Procedures and Terms of Payment

1. PROCEDURES AND TERM OF PAYMENT
Based on FOB- under INCOTERM 2010 last edition
SPOT PURCHASE
A) Tank to Vessel or Pipeline to Vessel:
1. Seller issues SCO (on company’s official letter head).
2. Buyer issues ICPO to End Seller.
3. Seller issues FCO.
4. Buyer signs and returns FCO with acceptance.
5. Seller issues Contract
6. Both Buyer and Seller sign/seal S&P contract and lodge it to their bank respectively
7. Seller provides copy of SGS and tank receipts numbers as well as Tank Farm or Pipeline Terminal and
Number, for the lift able amount, to Buyer's Bank and also a copy of the documents by secure email
(...............). to the Buyer.
8. Upon the prove of the SGS and the Tank Receipt by Buyer/Buyer’s Bank, Buyer proceeds with the
payment of the lift able amount through MT 103/23 and obtain a Dip Test Authorization for the first lift.
9. Seller issues full POP to Buyers Bank by secure line or Fax and a copy of the documents to Buyer’s secure
email (...............).
10. Upon confirmation of the full POP, Buyer is proceeding with the payment of the rest amount, by SWIFT
MT 103, directly to the Seller’s designated bank account against Title Transfer
11. All commissions are paid by the Buyer simultaneously with the MT 103 payment.
NOTE: FULL POP includes ownership transfer of the title of the goods to the buyer
TERMS OF PAYMENT:
1. In order to effect payment, after the verification copy of the SGS report and Tank Receipt or Pipe line
Agreement and Terminal Number, Buyer shall issue an MT 103/23 for the first lift-able quantity (00,000 MT.)
and to obtain DTA
2. Buyer, establishing payment through MT103 (money transfer), for the first lift able quantity, against title
transfer to Buyer’s name.
3. Seller sends the full POP to the Buyer’s Bank by secure line or Fax and a copy of the documents to
Buyer’s secure email (..............) .
4. Each shipment payment will be on delivery through MT 103 (money transfer) against documents and title
transfer to Buyer’s name.
B) Tank-to-Vessel) starting with CI:
1. Seller send Commercial Invoice to the Buyer
2. Buyer signs Commercial Invoice to accept price & procedure
3. Seller sends Copy of SGS Report, Tank Receipt and DTA to Buyer’s secure email (............ )
4. Buyer has SGS perform a DIP test
5. Buyer pays via MT103 within 48 hours after receiving the SGS report, Tank Receipt DTA
6. Seller transfer Title to the Buyer
7. Buyer lifts product within 7 days of payment by MT103 (without storage fees)
8. Next lift within xxx days following again from procedure step 1
TERMS OF PAYMENT :
A. Seller issues Commercial Invoice for the 000,000 MT (LIFTABLE) ready for immediate delivery at
XXXXXXXX Port.
B. Seller sends copy of Tank Receipt Storage and SGS Report, DIP Test Authorization to the Buyer’s secure
email (.............. ) .
C. Buyer in receipt of Seller’s SGS and Tank Receipt, Dip Test Authorization for the lift able Quantity of
000,000 MT shall swift the lift able quantity amount by MT103 to Seller’s bank..
D. Seller in receipt of the MT103 Payment for 000,000 MT Shall send by courier (DHL) original SGS Report,
Tank Receipt, DIP Test Authorization, Export Certificate, Ownership Title change, Export license and all
other necessary documents.

2. E. Buyer shall make full payment by MT103 after in receipt of Seller’s original SGS Report and Tank Receipt,
Dip Test Authorization, Ownership Title Change, Export License and all other necessary documents.
C) Vessel to Vessel (inshore)
1. Seller issues SCO / FCO (official letter on company letterhead).
2. Buyer issues this ICPO to End Seller.
3. Seller issues Contract, with full Seller’s details (Address & Banking) to the Buyer
4. Both Buyer and Seller sign SPA (sale and purchase agreement), and lodge it to their bank respectively.
5. After contract has been signed by both parties, Seller sends by email to Buyer’s secure email (.............. )
the following documents:
a. Full Commercial Invoice (in the name of ......................)
b. Bill of Lading
c. Charter Party Agreement
d. Q88
e. Quality and quantity (SGS report)
f. Whiteness letter from Captain
6. Upon the verification and authentication by Buyer of the documents mentioned in paragraph five (5),
Buyer issues an MT 103/23 for the first lift and obtain ATB.
7. After successful ATB, Buyer establishes payment through MT 103 (money transfer) for the first lift able
quantity, against title transfer to Buyer’s name.
NOTE: FULL POP includes ownership transfer of the title of the goods to the Buyer
TERMS OF PAYMENT:
1. In order to effect payment, after the verification of the following (hereunder), Buyer shall issue MT103/23
for the first trial shipment quantity (000,000 MT.) in order to obtain ATB.
Full Commercial Invoice (on the name of ...........................)
Bill of Lading,
Charter Party Agreement,
Q 88,
Quality and quantity (SGS report) and
Whiteness letter from Captain
2. Buyer shall establish payment, through MT 103 (money transfer), for the first trial shipment quantity
against title transfer to Buyer’s name.
3. Buyer issues RDLC or MT 103/23, for the total period of the Contract ( as a mortgage, in case when the
Seller has more than one Vessel to supply.)
4. Seller sends the full POP to the Buyer’s Bank by secure line or Fax and a copy of all documents to the
Buyer by secure email. (...................).
5. Each shipment payment will be on delivery, through MT 103 (money transfer), against documents and
title transfer to Buyer’s name.

