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CIF Delivery

COST, INSURANCE AND FREIGHT (CIF) PROCEDURE

  1. Buyer issues ICPO must be with buyer company letterhead and buyer banking information., via the Seller Mandate (Name will be Provided for ICPO)

  2. Seller issues Draft Contract (open for any amendments) to Buyer. Buyer signs, seal and returns the Draft Contract to Seller for final endorsement. Seller gives Partial proof of products.
    A. Refinery Commitment to Supply.
    B. Authorization To Sell And Collect.
    C. Statement of availability of product.

  3. Upon examined of Seller POP buyer will make cash deposit of $120,000 (One hundred Twenty thousand dollars) by TT wire transfer for security guarantee to enable Seller charter vessel and commence shipment, and this payment will be deducted from the Total cost of product after inspection at discharge port, Seller’s Bank issues Full POP Documents to the Buyer’s Bank alongside with the 2% Performance Bond (PB)
    A. Copy of license to export, issued by the department of the Ministry of Energy, Kazakhstan.
    B. Copy of Approval to Export, issued by the Ministry of energy Kazakhstan.
    C. Copy of statement of availability of the product.
    D. Copy of the refinery commitment to produce the product.
    E. Copy of the port storage agreement.
    F. Copy of the charter party agreement to transport the product to discharge port.
    G. Copy of Vessel Questionnaire 88.
    H. Copy of Bill of Lading.
    I. SGS Report at loading port.
    J. Dip test Authorization (DTA) & ATB
    K. NOR /ETA
    L. Certificate of Ownership Transfer.
    M. Allocation Transaction Passport Code Certificate (ATPCC) by Ministry of Energy.
    N. Seller will issue TSR upon successful verification of all documents.

  4. Shipment commences as per the signed contract delivery schedule and the shipment should arrive at Buyer’s discharge port within 5-25 days. The SGS inspection will be borne by the Seller at the loading seaport and Buyer at the unloading seaport.

  5. Buyer releases payment to Seller by TT/MT103 upon receipt of the shipping documents and confirmation of the Q & Q by SGS/CIQ at destination port.

  6. Seller pays commission within 48 hours by swift MT103 to all intermediaries as signed NCNDA/IMPFA.

CIF: Any World Safe Port Contract Terms (2)

  • The buyer issues ICPO on the buyer company letterhead, via Seller Mandate:
    Dr. Piergiorgio Manca – amesbulg@gmail.com

  • The seller issues draft contract (open for any amendments) to the buyer.

  • The buyer signs, seals, and returns the draft contract to the seller for final endorsement.

  • The seller provides partial proof of products:

    • Seller irrevocable commitment to supply

    • Statement of availability of product

    • Certificate of origin

    • Proforma invoice for the first value shipment

  • Within 6 banking days, the buyer’s bank sends irrevocable operative transferable DLC/SBLC in accordance with the seller’s bank verbiage of the fiduciary bank account for the first month’s shipment.

    If the buyer fails to issue the banking instrument within 6 banking days, the buyer shall deposit US$250,000 by TT transfer as a product allocation deposit to enable the seller to renew the buyer’s expired product allocation and vessel charter for shipment.

    This amount will be deducted from the total product cost after inspection at the port of discharge, or legal action may be taken against the buyer/seller for default to adhere to the contract terms, with a fine of USD 490,000 per defaulting side enforced by the ICC.

    Should the seller fail to commence shipment according to the contract, the buyer is liable to receive compensation for breach of contract from the seller.

  • The seller’s bank issues full POP documents to the buyer’s bank within 2–3 banking days, alongside a 3% PB, including:

    • Copy of export license

    • Copy of the port storage agreement

    • Copy of the charter party agreement to transport the product to discharge port

    • Copy of Vessel Questionnaire 88

    • Copy of Bill of Lading

    • SGS report at loading port

    • Dip Test Authorization (DTA) & ATB

    • NOR/ETA

    • Certificate of ownership transfer

  • Shipment commences as per the signed contract delivery schedule and should arrive at the buyer’s discharge port within 5–24 days. The SGS inspection will be borne by the seller at the loading seaport and by the buyer at the unloading seaport.

  • The buyer will pay the seller via TT/MT103 within 5 banking days after receipt of shipping documents and confirmation of Q&Q by SGS/CIQ at the destination port.

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