Description
C. I. F. Cost, Insurance, Freight – Procedure
1. Buyer issues Irrevocable Corporate Purchase Order (ICPO) with client information sheet (CIS) and Bank
Comfort Letter (BCL).
2. Seller issues Draft Sales and Purchase Agreement (SPA) and, Commercial Invoice for Buyer's review
and signing.
3. Buyer signs the Sales and Purchase Agreement and Commercial Invoice back to the Seller. Seller has
authorization to verify (ATV) Buyer bank for BCL.
4. Seller’s Lawyer legalizes the signed Sales and Purchase Agreement.
5. Seller sends legalized Sales and Purchase Agreement and below Partial POP Documents as listed
below to Buyer:
a. Certificate of Origin
b. Commitment to Supply
c. Product Passport
d. Statement of Availability of the product
e. Export license
6. Buyer issues their Financial Guarantee (SBLC/MT760) to cover the first (month) shipment to the Seller's
bank within 3-5 working Days.
7. If Buyer fails to issue SBLC/MT760 in 3-5 working days, in alternative Buyer shall make Security
Guarantee Deposit of 2% via T. T Wire of total value of the first shipment to Seller’s fiduciary bank account
as performance to secure the allocation, which will be deducted from the first shipment.
8. Upon confirmation of Buyer's SBLC/MT760 or Security Guarantee Deposit of 2% via T. T Wire to Seller's
fiduciary bank, Seller will issue 2% Performance Bond, Full POP and Shipping Documents via SWIFT
bank-to-bank as shown below:
a. Product Allocation Export Permit
b. Allocation Title Ownership Certificate
c. Contract to transport the product to the loading port
d. Port storage agreement
e. Charter party Agreement to transport the product to discharge port
f. Tank Storage Receipt
g. SGS Quality and Quantity Certificate
h. Bill of Loading
i. Vessel Questionnaire 88
Note: Products of non-sanctioned countries, vessels & documents are non-Russian.
9. Shipment commences and upon arrival of the vessel tanker at the discharge port, Buyer conducts SGS
or Equivalence Inspection for Quantity & Quality and makes payment for the full shipment via TT Wire
or MT103 within 72 hours.
Characteristics
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