CIF TRANSACTION PROCEDURE
1. Buyer Issue ICPO.
2. Seller Issues Draft of SPA for amendment and countersigning.
3. Seller sends partial POP to Buyer via email:
(a) Statement of Availability of Product.
(b) Commitment to Supply.
(c) Product Passport.
(d) Company Registration Certificate.
(e) Export License.
4. Seller appoints and signs charter Party Agreement with the buyer and the Shipping Company. Buyer pays 3% of total product value to seller designated fiduciary account for transporting the product tobuyer’s final discharge port.
Note: This fee will be deducted from the total product value.
5. Buyer will pay 3% to Seller’s fiduciary account against Proforma Invoice when receiving Seller’s full POP documents after the trial shipments.
6. Shipment commences as scheduled in the contract and upon arrival of the cargo at the discharge port and after SGS/CIQ or Equivalent inspection immediately Buyer will pay the balance of the Total value of the shipping by T/T or MT103 to Seller’s Bank Account within 72 hours (three banking days).
7. Buyer / Seller pays all intermediaries involved in transaction as per NCNDA/IMFPA within 72 hours.
1. Buyer Issue ICPO.
2. Seller Issues Draft of SPA for amendment and countersigning.
3. Seller sends partial POP to Buyer via email:
(a) Statement of Availability of Product.
(b) Commitment to Supply.
(c) Product Passport.
(d) Company Registration Certificate.
(e) Export License.
4. Seller appoints and signs charter Party Agreement with the buyer and the Shipping Company. Buyer pays 3% of total product value to seller designated fiduciary account for transporting the product tobuyer’s final discharge port.
Note: This fee will be deducted from the total product value.
5. Buyer will pay 3% to Seller’s fiduciary account against Proforma Invoice when receiving Seller’s full POP documents after the trial shipments.
6. Shipment commences as scheduled in the contract and upon arrival of the cargo at the discharge port and after SGS/CIQ or Equivalent inspection immediately Buyer will pay the balance of the Total value of the shipping by T/T or MT103 to Seller’s Bank Account within 72 hours (three banking days).
7. Buyer / Seller pays all intermediaries involved in transaction as per NCNDA/IMFPA within 72 hours.
