01. Commercial Terms

02. Procedure: FOB TTV / TTT

1. ICPO Issuance: Buyer issues an Irrevocable Corporate Purchase Order (ICPO) addressed to the Seller incorporating the Seller's procedures. Must include company details, banking details, and passport copy.
2. Commercial Invoice (CI): Seller issues CI indicating available quantity and a Letter of Performance. Buyer signs and returns the CI.
3. Financial Capability: Buyer issues a BCL via MT-199 or MT-799 within 3 days to confirm financial ability.
   Notice: If MT-199/799 is not issued, Buyer may effect a Procurement Guarantee via MT103 to receive Authorization Letter and Access to tank. This amount is deductible.
4. Proof of Product (PPOP): Upon verification, Seller provides:
   • Fresh SGS report (48-72h)
   • Product Certificate of Quality
   • Product Injection Report & Tank Receipt
   • Authorization to Sell and Collect
   • Unconditional Dip Test Authorization (DTA)
5. Injection: Buyer provides CPA or TSA. Transfer of product into buyer's nominated vessel or tank commences.
6. Payment & Title: Upon completion of injection, Buyer makes full payment via MT103/TT within 1-2 banking days. Seller transfers Title of Ownership and export documents.
7. Commissions: Seller pays intermediaries as per NCNDA/IMFPA.

03. Procedure: Tank Take Over (TTO)

1. Buyer issues ICPO with company details and banking profile.
2. Seller sends Commercial Invoice and Letter of Performance. Buyer signs and returns.
3. Seller provides Letter of Allocation Approval and Conditional Pre-Dip Test Approval.
4. Tank Lease Transfer: Buyer makes payment for 3-5 days of tank storage to take over Seller's tank in VTTI. Tank lessee name changes to Buyer.
5. Seller provides full Proof of Product (PPOP) and Unconditional Dip Test Authorization.
6. Buyer conducts Dip Test for quality and quantity verification.
7. Buyer makes full payment via MT103/TT within 1-2 banking days after successful TTO.
8. Title of Ownership is transferred. Monthly deliveries commence.