CIF ASWP APPROVED STANDARD WORKING PROCEDURES

 

  1. Buyer Issue Letter of Intention (LOI) with the products details also with importance details ( Term, Contract, Payments etc. ) to TASIN CO.,LTD. include a copy of the legal representative’s passport and Certificate of Incorporation.

 

  1. Seller Reply to buyer with soft corporate offer (SCO) including this procedure and purchasing details.

 

  1. Buyer accepts seller’s procedure and issues ICPO with the following banking details, Proof of Fund, Import License, Tank Contract Rental, company profile, passport copy along with duly executed IMFPA of all intermediaries involved in the transaction and an acceptance letter from buyer stating the buyer adheres to seller’s

 

  1. Seller acknowledges buyer’s ICPO and issues contract to buyer open for Buyer signs and returns the contract to the seller in word format within three (3) international working days. Seller makes the final signature, with appropriate authorities, convert to PDF and send to buyer as final approved copy after receiving the contract buyer bank issue the RWA MT199 to sellers bank once seller confirm the receipt of the RWA MT199 Seller send to the buyer the PPOP Documents: 
    1. Product quality passport – quality certificate
    2. Product allocation certificate issued by ministry of energy;
    3. Certificate of origin
    4. Product quantity certificate
    5. Proforma Invoice

 

  1. Buyer’s bank issues Pre-advise via MT799 to seller’s bank informing readiness to issue agreed bank instrument, Seller’s bank respond to buyer’s bank, Buyer’s bank in accordance with seller’s verbiage shall issue DLC MT700/SBLC MT760/BLOCK FUND UNDERTAKING within seven (7) working days for first shipment’s value to seller’s financial bank to enable seller to commence loading of product with the shipping Seller to finalize loading within six (6) working days. But if buyer fails to issue DLC MT700/SBLC MT760/ BLOCK FUND UNDERTAKING within seven (7) working days, as an alternative provision buyer pays deposit 5% via T/T $XXX,XXX USD to seller as transaction guarantee performance within seventy-two (72) hours which will be deducted from the product’s invoice value when final payment is made by the buyer after discharge of product at destination port.

 

  1. Upon receipt of buyer’s bank financial instrument; seller’s bank in response issues operative Payment Guarantee Undertaking within three (3) working days, which is submitted and detailed in the mutually agreed signed

 

  1. Upon seller’s bank successful exchange of instrument method with buyer’s bank or alternative Deposit 5% T/T payment of $XXX,XXX USD paid and confirmed if buyer failed to issue bank instrument within the stipulated time frame, seller loads product within six (6) international working days and sends POP documents in buyer’s company name to buyer’s bank via bank to bank swift and a copy via email to buyer and (11 sets bellow):

 

  1. Certificate of incorporation;
  2. Act of transfer;
  3. Commercial invoice;
  4. Company tax payer’s certificate;
  5. Fresh SGS report;
  6. Tank receipt;
  7. Q88 and quality specification;
  8. Bill of
  9. Certificate of non-wooden package
  10. Nor-notice of readiness, and;
  11. Eta-estimated time of arrival

 

  1. Buyer notifies seller by official written notice of his bank receiving seller’s pop documents while seller sends to buyer the registered hard copy of the contract through courier service within two (2) working
  2. Shipment commences as scheduled in the contract and upon arrival of the cargo at the discharge port, buyer’s inspection team carries out CIQ, SGS or equivalent inspection to ascertain quality and
  3. Product is discharged after successful inspection into buyer’s storage facility, then buyer’s bank releases payment for total value of the product to seller’s bank within seventy-two (72) hours by TT/MT103. Seller transfers title of the product to (Buyer pays for the total product value of each shipment via TT/MT103 to seller- nominated bank at sight of the goods after SGS/CIQ inspection at the discharge port.
  4. Second and succeeding shipments continue as scheduled in the