STANDARD CIF ASWP TRANSACTION PROCEDURE

LBUYER MUST PROVE HIS ABILITY TO RECEIVE, STORE / TRANSPORT CARGO WHILE SELLER MUST BE A TITLE HOLDER

1. Seller sends official FCO on Official Letterhead (with his company Email Address, Phone & Fax Numbers, Tax Registration Numbers) duly signed and sealed with official stamp incorporating his terms and transaction procedure addressed to "End Buyer.

2. Buyer issues Irrevocable Corporate Purchase Order “ICPO” with complete banking references, Company Profile (CP), Company Registration, Copy of Buyer's aothorized signatory's Passport and RWA Letter signed by two of buyer’s bank officers and issued to seller’s name, which stipulates that Buyer is RWA to issue financial instrument (SBLC) for payment guarantee of goods ordered.

3. On receipt of buyer's ICPO and RWA Letter, seller issues (amendable) draft Contract (SPA)and a copy of the Proforma Invoice (PI) in favor of the buyer and NCND/IMFPA completed by Seller's Mandate/Broker.

4. Buyer returns to seller the signed and sealed Proforma Invoice and the SPA along with the IMFPA/NCNDA completed and signed by Buyer, Buyer's Facilitator/ Buyer Mandate Group and all Intermediaries.

5. Seller issues approved, countersigned and sealed SPA which now incorporates the NCNDA/IMFPA as an Annexure within the SPA document. Both buyer and seller lodge the legalized SPA contracts in their respective Banks.

6. Seller issues PPOP, which will consist of the following documents:

I. Passport product analysis.
II. Notarized Authorization to Sell (ATS)
III. Company Registration Certificate.
IV. Tax Registration Certificate
V. Notarized Commitment to Supply
VI.Notarized Statement of availability of Product.

7. Buyer verifies PPOP and if satisfied with the outcome, issues inoperative, transferable / Non-transferable SBLC/DLC – (CHOICE IS BUYER'S)

8. Seller issues 2% PB to activate the SBLC/ DLC.

9. Seller provides FULL PROOF OF PRODUCT, which will include:


Copy of License to export (if applicable)
Copy of Approval to Export
Copy of Certificate of Origin
Copy of Statement of Availability
Vessel details, IMO Q88
CPA- Charter Party agreement
Fresh SGS from vessel at loading port, re-make SGS/CIQ Inspection at discharge port
DTAOB- Dip Test Authorization on Board Vessel
ATB- Authority to Board
B/L cargo manifest
Certificate of authenticity
Certificate of quality (Issued by nominated Inspection Agency at the Loading Port)
Certificate of quantity (Issued by nominated Inspection Agency at the Loading Port)
Tanker Ullage Receipt
Ship Master’s Receipt for Sample
Ship Master's Receipt for Documents

10. Ship arrives at destination port and Q&Q inspection is conducted by nominated inspection agency such as SGS or equivalent others on the goods and checks through the Bill Of Lading (BL) and Commercial Invoice. . Upon satisfactory inspection report, the buyer releases payment via MT103/TT to seller's bank (100% payable for each shipment) within 3 banking days.

11. Documents from shipping on board vessel. (To be issued after loading)

One Full set of 3/3,Ocean Bill of Lading;
SGS Q/Q 2/2 at the port of loading;
Certificate of Origin 1/2;
Signed commercial invoice based on the delivered quantity and quality onboard vessel;
Cargo manifest 1 original;
Captain’s receipt of all documents of the shipped product 1/1.

12. After confirmation of receipt of payment seller shall instruct ship's captain to discharge cargo.

13. Seller sends the title ownership documents to Buyer.

14. Seller Pays all intermediaries’ commissions as per IMFPA within 24 hours of receipt of Payment for shipment from Buyer.