TRANSACTION PROCEDURES FOR FOB ROTTERDAM:
1. Buyer sends ICPO on receipt of Soft Offer along with Tank Storage Agreement (TSA) as proof of storage tank
2. Seller issues commercial invoice/CI, for the available quantity in the storage tank to Buyer, buyer Signs and
returns to Seller with NCNDA/IMFPA signed by all buyer groups with commission structures.
3. Seller issues signed and properly completed Dip Test Authorization letter to buyer.
4. Seller issues PPOP documents: DTA attached with fresh SGS Report and 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 makes 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, nontransferable, 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.