OUR ACCEPTABLE CONTRACT PROCEDURE

  1.  Seller provides to buyer their Acceptable Transaction Procedure and Detailed Company Profile.
  2. After Due Diligence, buyer issues ICPO or LOI [which must be in accordance with Seller’s Acceptable Procedure already with buyer], with buyer’s official details, including Official Company Registration Certificate and Business Profile.
  3. After Due Diligence, seller issues Draft Contract for Buyer’s signature, official stamp and Bank details.
  4. After receipt of the PDF signed copy of Draft Contract, seller issues:
  • Commercial Invoice [CI]

5. After Buyer’s receipt of the Commercial Invoice, Seller sends to buyer:

  • Escrow Draft Contract «OR» notifies buyer to start the process of issuance of SBLC [if seller finds this workable] or Bank Guarantee, «OR»,
  • The buyer may opt or choose the third and last option: Pre-Payments to Holding company [of the local shipping company or its overseas associates] an agreed Shipping Fee before shipment of products.

ATTENTION: OOO ONDATORG DOES NOT ISSUE A PARTIAL PROOF OF PRODUCT, IN ACCORDANCE WITH THE RULES AND REGULATIONS OF CONVENTIONAL OIL TRADE. BUYER HAS RIGHT TO DO DUE DILIGENCE ON SELLER BEFORE OR AFTER SIGNING THE DRAFT CONTRACT. ONLY FULL PROOF OF PRODUCT IS ISSUED TO BUYERS, AFTER A FINANCIAL GUARANTEE IS PLACED BY BUYER.

7. During pre-shipment process, seller will provide buyer the under-mentioned information:

  • Seller’s Tank Farm /Shipping Port /Vessel Details.
  • Dip Test Authorization «OR», Analysis Test Report, where possible, or as may be agreed.

8. Buyer Dips the Tank and cross-checks all FPOP Documents presented to them. If OK, buyer simultaneously releases payment to seller by MT103/TT. The seller also within 72 hours of getting payment will also pay all intermediaries, agents, facilitators and or brokers associated with the transaction. It is also important to mention that this is only applicable in all FOB Transactions only. Seller must release all FPOP Documents to buyer which includes:

  • Original Copy of Seller’s Commercial Invoice [CI], One [1] Original and three [3]
  • Clean Ocean Bill of Lading, One [1] Original and three [3] Copies.
  • Copy of License to Export, issued by the Department , of the Ministry of Energy
  • Copy of Approval to Export, issued by the Department, of the Ministry of Justice
  • Original Copy of Certificate of Origin, One [1] Original and three [3] Copies
  • Certificate of Ownership or Deal/Transaction Passport
  • Original Copy of Statement of Availability of the Product
  • Copy of the Refinery Commitment to produce the product
  • Certificate of Origin, One [1] Original and three [3] Copies
  • Original Copy of Tank Storage Receipt [TSR].
  • Dip-Test Authorization [DTA] and Analysis Report
  • Copy of the Port Storage Agreement
  • Copy of Charter Party Agreement to transport the petroleum product to Tank Farm and or Discharge Port.
  • Copy of Vessel Questionnaire 88, etc.

9. For CIF shipment, the petroleum product is shipped to buyer’s Destination Port before the FPOP documents are handed to buyer. On reaching buyer’s Destination port, the FPOP Documents are cross-checked by buyer and if OK, buyer simultaneously releases payment by MT103/TT to seller. It is also important to mention that buyer deserves the right to conduct a Test Analysis on the product by SGS Experts [with seller’s representatives], if buyer’s representatives where not on the scene, when the first analysis test was conducted at seller’s loading port or storage Farm. The buyer will do this before making payment [through MT103] to ensure that the petroleum product is in accordance with the test analysis report.

10. Seller will pay all Commissions to Agents, Facilitators and brokers, in accordance with the signed Agreement in the IMFPA-NCNDA Document, within 72 hours, after receiving payment from buyer by MT103/TT.