EN590

CIF ASWP – Banking Terms and Conditions
Cost, Insurance and Freight (CIF) ASWP

1. Buyer issue ICPO containing the seller's working procedure and banking details along with their Official buyer’s company registration certificate and Corporate Profile (CP),
2. Seller sends Sales and Purchase Agreement (SPA) to Buyer for complete review and Endorsement
3. Upon Complete review, the buyer fully signs and stamps the SPA and return to the seller with a Valid Proof of Funds (POF), BCL, and a letter of financial readiness to transact.
4. Seller legalizes and registers the contracts with the appropriate Authorities of the Ministry of energy and Issues Partial Proof of Product (PPOP) Documentation to the buyer as stated:
   • Product Passport
   • Certificate of Product Origin
   • Statement of Availability of Product from the Ministry of Energy
   • Charter Party Agreement
   • Copy Notice of readiness to inject
   • Commitment Letter to Supply
5. Buyer’s bank, per seller’s verbiage, shall issue SBLC/DLC within six (6) working days for the first shipment’s value to the seller’s financial bank to enable the seller to commence loading of a product with the shipping company. seller to finalize loading within six (6) working days. But if the buyer fails to issue SBLC/DLC within six (6) working days, as an alternative provision buyer pays 3% (Negotiable between seller and buyer) of the total product value directly to the shipping company or a payment account designated by the Seller either via MT103, Bitcoin or USDT as a transaction guarantee which will be deducted from the product’s invoice value of the product at the destination port.
6. After confirmation by the seller’s bank, the seller at their own expense, charters with a shipping/logistic company and alert buyer on the shipment ordered graphic/schedule, accompanied by the submission of nominated Vessel details to the buyer.
7. Seller’s bank responds with contractual operative 3% PB and full POP to buyer’s bank within seventy Two (72) hours since the buyer’s instrument was confirmed by the seller’s bank
   • Copy of the Port Storage Agreement.
   • Copy of the CPA, to Transport the Product to the Discharge Port.
   • Vessel Q88.
   • Original BL (full set).
   • Copy of SGS Report.
8. Upon successful product confirmation against the SGS/CIQ Report of Quality and Quantity at the destination port, the buyer makes payment by MT103.
9. Seller, within seventy-two (72) hours, pays commissions to all intermediaries involved in the transaction as agreed.