*PROCEDURE FOR TANK TO VESSEL TTV, TANK TO TANK TTT*
1. Buyer issues ICPO to seller with CP and buyer passport.
2. Seller issue CI with NCNDA to buyer, buyer return signed Ci with NCNDA to seller.
3. Seller release the listed PPOP to the buyer as a prove of products:
I. Product Passport (analysis)
II. Statement of Product Availability
III. Commitment letter to supply
IV. Authority to sell (ATS)
[Link]’s bank issue MT199 swift bank to bank within 3 working days only.
Note: If the buyer fails to issue the MT199 swift within the 3 working days’ time frame, BUYER will be required
to pay Alternative of $250,000 USD as a guarantee for TTT OR TTV via TT transfer to the sellers nominated bank
account.
5. Upon confirmation of the buyer MT199 swift or alternative payment of the $250,000 USD, seller issue to
buyer endorsed
a.) TTVIA, or TTTIA,
b.) fresh SGS report,
c.) TSR
d.) unconditional DTA for the buyer dip test conducting physically.
6. Buyer issue CPA and vessel details to the seller. In order to program lift in the name of the buyer at the
sellers loading port. (Only buyers with ready vessels are considered.)
7. Upon confirmation of the buyer’s vessel, the seller’s programs lift in buyer’s name.
8. Upon completion of the dip test, the Buyer makes full total payment by MT103 wire transfer for 100% of the
product to seller’s bank before loading, Title Ownership is transferred to Buyer’s name.
9. Seller load buyers’ vessels.
10. Seller releases payment to intermediaries within 24hrs of Buyer’s payment. Payment confirmation as per
signed NCNDA & IMFPA.
FOB TANK TO VESSEL [TTV] AND TANK TO TANK [TTT] PROCEDURE AND TERMS FOR IMMEDIATE DELIVERY
1. Buyer issues an ICPO addressed to the Seller that incorporates the Seller's procedure. The ICPO must include
the buyer's company details, banking details, and passport copy.
2. Seller sends a commercial invoice to the buyer indicating the available quantity of the product in the leased
tank. The buyer signs and returns the invoice
3. The seller allocates the product to the buyer and provides the buyer with the proof of the product listed
below.
3. (a) Product Passport
3. (b) Commitment Letter to Supply
3. (c) ATSC – Authorization to Sell & Collect
4. The buyer issues a BCL via MT-199 or MT-799 bank to bank within 2 days after the seller allocates the
product to the buyer and issues the PPOP, for the seller to confirm the buyer's financial ability to make the
purchase
4. (a) Alternatively, and in the event that the buyer fails to issue the BCL within the stipulated time frame, they
will effect payment in the amount of USD135,000 via MT103, as a Procurement Guarantee (PG) in order to
receive Authorization Letter and Access to seller’s tank for product Physical inspection/ verification The amount
for the (PG) will be deducted from the product total value.
4. (b) The buyer provides the necessary information of their chemist company/inspection team to perform a
physical inspection of the product, seller issues an Authority to verify (Physical verification) with Tank Location
Coordinates and Terminal access in VOPAK OR VTTI, granting the buyer's Chemist company/Inspection team
the access to conduct product physical verification for the product availability in the seller's leased storage
tanks at the port.
5. Upon successful verification of the product, the followings proof of product document below will be
provided to the buyer enabling them to conduct an unconditional Dip Test and the buyer will be make payment
for the extension of tank storage for a period of 2 days in VOPAK To reserve the product and for scheduling of
Injection.
5. (a) In turn, Clearance approval and tank storage receipt will be provided in the Buyer's name, also Seller will
issue a letter of performance to the Buyer, guaranteeing that if Seller fails to perform, the tank storage
extension payment will be fully refunded to the Buyer's designated bank account without any deductions , All
Intermediaries sign and endorse NCNDA/IMFPA. Product Injection report Fresh SGS report or equivalent not
less than 48-72 hours Port clearance authorization Product certificate of origin Authorization to sell and collect
certificate Proforma invoice for product total value Unconditional dip test authorization to enable buyers
Chemist/SGS team to conduct dip test for product quality and quantity in the sellers leased tanks
6. Buyer provides CPA/Q88 or TSA/TSR with notice of readiness to inject and the product injection commences.
7. Upon completion of the product injection, buyer makes the full payment of the total product value, via
MT103 T-T Wire Transfer to the seller within 1-2 banking days and upon confirmation of the product payment,
seller company shall issue the Title of Ownership and all exporting documents of the Product to the buyer's
company
8. Seller pays commission structure via MT103 T/T Wire transfer within 1-2 banking days in accordance with
the signed [NCNDA/IMFPA] to agents, intermediaries involved
9. Subsequently, monthly delivery continues according to the terms of the commercial invoice and the
transaction is extended by issuance of a 12-month contract with possible R&E by the seller CIF WORKING
PROCEDURE