PROCEDURE FOR FOB TTV
1. Buyer issues ICPO containing the Seller's working procedure and banking details along
with Buyer’s nominated CPA, company registration certificate and data page of Buyer’s
passport.
2. Seller issues Commercial Invoice of the product in tanks at the port, buyer signs and
returns Commercial Invoice along with an acceptance letter.
3. Seller issues the below listed PPOP Documents:
a. Refinery Commitment to Supply
b. Statement of Availability of Product
c. Authority to Sell and Collect (ATSC)
d. Certificate of Origin
e. Certificate of Incorporation.
4. Seller issues to Buyer Tank Extension Payment Invoice for the minimum of 2 days. Buyer
proceeds with tank payment extension and returns transfer evidence copy. Buyer signs and
returns to Seller with NCNDA/IMFPA signed by all Buyer groups with commission
structures.
5. Seller issues Dip Test Authorization Letter signed by all parties including Buyer and Seller
only. Upon signing of DTA by all Parties, Seller and Buyer, Seller issues to Buyer:
a. Fresh SGS Report less than 48 hours
b. Tank Receipt
c. Injection Report
d. Export License
e. Refinery Reservoir Receipt.
6. Buyer orders SGS to Conduct Dip Test of the product in the Seller’s Tank on Buyer
expenses upon successful Dip Test, Buyer provides vessel details or tank details, Seller
shall immediately (SGS) inspection report along with the Full Proof of Product (POP) to
the Buyer. The Seller immediately fills the Buyer’s vessel or Oil Storage Tank with the
full product.
7. Buyer makes 100% payment by MT103 TT Wire transfer for the total product and Seller
pays commission to all intermediaries involved in the transaction within 24 hours after
confirmation of the Buyer’s payment.
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