CONTRACT CIF Chinese ports
Mazut M100 GOST 10585-75
Quantity: to 200,000 Metric Tons per Month
Price: 170 USD/ 190 USD per MT CIF Chinese port
Performance Bond : A 2% Bond will be issued by Seller for schedule.
Proof of Product : A proof of product will be issued by to the end buyer
Payment : - payment instrument MT799/ MT199/ MT760 AS GARANTEE FOR PAYMENT + TT OR MT 103 AFTER CIG IN UNLOADED PORT
Upfront Payments : no upfront payments.
Commissions : All Commissions are 20$ and shared equally between buyer side /open/ and seller side /close/
Transaction Procedure for first delivery CIF
1. Buyer issue ICPO with all details and the seller send Draft Contract
1.1 Upon confirmation and endorsement of the contract, Seller nominated tanker and issues a Commercial Invoice for the initial shipment and all Proof of Product Documents as below:
1 – Tank Receipt confirming goods are in storage tanks at the port.
2– Charter Party Agreement from Shipping Company.
3 – Export License for Seller.
4 – License to Trade in Crude Oil Materials for Seller.
5 – Q88 Details of the Hired Vessel.
1.2 Buyer issues a SWIFT MT799/199 / MT 760 as a Payment Guarantee within 3 days.
1.3 The vessel starts voyage to buyer’s port upon confirmation of the payment instrument.
1.4 Upon delivery, Buyer inspects the product and pays 100% for the product within 7 days.
1.5 Within 7 days extra seller makes payment via Telegraphic Wire Transfer to brokers