A&B Import Export


CIF


The final procedures may contain variations of the above depending on the individual case. For some Countries and harbors payments are due at Loading Port. Details will be discussed and agreed between Buyer and Seller.

Details

  • Buyer sends CP and RFQ to Seller confirming the Seller's Procedures and Offered Price via Mandate .  Seller does additional due diligence on Buyer, and if accepted Confirms Price and Volume to Buyer.
  • Buyer submits ICPO / LOI (including specs) directly to the Seller containing the Seller’s working Procedures and Pricing, along with Initial Client Package (KYC/CP/Business certificate).
  • Upon approval, Seller issues a Commercial Invoice, and MOU that confirms the return of costs associated with issuing an MT199 if the Seller fails to perform.  Buyer signs and returns the Commercial Invoice and MOU along with TSA/CPA.  Upon approval of the signed CI, MOU, and TSA/CPA, Buyer issues proof of funds via MT199.  Buyer works with Seller to assure Seller has received confirmation of POF.
  • Buyer issues Standby Letter of Credit (SBLC) by SWIFT MT760 to Seller’s fiduciary bank account and sends copy of application and SWIFT to Seller.
  • Seller also issues full POP to include the following
  • Seller Commitment Letter to Supply Product
  • TSR / FRESH SGS / CPA / B.L. / ATB / DTA / ATSC
  • Certificate of Origin And product Passport
  • Within five banking days Seller issues 2% PB (Performance Bond) of one month value via SWIFT to Buyer’s bank for guaranteed monthly shipment.      
  • Buyer releases payment to Seller’s Bank MT103/TT within 48 hours upon the receipt of the shipping documents and confirmation of the Q&Q at destination port.
  • Seller transfers title of ownership and injects fuel into Buyer’s tank or vessel.
  • Shipment commences as scheduled in the contract.