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 statedMAZUT M100 GOST 10585-751.tProduct: Mazut M1002.tProduct Origin: Russian federation3.tQuantity: Trial of 100 Show More...
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 statedMAZUT M100 GOST 10585-751.tProduct: Mazut M1002.tProduct Origin: Russian federation3.tQuantity: Trial of 100 000 MT x 12 months4.tPORT of Loading: Vladivostok, Russia5.tDelivery Port: Huang Dao, China 6.tPrice: CIF $____ per MT, CIF7.tPayment: DLC8.tPB: 2% at sellers costCLAUSE PROCEDURES FOR CIF1.tBuyer issues ICPO LOI 2.tSellers issue FCO to buyer3.tBuyer should sign and seal FCO and sending it back 4.tSeller 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 to the buyer.5.tSeller sends the Buyer Soft Proof of Product ( POP), including documentation issued by the refinery for due verification which includes:a.tStatement of Product Availabilityb.tRefinery Commitment to Supply the productc.tCertificate of Origin of the productd.tCompany License to Exporte.tCompany Registration Certificatef.tProduct passportg.tProduct allocation certificateh.tVessel Detailsi.tChange of ownership Title deedsj.tSGS reportk.tTank receipt l.tDip test Result6.tUpon 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.tBuyer'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.tSeller's bank sends to Buyer's bank Full Proof of Product (Full POP)9.tThe 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.tShipment commences as per contract.11.tBUYER 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 (FOR 12 MONTH CONTRACT), MT 103 and Stand by TT
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