CIF Procedures
Expiry date: April 30th, 2025
To: Capable buyers / Buyers Mandate
CIF PROCEDURES
SPEIFICATIONS: STANDARD EXPORT QUALITY.
Country of Origin: KAZAKHSTAN.
CIF (COST OF INSURANCE AND FREIGHT)
PAYMENT: By an Irrevocable Non - operative Irrevocable non-transferable Letter of Credit via IRDLC
MT700 / SBLC
MT760 / LC, MT103 for the monthly quantity of the product to Seller fiduciary account.
CONTRACT: 12 Months with possible rollovers and Extension / Spot.
INSPECTION: SGS or similar by Seller
LOADING PORT: Aktau/Pavlodar and Rotterdam/Houston.
DESTINATION: Any Safe World Port (ASWP).
SPECIFICATION: Annexed within Contract (TBA).
PB: 2% Operative Performance Bond, by the Seller
TRANSACTION PROCEDURES CIF (BANK GUARANTEE BASIS):
[Link]’s issues Irrevocable Corporate Purchase Order (ICPO), with banking details
address to COMWAY GROUP INTERNATIONAL c/o End SELLER on buyer’s official
company letterhead with letter of Acknowledgement, scanned copies of the buyer’s
company registration and international passport of the authorized representative, as well
as an Acceptance Letter of Seller's Procedures.
[Link] issue Draft Contract / Sales & Purchase Agreement (SPA Open for amendments
if any) both parties sign and seal the Present contract and exchange the copies
electronically.
[Link] provides Proof of Funds (POF), Seller registers and legalizes contract officially
with the appropriate authority MINISTRY OF ENERGY OF THE REPUBLIC OF
KAZAKHSTAN, to facilitate booking of allocation and securing a legitimate approval for
the Transfer of Ownership Title/Allocation to buyer’s Company name at seller’s expense.
4. Seller releases to the Buyer the legalized contract & Partial POP Documents via electronic
mail as listed below
A. Copy of Tax Registration Certificate (Certificate of Incorporation)
B. Certificate of origin
C. Product Passport
D. Refinery commitment to supply
E. Statement of availability of product
F. Performa Invoice
5. On confirmation of the receipt of the soft performance guarantee POP Documents,
Buyer’s bank issues bank instrument within Seven (7) Banking Days via SBLC MT760 / DLC
MT700, for the value of the trial shipment to seller’s fiduciary bank in a format acceptable
to seller’s bank. Upon the seller’s fiduciary bank’s successful receipt of the buyer's bank
instrument and buyer's receipt of 2% PB from seller’s fiduciary bank or in the alternative,
seller proceeds to loading and shipment.
6. If Buyer fails to issue the above-mentioned bank guarantee within the stipulated Seven
(7) Banking days, Buyer makes a 3% down payment to seller’s nominated fiduciary bank,
as a Performance security financial guarantee. On receipt of the 3% security guarantee
down payment invoice, buyer proceeds with the 3% down payment and provides Seller
with the MT103 payment confirmation receipt, or Legal Action will be taken against the
Buyer. This payment is necessary to enable the seller to secure the service of the Vessel
for transloading of the product to the buyer's destination port.
7. On confirmation of the above clause, loading commences, and shipment schedule
and seller releases full set of POP and shipping documents to buyer’s bank along
with 2% PB (Performance Bond).
• Copy of export license, issued by the ministry of Petroleum and Energy
• Copy of approval to export, issued by the ministry of justice
• Copy of statement of availability of the product
• Copy of the refinery commitment.
• Copy of Transnet contract to transport the Product to the Port
• Copy of the Port Storage agreement/ Insurance
• Copy of charter party agreement
• Copy of Customs clearance certificate
• Copy of the tank receipt issued by the storage facilitator.
• Copy of SGS Report
8. Shipment commences as per contract and upon arrival of the vessel tanker at the
discharge port, buyer conducts SGS or CIQ Inspection.
9. Buyer makes operative payment for the full shipment via T/T Wire or MT103.
[Link] will release payments to the intermediaries involved within 48 hours of
receiving the full Payment for the product from the Buyer’s bank.
[Link] successful delivery of the first monthly shipment of the Product, Buyer
transfers the full amount of the following month delivery to maintain the Standby
Letter of Credit 100% SBLC MT760/ DLC MT700 and contract continues for
subsequent Eleven (11) months subject to this Contract.