STANDARD CIF ASWP/TTV/TTT TRANSACTION PROCEDURE

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

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TANK TO VESSEL PROCEDURE (TTV)
1. The buyer initiates the process by providing an official ICPO.
2. Subsequently, the seller generates a commercial invoice (CI) for the available quantity of the product stored in the seller's leased tank, and the buyer signs and returns the commercial invoice.
3. Seller issues SGS Report for Verification by Buyer.
4. Seller appoint US law firm with IOLTA Attorney account to hold escrow, the Buyer and seller sign an escrow agreement. Both Seller and Buyer shall deposit amount equivalent to 2% of total face value of trial lift, irrespective of the loading capacity of the vessel, to escrow attorney account as security deposit.
5. The seller then issues a Tank-to-Vessel Injection Agreement (TTVIA) to be endorsed by both the seller and the buyer, as well as the buyer's logistics company.
6. Upon the return of the endorsed TTVIA, the seller provides the following POP (Proof of Product) documents to the buyer:
• Commitment Letter to Supply
• Export License
• Tank Storage Receipt (TSR)
• Authorization for ATV Verification.
• Pipeline Injection Report
• Authority to Sell and Collect (ATSC)
• Product passport (analysis test report)
• Certificate of Origin
• NCNDA/IMFPA is signed by intermediaries representing both the seller and the buyer.
6. The seller issues a UDTA (Use of Dip Test Authorization) for the buyer to proceed with the dip test once legal access to the product is secured. The buyer, accompanied by their SGS inspection team, conducts a dip test on the product in the tank.
7. Upon receiving a satisfactory result from the dip test, the seller's storage company issues the Notice of Readiness (NOR) to the buyer, indicating that the product can be injected.
8. the buyer makes the full payment for the total cost of the product value injected into the Vessel / tank through an MT103 TT wire transfer. Upon receipt of the payment, the seller pays all intermediaries involved in the transaction and proceeds with the title change/transfer of the product to the buyer.



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CIF OPERATIONAL PROCEDURE
1.) The Buyer company issues an Irrevocable Corporate Purchase Order to the Seller.
2.) The Seller issues Commercial invoice (CI) to the Buyer for sign and seal.
3.) The Buyer sign seal CI and send it to Seller
4.) Upon sign seal of the Commercial Invoice, seller issues SGS Report to buyer.
5.) Buyer and seller appoint US law firm with IOLTA Attorney account to hold escrow, the Buyer and seller sign an escrow agreement. Both Seller and Buyer shall deposit amount equivalent to 5% of total face value of trial lift, irrespective of the loading capacity of the vessel, to escrow attorney account as security deposit.
6.) Once the escrow attorney acknowledges the seller and buyer security deposit. Seller executes the charter party agreement and issues the full POP to buyer.


POP documents:
A.) Bill of lading
B.) Charter party agreement
C.) Certificate of origin
D.) Vessel ullage report
E.) Vessel Q88
F.) SGS Quality and Quantity or Similar
G.) Notice of readiness
H.) Cargo manifest
I.) Commercial invoice
J.) Affidavit of title
K. Tank receipt
L). Tank storage agreement.


7.) Seller commences to load the shipment within 7 days from the date Escrow agent receives the amount in the designated bank account. Shipment commences for the Buyers designated discharge port.
8.) Upon arrival of the product at the discharge port. The buyer carries out the CIQ/SGS inspection and upon a successful inspection, buyer pays total by MT103 T/T for the full product value to the Seller. Seller transfers title to buyer.
9) The Buyer and Seller shall each deposit the agreed sum of 2.5% of the minimum quantity of 100,000 MT value of LNG in the Escrow agents bank account before loading, and buyer shall pay total amount for each shipment to the Seller after receiving such shipment at the discharge port after Q&Q inspection.
Being a CIF transaction, buyer is not obligated to pay any other cost till the shipment reaches the
discharge port.