We need the followings
LOI
Company profile
Banking information & Company registration
Coloured copy of buyer passport & BCL from prime bank we check buyer immediately if approved we continue with the procedure’s below
TITLE TAKEOVER PROCEDURE:
- Seller issues original Sales and Purchase (SPA) contract for 100,000 MT of EN590-10PPM for both parties to sign,
- The Seller after completing due diligence of the SPA countersigns, complete with full banking coordinates, return it to the buyer in PDF and issues the IMFPA to the intermediaries. Within 2 working days of receipt of the SPA by the Buyer, the Buyer’s bank issues the DLC MT700/SBLC/BG MT760 Pre-advice showing the buyer’s financial capability and readiness to purchase the cargo to the seller’s nominated bank account.
- Upon confirmation of the DLC MT700/SBLC/BG MT760 Pre-advice, Seller issues POP documents which were issued in the initial Buyer company name as listed below.
a. Sanitized Certificate of Origin in the name of the previous Buyer.
b. Product quality passport (Analysis test Report) By Standard Specification.
c. Sanitized Bill of Lading in the name of the previous Buyer name.
d. Freight Cargo Manifest.
e. NOR.
f. Vessel Q88.
g. Vessel ETA.
h. Sanitized SGS on board vessel Quality and Quantity Report.
i. Ullage Report.
- 4. Within 2 working days of the Buyer’s receipt of the above POP documents, the Buyer’s bank issues DLC MT700/SBLC/BG MT760 to the Seller’s nominated bank account.
- 5. Upon the seller’s partner refinery confirmation of the Buyer’s bank DLC MT700/SBLC/BG MT760, the Seller transfer’s the title to the potential Buyer’s company’s name, sends via Bank-to-Bank and copies also sends to the Buyer, and re-route the vessel to buyer’s destination port/terminal and issue ATB to enable Buyer board the vessel and DTA Dip Test Authorization effective from the vessel ETA.
- 6. Vessel arrives at the discharge port and the buyer carries out the CIQ/SGS inspection upon a successful inspection, the Buyer makes 25% of the payment in advance through TT/MT103.
- 7. After the fuel is fully discharged into the tanks, the remaining 75% of the payment will be made through TT/MT103.
- Seller will release payments to the intermediaries involved within 48 hours of receiving the payment for
- the product from the Buyer’s bank.
This Sales and Purchase Agreement will be signed and endorsed by the Seller's banks which are currently in possession of the previous failed Sales and Purchase Agreement Contract as proof of the acceptance of the terms while it will also be notarized by a notary public in the THAILAND COUNTRY
