Oil IssueCrude Oil and Petroleum Product´s
Normal ICC Procedure
1. Above all, Offer via E-Mail (Offer) a needed! Questions and answer.
2. Buyer issues Letter of Intent (LOI).
3. Seller / Sellers representative issues Full Corporate Offer (FCO) to Buyer, together with the documents confirming the presence of product (POP).
Confirmation of Official Terms and Conditions (FCO and draft contract) MT 799.
Allocation in sellers name
4. Buyer to sign, stamp and sends FCO to the Seller, together with irrevocable corporate purchase order (ICPO) Buyer.
5. The buyer and seller exchange signed contracts.
6. The seller sets the non-operational p / bond in favor of the Buyer.
7. The buyer sets the operative, confirmed and Revolving Documentary Letter of Credit in favor of the Seller. (NON- TRANSFERABLE, RDLC)
8. The seller gives the tentative date for the loading of the vessel to the buyer.
9. The buyer nominates vessel (s) for loading for loading cargo at the port.
10. Seller confirms acceptance of vessel and 3 day Lay-can date range to buyer.
11. Upon receipt from the sellers acceptance of the vessel (s) and 3 day Lay-can range the buyer shall fix vessel(s) and vessel master(s) will give ETA to loading port.
12. In the port of loading, after notice of readiness (NOR) of the vessel will begin loading.
13. After loading the seller delivers the documents to his bank for payment.