Buyer procedure for BLCO in WATER

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Buyer procedure for BLCO in WATER

Post  Admin on Wed Jun 27, 2018 6:12 am

Dear company

purchase BLCO CHINA WATER  FROM BUYER

2-4 mil BBLS  per months  

CIF CINA QIANGDAO  icoterm 2010

SGS loading port  seller  , SGS discharge buyer  

Procedure  

1 FCO from seller  

2 ICPO from buyer  

3- Seller send china custom registration , Chinese custom declaration  

4 Seller send SPA , Both lodge the SPA  with their  bank  

5- Seller send MT 799 pre advice  to buyers bank  of the 2 % performance bond quarantee -non operative

6- Buyer bank send an MT 799 pre advice of an MT 700 NON OPERATIVE  

7- ALL verbiages are yo be agreed by respectives bank officer of the buyer and seller  

8 - Seller send POP  , 13 document  

9 Buyer issue  DLC via MT 700 Irrevocable , revolving , trasferable , Assignable  and divisible  from prime bank in europe  or Nord America or confirmed by a prime bank in europa or nord america

10 The sellers 2 % PB  is automatically activated

11- 2 mil bbls as spot are sent to buyer discharge port within 30 days

12 The vessls arrive at discharge port , The seller issue MATB  and the DTA buyer

13-  The buyer carries  out Q ^ Q via SGS  and discloses the inspection report to the seller  to issue a revised CI with
      the confirmed  volume of the product and the final price as per term in the SPA

14-  The buyer pays  for the product as per the revised CI withhin 24 hours after Q^Q

15- The product is discharged into the buyer tank and title is trasferred

16- Subsequent monthly shipments of 4 mil bbls  are per terms and conditions in the SPA

PB -performance bond

Agricultural Bank of China
https://en.wikipedia.org/wiki/Agricultural_Bank_of_China


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