2.5MMT for 705/695
TRANSACTION PROCEDURES:
1- Seller will issue the Draft Contract to the
Buyer for review and pre-approval. Buyer will formally confirm his
acceptance of the draft terms/conditions by signing the Draft Contract,
or Buyer will notify to the Seller in case of any change or amendment.
Both parties will sign/seal the Draft by e-mail then seller will issue
FINAL CONTRACT for Buyer to sign, then Seller will send hard original
copies by courier and lodge the contract original hard copies with their
respective banks.
2- Buyer will instruct bank to issue RWA letter
to prove Buyer's Financial Credentials re afore-mentioned RD2 purchase
through SWIFT transmission to Seller's designated bank on bank-bank
level.
3.1- After
receipt cross verification/authentication of Buyer's RWA letter by
Seller's bank, the Seller will submit through SWIFT transmission the
Product "D2" Proof of product "POP" to Buyer consisting of following set
of documents:
3.2-
STORAGE TANKS (LOCATE IN ROTTERDAM) RECEIPTS, CURRENT DATE "SGS
INSPECTION CERTIFICATES RE QUANTITY & QUALITY".
4-. After receipt & satisfactory
verification/authentication of Product "D2" POP by Buyer, the Buyer will
instruct his bank to issue through Formal Banking Swift the MT103 (AS
per mutually Agreed Verbiages) to Seller's designate bank within on (1)
banking day.
4.1- MT 103
will be payable conditional to: Either changes the Product "D2"
OWNER-SHIP TITLE to buyer and/or his designate Name/Entity Or Buyer will
arrange his vessels to take Merchandise (D2) delivery FOB ROTTERDAM,
NETHERLANDS.
5- Product
delivery will commence within 14 days as per Sale & Purchase Contract
delivery Schedule.
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