FOB DIP AND PAY/ ROTTERDAM PORT PROCEDURE
1.Buyer sends ICPO on receipt of Soft Offer along with passport copy as the product importer
2.Seller issues commercial invoice/CI, for the available quantity in the storage tank to Buyer, Buyer Signs and returns to Seller
3.Buyer issue TSA and ATV to seller for verification proof of buyer storage tank availability and tanks readiness to inject the product.
4.Seller issues PPOP documents: Unconditional DTA, Fresh SGS Report less than 48 Hours in Rotterdam, Seller’s Tank storage receipt to Buyer, Buyer orders SGS to conduct Dip Test of the product in the Seller's Tank at Buyer expense.
5.Upon successful Dip Test, seller injects the fuel into buyer’s leased Storage Tank and seller submits the full injection report to the Buyer.
6.Buyer make 100% payment by MT103 TT wire transfer for the total product and Seller pays commission to all Seller side intermediaries as Buyer likewise pays commissions to all Buyer Side intermediaries involved in the transaction within 24 hours after confirmation of the buyer's payment.
7.Seller issues draft SPA to buyer to review for R&E monthly deliveries.
8.Buyer reviews and approves the SPA and issues SBLC/IRDLC irrevocable, non-transferable, auto revolving for 12 monthly shipment value, and documentary letter of credit for length of contract and for each lift per schedule. Buyer pays after Dip Test by MT103 Wire Transfer on each monthly quantity.
9.The subsequent delivery shall commence according to the terms and conditions of the contract