We, as BUYER, hereby confirm with full legal and corporate responsibility that we are ready, willing and able to purchase the following commodity as per the specification and quantity and for the price as specified un the terms and conditions as stated MAZUT M100 GOST 10585-75 1. Product: Mazut M100 2. Product Origin: Russian federation 3. Quantity: Trial of 100 000 MT x 12 months 4. PORT of Loading: Vladivostok, Russia 5. Delivery Port: Huang Dao, China 6. Price: CIF $____ per MT, CIF 7. Payment: DLC 8. PB: 2% at sellers cost CLAUSE PROCEDURES FOR CIF 1. Buyer issues ICPO/LOI 2. Sellers issue FCO to buyer 3. Buyer should sign and seal FCO and sending it back 4. Seller issues and sends draft contract open to the Buyer and the NCNDA/IMFPA is returned signed. Up on acceptance and signing of the contract by both buyer and seller, seller Legalized and notarized the contract at the necessary department of the Russian Ministry of energy, after which seller send soft copies of the legalized contract via Email to the buyer. 5. Seller sends the Buyer Soft Proof of Product ( POP), including documentation issued by the refinery for due verification which includes: a. Statement of Product Availability b. Refinery Commitment to Supply the product c. Certificate of Origin of the product d. Company License to Export e. Company Registration Certificate f. Product passport g. Product allocation certificate h. Vessel Details i. Change of ownership Title deeds j. SGS report k. Tank receipt l. Dip test Result 6. Upon verification the P-POP Buyer instructs his Bank to send Pre-Advice DLC to Seller's Bank. Then Seller issues by its bank to Buyer's bank a Pre-Advice of 2% Performance Bond on the face value of 1 month's delivery of 100 000 MT which will be issued upon receipt and verification of the DLC. 7. Buyer's bank will issue irrevocable DLC in the value of one month shipment of 100 000 MT to Seller's bank. Upon receipt of Buyer's DLC, Seller's 2% PB will be immediately issued. 8. Seller's bank sends to Buyer's bank Full Proof of Product (Full POP) 9. The inspection at the loading seaport shall be borne by the Seller and SGS or CIQ at the loading seaport shall be borne by Buyer. 10. Shipment commences as per contract. 11. BUYER releases payment by T/T to the SELLER on out-turn barrels delivered within five (5) to seven (7) days after receipt of all the relevant shipping documents, inclusive Quality and Quantity Report issued by SGS or CIQ at the port discharge. PAYMENT TERMS: Payment Term Acceptable: Irrevocable/Revocable /Non Transferable Documentary Letter of Credit (FOR 12 MONTH CONTRACT), MT 103/ and Stand by TT Show More