{"id":3727,"date":"2024-10-23T13:14:41","date_gmt":"2024-10-23T13:14:41","guid":{"rendered":"https:\/\/vox-oil.com\/?post_type=helpie_faq&p=3727"},"modified":"2024-10-28T10:18:04","modified_gmt":"2024-10-28T10:18:04","slug":"cif-1-transaction-procedure","status":"publish","type":"helpie_faq","link":"https:\/\/vox-oil.com\/en\/helpie_faq\/cif-1-transaction-procedure\/","title":{"rendered":"CIF 1 TRANSACTION PROCEDURE"},"content":{"rendered":"

SHIP TO SHORE TANKS OR SHIP TO SHIP DELIVERIES<\/strong>
\nSeller: US based title holder<\/p>\n

1.\tOnce Buyer\u2019s agreement with this current Transaction Procedure is confirmed, a preliminary NCNDA is established, and Buyer sends an LOI on the Buyer\u2019s letterhead (template below as Annex 1) along with a CIS, KYC or detailed Corporate Profile. LOI should include product specs and Buyer agreed broker fees.<\/p>\n

2.\tAfter receiving an LOI, Seller\u2019s office staff will:
\na.\tConfirm the business entity is in good standing;
\nb.\tContact the LOI signor to arrange an introductory call. A representative of each side\u2019s brokers\/intermediaries can attend this call.
\nc.\tSeller communicates Proof of Funds (or credit) amount to issue an offer.
\nd.\tSeller does not send out \u201cSoft Corporate Offers\u201d. <\/p>\n

3.\tProof of Funds (POF) is requested based on the product amount on the LOI document. POF (or Credit) is sent to the Seller\u2019s office, attorney or bankers.<\/p>\n

4.\tDocuments are exchanged \u201cBuyer\/Seller\u201d; and if amenable:<\/p>\n

a)\tSeller issues a Formal Corporate offer (\u201cFCO\u201d) to the Buyer only.
\nb)\tFCO contains price, amount, banking, ports and specification.
\nc)\tPrices are WELL BELOW PLATTS.
\nd)\tFinal price and delivery depend on the product, amount, load and discharge ports.<\/p>\n

5.\tWhen the FCO is Buyer accepted Seller issues the Sale Purchase Agreement (\u201cSPA\u201d).
\na)\tThe SPA is given ONLY to the BUYER
\nb)\tThis SPA has price, timeline, product, banking, insurance and other tacit data
\nc)\tBrokers receive a Fee Protection Agreement (FPA) sent to the Seller\u2019s USA attorney<\/p>\n

6.\tWhen the Buyer signs and returns the Sale Purchase Agreement:
\na.\tThe SPA is registered with Seller\u2019s attorney, Refinery Corporate Office & Seller\u2019s banker
\nb.\tThe Buyer\u2019s banker transmits the Collateral Instrument after SPA signing<\/p>\n

7.\tWhen the Collateral Instrument is validated, Seller issues a 2% PB and loads a vessel at the Seller\u2019s expense
\na.\tBank Instruments are held by the Seller\u2019s EU Asset Manager or USA Attorney
\nb.\tBank Instruments stay in the holding account and are returned at Contract end<\/p>\n

8.\tUpon loading Product & Delivery Documents are sent ONLY to the Buyer; including:
\na.\tCharter Party Agreement, Q88 Vessel Questionnaire
\nb.\tBill of Lading with Inspection Report (SGS, EuroFin, Saybolt, Intertek, other)
\nc.\tCertificate of Origin and Analysis with Ullage Report
\nd.\tNotice of Readiness with ETA to Target Port
\ne.\tVessel\/Product Insurance Policy (Lloyds of London)<\/p>\n

9.\tThe Buyer gets [wet signature] HARD COPY documents via Courier.
\na.\tSeller\u2019s signature will be on many of these documents.
\nb.\tThe Buyer can track and\/or communicate with the vessel in transit.<\/p>\n

10.\tPrior to arrival Seller signs the Authorization to Board (ATB).
\na.\tSeller signs a Dip Test Authorization (DTA) to the BUYER
\nb.\tCustoms unseals ship tanks with Seller\u2019s and Buyer\u2019s representatives (local rules apply)
\nc.\tBuyer inspects cargo and receives Commercial Invoice (CI)
\nd.\tSeller signs over the Certificate of Ownership [TITLE] Transfer. Seller\u2019s signature will pass Title (as product owner).<\/p>\n

11.\tA Bank Wire is due within 3 banking days after CI issuance.<\/p>\n

————————————— End of Transaction Procedure ————————————–<\/p>\n

IMPORTANT NOTES:<\/p>\n

Specific action steps may be discussed between Buyer and Seller on the preliminary conference call.<\/p>\n

Minimum monthly quantity for Jet A1 or Crude Oil: 1 million barrels
\nMinimum monthly quantity for ULSD EN590 and other grades: 50,000 MT<\/p>\n

Seller is the TITLE HOLDER (signatory seller; NOT brokering) delivering at own expense with NO upfront fees. Lloyds vessel policy guarantees Seller delivers as per Contract.<\/p>\n

Seller company was established in 2006 and is a US domiciled company in good standing with Secretary of State which is verifiable on the Secretary of States website.
\nSeller has offices in the US and Shanghai (China).
\nWe will provide all direct links to the Secretary of States verification website, Company offices, Registered Attorney and Seller\u2019s website.<\/p>\n

