Buyer procedure for BLCO in WATER

**Admin** 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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