Non-negotiable Sales Procedure

Buyer issues LOI / digi-loi

Seller issues FCO

Buyer issues signed FCO + CIS + RWA (ready, willing and able bank verifiable letter confirming 100% financial capability)

Seller conducts due diligence

On successful due diligence Seller issues SPA  incl. IMO + banking instrument information (allow 4-5 working days from signed FCO to SPA)

Buyer returns signs SPA + ICPO

Seller issues MOU for the loaded cargo (Title Take Over Memorandum of Understanding)

Buyer returns signed MOU

Seller issues POP (proof of product) documents (allow 4-5 working days from signed MOU):

• Certificate of origin
• Product Q&Q Analytical Report (quantity & quality)
• Bill of Lading (BOL)
• Vessel Q88
• NOR (Notice of Readiness)
• ETA (Estimated time of arrival)
• Ullage Report
• Cargo Manifest
• Invoice for Title Transfer

Buyer is introduced to transaction financier for Buyer to issue payment instrument

Procedure will continue as SOP in SPA

NB! *T&C’s apply | no deviation from SOP shall be entertained | no further mark-up is allowed | $5/mt coms applies | prices & sop’s fluctuate as per refinery and are indicated in SPA | *all transactions are done via The Trading Place (TTP) … no buyer will engage directly with TTP sources