Final Price is given to a confirmed Buyer and will depend on product, amount, specifications, load and discharge ports.
\nSeller can deliver at an average of 15% BELOW PLATTS to a qualified Buyer:
\n\u2022\tLight Crude Oils of several origins with sulfur % 0.29 to 0.54. Seller is currently delivering Crude Oil into Ningbo (China) and other locations.
\n\u2022\tULSD Diesel 10 ppm
\n\u2022\tJet Fuel A1
\n\u2022\tGasoline 93, 95
\n\u2022\tLPG, LNG
\n\u2022\tLight Cycle Oil (LCO)
\n\u2022\tBitumen (various grades)
\n\u2022\tUrea, granular
\n\u2022\tPet Coke (various grades)
\nSeller will do only 12 months Contract (No trial\/spot).<\/p>\n

Seller is a \u201cBulk Wholesaler\u2019, NOT a retailer. Seller does NOT have fuel just sitting around. Seller has Refiner Agreements globally (Exxon Mobil, PEMEX and others). Products origin can be either Germany (for CIF NWE, etc), Mexico (for CIF Houston, etc), Oman or other.<\/p>\n

POF is needed as the Seller is the TITLE HOLDER to the products delivered. Confirmation is required that Buyer can send payment via MT103 [bank wire] and issue a Collateral Instrument (BG\/SBLC) from an acceptable Bank (or confirmed by an acceptable Bank).<\/p>\n

POF Option One: Documents\/data must be less than 30 days old:
\n\u2022\tBank Statement, Banker Signed Tear Sheet, Bank Capacity Letter (BCL), Banker to Client Email, Bank to Seller\u2019s office email or other supporting documents acceptable.
\n\u2022\tA \u2018banker signed\u2019 Ready Willing and Able (RWA) letter to issue a BG\/SBLC on behalf of the Buyer (suggested RWA letter verbiage can be provided)<\/p>\n

POF Option Two: the Buyer sends an Authorization to Verify (ATV) document. Seller can provide an ATV template.
\nSeller\u2019s banker will validate the Buyer\u2019s capacity to issue a BG\/SBLC.<\/p>\n

Consultancy fees for seller and buyer side intermediaries are included in the price paid by Buyer and are transferred by the Seller\u2019s Paymaster (US attorney) to intermediary parties. Seller side of commissions is closed. <\/p>\n

ANNEX 1<\/strong><\/p>\n

LOI TEMPLATE
\nON BUYERS’ LETTERHEAD<\/strong>
\nDATE:
\nTO: (Title holder Seller representative)
\nCC: ops@vox-oil.com – Seller representative\/Referring Broker
\nCC: xxxxxxx \u2013 Referring Broker
\nCC: xxxxxxx. \u2013 Referring Broker
\nFROM: (End Buyer)
\nLetter of Interest to Purchase
\n(BUYER) is domiciled in (COUNTRY) operating in good standing with our Government. We confirm that
\n(BUYER COMPANY) are ready, willing and able to purchase the following commodities;
\n1. BUYER: XXXXXXX
\n2. COMMODITY: XXXXXXXXXXXXXX
\n3. CARGO ORIGIN: (Any OR Non-sanctioned OR Specific country)
\n4. QUANTITY: XX MT\/Bbls trial shipment followed by XX MT\/Bbls per Month for 12 Months
\n5. TARGET PRICE: Equivalent to xx% discount to the applicable Platts
\n6. TOTAL BROKER FEES: $ per Metric Ton\/Bbl, included in the price
\n7. DISCHARGE Country, port: xxxxxxxx
\n8. RECEIVING TERMINAL: (Name of receiving terminal or tank farm at the discharge port)
\n9. SPECIFICATIONS: ATTACH Requested Specs Sheet
\n10. INSPECTION: Sellers Expense at Load Port (SGS, Intertek, Saybolt, etc)
\n11. PROOF OF PRODUCT: Documents as listed in the Sales & Purchase Agreement
\n12. PAYMENT TERMS: Bank Wire AFTER Delivery\/Inspection at discharge port
\n13. WORLD TOP 100 BUYER\u2019S BANK DETAILS:
\n\u2022 BUYERS BANK THAT WILL ISSUE THE BANK INSTRUMENT:
\n\u2022 BUYERS BANK BRANCH ADDRESS:
\n\u2022 ACCOUNT HOLDER NAME:
\n\u2022 (If applicable) BUYERS BANK TO CONFIRM THE BANK INSTRUMENT
\n\u2022 (If applicable) CONFIRMING BUYERS BANK BRANCH ADDRESS
\n\u2022 (If applicable) ACCOUNT HOLDER NAME IN CONFIRMING BUYERS BANK
\nSource or confirming\/correspondent Bank is within the world Top 100 ranking.
\nIn case of our LOI acceptance, we declare the ability to sign and carry out an annual Contract. We understand that
\nany offer or Contracts are subject to successful Seller verification of funds and prefer to engage with the product
\nowner with signatory authority to negotiate price and protocols.
\nWe also declare our general acceptance of the Transaction Procedure Overview (Annex 1) and are ready to discuss
\nand agree upon specific action steps with the Seller.
\nBUYER\u2019S NAME\/COMPANY:
\nREPRESENTED BY\/POSITION:
\nADDRESS:
\nEMAIL ADDRESS, TELEPHONE:
\nSIGNATURE:
\n_____________________________________<\/p>\n

(TEXT OF THE TRANSACTION PROCEDURE<\/em>)<\/p>","protected":false},"excerpt":{"rendered":"

SHIP TO SHORE TANKS OR SHIP TO SHIP DELIVERIES Seller: US based title holder 1. 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