TRANSACTION PROCEDURE (DIP & PAY) - ROTTERDAM. Product: Jet Fuel JP54 1. Seller issue Full Corporate Offer
2. Buyer issues ICPO to the Seller
3. The seller issues the buyer a commercial invoice (CI) and an additional storage agreement (TSA), the buyer signs and returns the CI with BCL or an equivalent bank instrument indicating the financial ability of the buyer to purchase the goods, a copy of the passport of the buyers designated / authorized representative, who will visit the sellers reservoir to check the quality and quantity of services in Rotterdam.
4. The seller must provide an unconditional permit for immersion testing (DTA) and authorization for verification (ATV) through an authorized tank farm agent in Rotterdam. The buyer / authorized representative conducts the Dip Test.
5. The Tank Farm Agent represents the Buyer / Authorized Representative with the unconditional Dip Test Authorization (DTA) and Verification Authorization (ATV). The buyer / authorized representative is present at the Tank Farm shipyard with an authorized Tank Farm agent for survey, SGS and Dip Test. After the services are provided, the buyer / authorized representative must receive a new SGS report within 48 hours, and the results of the dive test no later than 72 hours later.
6. After the buyer is satisfied with the quality and quantity, the seller must submit a storage receipt in the tank (TSR), an injection report, a certificate of origin and a sales and collection permit (ATSC) to the buyers management.
[NOTE: the documents mentioned above (# 5) should be submitted ONLY to the buyer after reports on the quality of the goods are provided to the buyer and the buyer agrees to the quality and quantity of the goods].
7. The seller transfers the right to the buyer to the buyer, presenting the buyer a full set of documents with full POP, the buyer makes a full payment for the goods via MT103 or TT-Wire money transfer, and after the seller receives the payment, the buyer removes the goods or increases the shelf life of the goods.
8. Seller and buyer, if agreed, must sign the twelve (12) months FOB
/ CIF Contract (SPA), immediately after the completion of the Dip & Pay transaction, and the buyer's bank will issue SBLC / MT760 or DLC / MT700 against a 2% Seller Bond.
