OFFER 1

 

 

RUSSIAN HEAVY OIL, MAZUT M100 GOST 10585/75          

 

The flow on documentataion(RUSSIA)

1.    

DELIVERY:

CIF any Safe world port, F.O.B Black Sea (Novorossiysk), Murmansk and Primorsk.

 

 PAYMENT TERM:

Standby Letter of Credit (SBLC MT 760) or IRDLC MT 799 and SWIFT MT 103\23 for Spot Deals.

 

 PERFORMANCE BOND:

2% operative PB will be issued from Seller's bank to the buyer's bank

 

 QUALITY:

Quality and Quantity test report will be at the expense of Seller.

 

 PRODUCTS ORIGIN:

Russia Federation

 

CONRACT PROCEDURES

Procedure A

1. Buyers issues ICPO to Seller through Sellerís mandate upon receipt of sellerís offer.

2. Seller issues Draft contract to Buyer and Buyer signs, send to Seller by Email. Sellers countersigns and complete all the codes in contract and send to Buyer in PDF format by email and both lodge in respective banks.

3. Sellerís Bank issues Partial Proof of Product Documents to Buyer.

4. Within 5 banking days, Buyerís Bank shall issue Confirmed MT 760 SBLC, BLOCK FUND, or BG MT760 as agreed in contract for the face value of first month quantity and for duration of the contract period in favor of Seller Bank and send transmitted copy to Seller.

5. Upon verification of the MT 760 SBLC, BLOCK FUND, or BG MT760, Sellerís Bank Shall Send the original copies of the Full Proof of Product and Shipping Documents along with sellerís 2% PB by swift and Express Courier to the Buyerís Bank.

6. Buyer shall provide details of their Shipping Agent at destination Port and booking confirmation of SGS at loading port (Optional) & SGS / CIQ at discharge port inspection as per scheduled shipping Info.

7. Seller shall commence loading quantity in vessels / tankers and ship to destination port as per schedules and submit shipping documents (As listed) to Buyer Bank for payment through Seller Bank.

8. Buyerís Bank releases payments to Sellerís Bank against receipt of all the above shipping documents of Trial quantity in 2 days from date of receipt by TT / wire transfer.

9. Seller continues loading vessels / tankers & shipping to Destination Port, and keep submit shipping documents for payment to Buyer Bank through Seller Bank against the issued Bank instrument listed above and Buyer Bank keeps releasing payment against submitted shipping documents in (2) banking day by TT/ wire transfer to Seller Bank.

10. Commissions will be paid by Seller as and when payment takes place from Buyer timely as per IMFPA.

 

 

Procedure B

1. Buyer issues ICPO to seller upon receipt of sellerís offer.

2. Seller issues Draft Contract to the buyer for signing.

3. Both parties endorse the final contract and NCNDA / IMFPA.

4. Seller registers and legalizes the signed final contract with the Ministries in charge.

5. Sellers bank sendís partial pop to buyers bank.

6. Buyerís bank issues payment via MT103 or MT103/23 to the sellerís bank for 3% (Negotiable) of the first shipment value to sellerís bank to guarantee the transaction upon verification of the product availability.

7. Buyer comes to Russia for Table Talk Meeting with seller and also signs the hard copies of the contract{Optional}.

8. Sellerís bank sends via swift the full POP and shipping documents which will include the DTA (Dip Test Authorization) and ATB (Authorization to Board the Vessel Tanker) to enable buyer conduct the final Quality& Quantity Dip-test analysis at the discharge port and shipment commences from the loading port.

9. Buyerís bank issues payment by MT103 to sellerís bank for the outstanding 97% of the contract value within three banking days after CIQ inspection and discharge of the vessel.

10. Seller will within 72 hours of receiving the MT103 payment instrument from the buyer out pays the intermediaries involved.

Procedure c {SPOT}

1. Buyer issues ICPO to seller upon receipt of sellerís offer.

2. Seller issues Draft Contract to the buyer for signing.

3. Both parties endorse the final contract and NCNDA / IMFPA.

4. Seller registers and legalizes the signed final contract with the Ministries in charge.

5. Seller issues Partial POP documents as below:

a) Quality & Quantity report from Saybolt / Gost Standard Russia and Tank Firm.

b) Tank Endorsement / Tank Receipt confirming the title holder of the product.

c) Export License.

d) Dip Test Authorization with terms and conditions.

6. Buyer pays for the partial title transfer fees of the product from seller to buyer.

7. Seller issues full POP documents in buyer's names and issues commercial invoice for product.

8. Buyer issues Payment Instrument and uploads product to his vessel.

9. Once loading is finalized. Buyer makes payment via TT wire transfer.

 

 

The Parties have concluded the present Contract as follows:

Whereas, the parties mutually accept to refer to the General Terms and Definitions, as set out by the INCOTERMS Edition 2000 with latest amendments, having the following terminology fully understood and accepted:

 

DEFINITIONS

Metric Ton A measure of weight equivalent to one thousand kilogram mass (1,000 kg).

                                                                                                                                                             

Day Means a Calendar day, unless differently specified

 

Month Means a Gregorian calendar month

 

Calendar Quarter Ė Period equal to three (3) months and commencing on 1st January, 1st April, 1st July and 1st October

 

ASTM  American Society for Testing and Materials, is the institute, internationally recognized, that approved all Standards, Tests and Procedures used in the Oil industry and to be referred in the Agreement to the latest revised edition with amendments in force to date.

 

Out Ė turn The quantity and quality of the product ascertained, according to the ASTM procedures, on completion of the discharge operations. The so determined out Ė turn quantity and quality is base on which amount will be computed for the payment of the product effectively delivered to the Buyer.

 

Bill of Lading The official document, issued at the load port after completion of the loading operations, stating, among other things, the shipís loaded quantity, expressed in cubic meters (m3) and in metric tons (MT) per the definitions herein. This document has to be signed in original by the shipís master and made out in accordance without the instruction hereinafter specified in the agreement.

 

Discharge Terminal The safe port / berth designated by the Buyer as final receiving destination.

 

FOB Freight On Board, strictly as referred to in the interpretations defined by the INCOTERMS Edition 2000 with latest amendments.

 

Banking Day Any day on which the bank opens for business in jurisdiction where the Parties are located.

Delivery Date The date mutually accepted by both Seller and Buyer as the date on which the nominated international Surveyor Company has ascertained the quantity and quality of the product pumped into the Buyerís designated discharge terminal facilities under INCOTERMS 2000.

 

PLATTS - The organisation internationally recognised and accepted, who publish official quotations of Petroleum products on a daily basis.

 

Execution Date The date on which the Seller and Buyer receive their respective faxed copies of this agreement, or as may be indicated otherwise in the agreement.

 

Proof of Product Documentation to be provided by the Seller to the Buyer through corporate e-mail

 

Whereas, the parties mutually desire to execute the agreement which shall be binding upon, and to the benefit of, the parties, successors and assigns, in accordance with the jurisdictional law of the negotiated and fully executed contract with terms and provisions hereunder agreed upon.

               

International Independent Laboratory: # SGS Ė Societe Generale de Surveillance #


 

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