FOB TRANSACTION PROCEDURE TANK TO VESSEL IN ROTTERDAM: NR
1. The buyer issues an ICPO taking into account CIS, RWA and CPA.
(To making a TTV transaction didn’t required SPA. Q&Q confirmation required)
2. Seller sends following Draft CI (Commercial Invoice) Draft DPST (Delivery Processing Schedule Table).
3. Buyer and vessel operator endorse and approves CI & DPST respectively and return to seller. Seller signs CI and issued final copy.
4. Seller programs injection and issues to Buyer the following documents:
- Unconditional dip test authorization (DTA)
- Fresh SGS report (less than 72 hours old)
- Injection report
- Certificate of Origin
- Authorization to sell and collect (ATSC)
- Tank Storage Receipt (TSR)
- NCNDA/IMFPA
5. Buyer verify POP within 24 to 48 hours.(Buyer has optional dip test inspection on the product in Supplier/Seller storage tanks via SGS at Buyer’s expense.
6. Upon successful dip test inspection (if necessary), Buyer provides INOR (Injection Notice of Readiness) to Seller and Seller immediately commences injection of the product into Buyer’s CPA Chartered vessel then Buyer makes payment for the total product value by MT103/TT upon injection of completion.
7. Seller immediately transfers the title of product ownership to Buyer with all export documents.
8. Buyer pays commissions to Seller’s side and Buyer’s side intermediaries, as per executed NCNDA/IMFPA for this transaction within 72 hours of receipt of payment from Buyer.
9. Buyer and Seller execute SPA for 12 months. The proceeding shipments shall continue in accordance with the same Procedures indicated above.