3. ANNUAL PURCHASE
A) Tank to Vessel or Pipe line to Vessel:
1. Seller issues SCO (official letter on company).
2. Buyer issues this ICPO to End Seller.
3. Seller issues FCO.
4. Buyer signs and returns FCO with acceptance.
5. Seller issues Contract for ONE (1) year period, with full Seller’s details (Address & Banking) to the Buyer
with rolls and extensions up to three years period.
6. Both Buyer and Seller sign/seal S&P contract and lodge it to their bank respectively
7. After contract signed by both parties, Seller sends by email to Buyer’s secure email (..............)the
following documents:
Copy of tanks receipts and name/position of the farm where the tanks exists, or pipeline number and
pipeline agreement
Copy of fresh cut SGS Report (less than 24 hours old)
8. Upon the verification and authentication by Buyer of the documents mentioned in paragraph seven (7),
Buyer issues MT 103/23 and obtains Dip Test Authorization for the first lift.
9. After the successful Dip test, Buyer established payment through MT 103 (money transfer) for the first lift
able quantity, against title transfer to Buyer’s name.
10. Buyer issues an RDLC or MT 103/23, in the amount of a monthly quantity - revolving, for the total
period of the contract, as a mortgage.
11. Seller sends the full POP to the Buyer’s Bank by secure line or Fax and a copy of the documents to
Buyer’s secure email (.................)
12. Delivery commence as per contract schedule.
13. Each shipment payment will be on delivery, through MT 103 (money transfer) against documents, and
all commissions will be paid to all beneficiaries simultaneously with each payment.
TERMS OF PAYMENT:
1. In order to effect payment, after the verification of the fresh cut SGS report and Tank Receipt, the Buyer
shall issue an RDLC or MT 103/23, for the first lift able quantity (00,000 MT.), in order to obtain DTA
2. After the successful Dip Test, Buyer shall established payment trough an MT 103, for the lift able quantity,
against title transfer to Buyer name.
3. Buyer issues an RDLC or MT 103/23, in the amount of a monthly quantity - revolving, for the total period
of the Contract, as a mortgage.
4. Seller sends the full POP to the Buyer’s Bank by secure line or Fax and a copy of the documents to
Buyer’s secure email (..................).
5. Each shipment payment will be on delivery, through MT 103 (money transfer), against documents and
title transfer to Buyer’s name
B) Vessel to Vessel (inshore)
1. Seller issues SCO (official letter on company).
2. Buyer issues this ICPO to End Seller.
3. Seller issues FCO.
4. Buyer signs and returns FCO with acceptance.
5. Seller issues Contract for ONE (1) year period, with full Seller’s details (Address & Banking) to the Buyer
and with rolls and extensions up to three years period.
6. Both Buyer and Seller sign/seal contract, and lodge it to their bank respectively.
7. After contract signed by both parties, Seller sends by email to Buyer’s secure email (..................) the
following documents:
Full Commercial Invoice (on the name of ..................)
Bill of Lading
Charter party agreement
Q 88
Quality and quantity (SGS report)

4. Whiteness letter from Captain
8. Upon the verification and authentication by Buyer of the documents mentioned in paragraph seven (7,)
Buyer will issue an RDLC or MT 103/23 for the first lift to obtain ATB.
9. After successful ATB, Buyer established payment through MT 103 (money transfer) for the first lift able
quantity, against title transfer to Buyer’s name.
10. Buyer issues RDLC or MT 103/23, in the amount of a monthly quantity – revolving, for the total period
of the Contract, as a mortgage.
11. Seller sends the full POP to the Buyer’s Bank by secure line or Fax and a copy of the documents to
Buyer’s secure email (..............).
12. Delivery commence as per contract schedule.
13. Each shipment payment will be on delivery through MT 103 (money transfer) against documents, and all
commissions will be paid simultaneously with payment, to all beneficiaries.
TERMS OF PAYMENT:
1. In order to effect payment, after the verification of the Full Commercial Invoice (on the name
of .........................., Bill of Lading, Charter Party Agreement ,Quality and quantity (SGS report) and
Whiteness letter from Captain, Buyer shall issue an MT 103/23 for the first trial shipment quantity (000,000
MT.) and will receive/obtain ATB.
2. After successful ATB, Buyer will establish payment trough MT 103, for the first trial shipment, against title
transfer to Buyer name.
3. Buyer will issue an RDLC or MT 103/23, in the amount of a monthly quantity – revolving, for the total
period of the contract (12 Months), as a mortgage.
4. Seller sends the full POP to the Buyer’s Bank by secure line or Fax and a copy of the documents to
Buyer’s secure email (................).
5. Each shipment payment will be on delivery through MT 103 (money transfer) against documents and title
transfer to Buyer’s name.