FOR ONSHORE TANK FARM PROCEDURE
1. Buyer and Seller sign and seal the Contract including banking coordinates. The electronic signed copy by both parties is considered legally binding and enforceable and must not be changed.
2. Buyer returns the signed SPA with the details of their nominated inspectors.
3. Seller sends product details in tank farm storage in China including Authority to Sell (ATS), WOT, Customs Tank Receipt (CTR), discharge certificate (DC) and Chinese Tank Storage Receipt (CTSR) to the buyer, also allows the Buyer to contact the tank farms company and authority to perform CIQ/SGS.
4. Buyer confirms the five documents (ATS, WOT, CTR, DC and CTSR), And meets with the Tank Manager in onshore tank storage, and confirms that the goods in the deal tank is consistent with the CTSR, and Buyer’s refineries issue MT 103/cash blocked funds of the total value of the cargo by swifts for logistics. into Seller Fiduciary account below:
5. Seller confirms MT 103/cash blocked funds and authorizes buyer’s representatives to carry out Dip Test in storage tanks and proof of quality/quantity analysis. Afterwards, CIQ report issued to both buyer and seller.
6. On acceptance of CIQ report, Buyer pays for the entire product through MT103/TT and also pays commission to agents and facilitators.
7. Seller confirms payment and transfers ownership to buyer. All titles passes to buyer along with all the documents.
Note : Buyer side must be 100℅free