPO and issues a full style draft contract within two international banking days electronically to the buyer
* The buyer initializes each page makes changes in red color and sends the contract electronically back to the seller
* The seller signs and seals the draft contract, with company seal and within two international banking days reverts the contract back to the buyer
* The buyer contra signs and seals the final contract
- Within five banking days, from the return of the contract, the seller sent copies of the full set of POP as in below with a letter of the refinery or the producer to the buyer confirming the availability and their capability for constant supply of the product.
POP should consist at least the following documents:
1. A letter of the refinery or the producer to the buyer confirming the availability and their capability for constant supply of the product
2. Copy of the contract with the producer to produce the product
3. Copy of the contract with the transportation company to transport the product to the port
4. Copy of the contract with the port authorities to store the product on the port
5. Copy of the export license
6. Copy of the certificate of origin
7. Copy of the certificate of the quality and quantity from the refinery or producing company.
- Seller and buyer meet in a TTM at the actual oil producing site (Refinery).
* Seller if not the owner of the product is entitled to bring the actual owner and the president of the refinery in the meeting in order for final verification of the POP.
* BCL, POF, soft probe or communication between banking officers is not allowed in the entire procedure before the CEO of the buying company successful verified the POP.
* After five international banking after a successful TTM, buyer opens Payment instrument to the seller's bank within two international banking days seller issues a 2 % PB to the buyer's bank
* Shipment commences as per contracted delivery schedules, terms and conditions
Please note Pre-Advice L/C/LOR/BCL/POF will only be opened after meeting seller and actuall owner of the product in a meeting. In TTM all the people till owner of the oil has to be present. |
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