1.Product - High Speed D2 Diesel
2.Specification - Russian Spec.
3.Contract Duration - 12 months with rolls and extension
4.Performance Bond - USD 2% borne by Seller.
5.Inspection - By SGS and cost by Buyer.
6.Delivery - CIF
7.PAYMENTS
1 To secure terms of this transaction, Buyer shall provide a Bank Guarantee of Blocked funds, in the form of a typical International Bank Instrument (MT-760) or acceptable instrument issued by an acceptable bank to Seller. Blocked Funds shall remain on deposit at Buyer's bank in Seller's Name verified by Seller’s bank for a maximum of 60 days or until delivery is completed, which ever is less. This Bank Instrument face value shall be equal in US Dollars . A new, or blocked funds instrument will not be required after successful delivery and payment of first month’s shipment.
2 Payment by direct wire bank to bank transfer (TT) per Seller’s Invoice and presentation of documents listed below within 5 business and 2 grace period days after discharge.
3 The Seller shall invoice the Buyer at time of each delivery. Invoice is to include the documents as stipulated below:
· Invoice: 3 (Three) originals and 3 (Three) copies. Invoice is to evidence the calculation of pricing, Vessel’s name, Bill of Lading date. Invoiced to be faxed with hard copy to follow by courier.
One set of clean On Board Bills of Lading stamped freight pre-paid evidencing the product and quantity of delivered Goods signed by the ship’
8.PROCEDURES
1 Buyer sends ICPO and Soft Funds Probe Authorization equal to first month’s shipment for Seller’s verification ( Supplier’s name will mention after Buyer returns acceptance of this soft offer)
2 Seller sends Soft Corporate Offer with product specifications. Buyer signs and returns
3 Seller sends Draft Contract, Buyer signs, returns Contract and initiates an unconditional MT-760 blocking of funds as per no 9 , at Buyer’s bank in Seller’s Name as Beneficiary, confirmed by Seller’s bank. Blocked funds shall remain effective for a period not to exceed 60 days or until first month delivery is completed, which ever is less.
4 Seller sends Soft Proof of Product within (7-14) seven to fourteen business days for Buyer’s verification.
5 The Seller submits to Buyer’s Bank an operable Performance Bond equal to 2% of the first month shipment amount.
6 Shipments begin per contract .
Related : http://Mazut-100.com
Gazprom, Russia & Petronas, Malaysia
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