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FOB TTV Procedure - Preferable

FOB TTV procedure to buy EN590-10PPM

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Ametheus // GKSaha
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454 views2 pages

FOB TTV Procedure - Preferable

FOB TTV procedure to buy EN590-10PPM

Uploaded by

Ametheus // GKSaha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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OPTION 1: FOB TANK TO VESSEL (TTV) TRANSACTION TERMS AND PROCEDURE:

1. Buyer issues ICPO + CP + Signatory ID/Passport Copy + CPA


2. Seller issue FCO with signatory ID/Passport Copy with full CIS and Government issued Fuel Export
License copy.
3. Seller & Buyer execute Pro-Forma Invoice
4. Seller issues POP documents, including but not limited to:
A) FRESH Q&Q REPORT. THE Q&Q BE IT BY SGS OR SAYBOLT OR INTERTEK, IT MUST BE INCLUDED:
1) Current & Compliant (under 48 hours old)
2) State composite samples were drawn by the Inspection Agency from the shore tanks
3) Quantity in shore tanks was assessed by the Inspection Agency
4) The shore tanks are sealed by the Inspection Agency and, tank nos. & seal nos. are indicated on
the Report.
B. VALID TSR (TANK STORAGE RECEIPT) WITH ACTUAL VERIFIABLE DATA TO IDENTIFY THE PHYSICAL
TANK.
C. INJECTION REPORT FROM THE STORAGE TANK
D. CERTIFICATE OF ORIGIN (NON-SANCTIONED) AND EURO5 CERTIFICATE
E. ATSC (AUTHORIZATION TO SELL & COLLECT) IN THE NAME OF THE BUYER
F. ATV (AUTHORIZATION TO VERIFY)
G. TERMINAL ACCESS CODE (TAC)
5. Buyer upon successful verification of above documents, submits active Q88 of the vessel available
for loading.
6. Seller issues FINAL COMMERCIAL INVOICE FOR QUANTITY DETERMINED ON THE Q&Q REPORT
7. Buyer makes payment of Seller’s Invoice via MT103 for same day credit to seller’s nominated bank
account.
8. Seller transfers full ownership and tank rights to the Buyer (If simultaneous transfer is not feasible,
payment will occur upon issuance and submission of export).
9. Seller’s Port Agent & Buyer’s vessel Master co-ordinate berthing of the vessel for loading
operations (Buyer will ensure the product is injected into their designated vessel within 3 days after
payment. Beyond this timeframe, daily tank extension fees will apply).
10. Seller & Buyer execute SPA for subsequent monthly deliveries.

Important Notes:
1. Q&Q reports must be current and prepared by SGS (or equivalent), including composite sampling,
sealed tank details, and tank/seal numbers.
2. Full Proof of Product (POP) and Fresh SGS must be in the Buyer’s name.
3. ATSC must clearly authorize the Buyer to sell and collect the product.

OPTION 2: FOB TANK TO VESSEL (TTV) TRANSACTION TERMS AND PROCEDURE:


1. Buyer issues ICPO + CP + Signatory ID/Passport Copy + CPA
2. Seller issue FCO with signatory ID/Passport Copy with full CIS and Government issued Fuel Export
License copy.
3. Commercial Invoice (CI) issued by the Seller for the Buyer to review, sign, and return to the Seller
within 24 hours along with the Charter Party Agreement (CPA) (Note: If the buyer is convinced that
the seller can deliver, they are happy to share:
– a. CPA along with the ICPO,
– b. Q88 along with the reviewed and signed CI.)
4. Partial Proof of Product (PPOP) issued by the Seller:
– a. Commitment to supply
– b. Authorisation to Sell and Collect (ATSC)
– c. Certificate of Origin Availability of Product (EUR1 Certificate)
– d. Product Passport Quality Analysis
– e. SGS fresh report not older than 48 hours
– f. Injection report (wherever applicable)
5. Above documents verified and confirmed by the Buyer within 48 hours.
6. Following documents issued by the Seller to the Buyer to confirm within 24 hours.
– a. Valid Tank Storage Receipt (TSR)
– b. Terminal Access Code (TAC)
– c. Hub No.
– d. Authorisation to Verify (ATV)
– e. Booking No.
– f. Dip Test Authorisation (DTA)
7. The Buyer, within 24 hours, appoints SGS to conduct the Dip Test at the Seller’s Tank in the
presence of the Buyer’s representative.
8. Upon completion of the Dip Test, the Buyer remits payment per invoice via MT103/TT.
9. Upon receiving clean, clear funds into the Seller’s nominated bank account as per the invoice
raised, the Seller shall transfer the cargo and transfer the Title of the product to the Buyer.
10. The vessel will be allowed departure from the port after full payment to the Seller and transfer
of cargo & title to the Buyer.

Important Notes:
1. Q&Q reports must be current and prepared by SGS (or equivalent), including composite sampling,
sealed tank details, and tank/seal numbers.
2. Full Proof of Product (POP) and Fresh SGS must be in the Buyer’s name.
3. ATSC must clearly authorize the Buyer to sell and collect the product.

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