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| Count : 226 | |
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| EN 590, ESPO, KNG
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2023-05-26 |
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Sir,
your Buyer need ESPO (Origin is not in the Russian Federation) ????
ESPO is EASTERN SIBERIA PACIFIC OCEAN
and FOR NOW SIBIR IS IN RUSSIAN FEDERATION
Please don't post nonsense
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>> Mr. Akmal Mohammad, Oil Brokrage
EN 590, ESPO, KNG
BUYER ACCEPT CIF PROCEDURE (Origin is not in the Russian Federation)
A. Buyer Company Issues Irrevocable Corporate Purchase Order (ICPO) on its Official company letterhead with letter of acknowledgement, scanned copies of the Buyer’s company registration and international passport of buyers to the Seller and usance documentary letter of credit IDLC MT700 of 330 days with Format sample.
B. Seller Company Issue Draft Contract / Sales & Purchase Agreement (SPA Open for amendment if any).
C. Buyer within three (3) working days’ signs SPA and returns to seller. Seller Registers and legalizes contract officially with the appropriate authorities to Facilitate booking of allocation and securing a legitimate approval for the Transfer of Ownership Title/Allocation to buyer’s Company name at seller’s expense.
D. Seller releases to the Buyer the Partial POP Documents below.
i. Certificate of Origin.
ii. Company Registration Certificate.
iii. Statement of Product Availability.
iv. Product Quality Passport (Dip Test Analysis).
v. Refinery Commitment to Produce / Supply.
vi. Refinery Legalized Draft Contract securing a legitimate approval for the Transfer of Ownership Title/Allocation to buyer’s Company name at seller’s expense.
E.A. The seller's bank issues non operator's, valid for 60 days, 2% performance deposit of the total amount of the trial order value shall be deposited to the buyer's bank.
E.B. On confirmation of the receipt of the partial POP, buyer must within TEN (10) Banking days issue the Bank Guarantee in the form Usance documentary letter of credit (UDLC/MT700) of 330 days to Sellers bank ,Activate the 2% performance bond and take effect (seller Bank release 2%PB to buyer's Bank).
E.C. Or: Failure to Issue the said bank guarantee within the stipulated days. Buyer issues a Performance security financial deposit of $320,000.00USD (Three Hundred and Twenty Thousand United State Dollars). This is to enable the seller secure the service of the Vessel for the transportation of the product to buyer’s destination port
On confirmation of buyer bank Bank instrument or Performance security financial deposit of $320,000.00USD ,seller Bank release 2%PB to buyer's Bank.
Note: Fee made by buyer will be deducted when making payment for the total cost of the product at the discharge port after a successful CIQ/SGS test at the discharge port.
F. On confirmation of the above clause, full copies of POP and Shipping documents to buyer Company
I. Copy of export license, issued by the ministry of Petroleum and Energy.
ii. Copy of approval to export, issued by the ministry of justice.
iii. Copy of statement of availability of the product.
iv. Copy of the refinery commitment.
v. Copy of Transnet contract to transport the Product to the Port.
vi. Copy of the Port Storage agreement/ Insurance.
vii. Copy of charter party agreement.
viii. Copy of Customs clearance certificate.
ix. Copy of the tank receipt issued by the storage facilitator.
x. Copy of SGS Report.
xi. Certificate of Ownership Transfer) Allocation Transaction Passport Code Certificate (ATPCC) by Ministry of Energy.
xii. Vessel (Q88 p) Bill of Lading
G. Shipment commences as per contract and upon arrival of the vessel tanker at the
Discharge port, buyer conducts SGS or CIQ Inspection.
H. Buyer makes operative payment for the full shipment via T/T Wire or MT103.
I. Seller will release payments to the intermediaries involved within 48 hours of Receiving the full Payment for the product from the Buyer’s bank After successful Delivery of the first monthly shipment of the Product,
J. Buyer transfers the full amount of the following month delivery to maintain the Usance documentary letter of credit (UDLC/MT700) of 330 days and contract continues for Subsequent (11) months subject to this Contract
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