TRANSACTION PROCEDURES FOR FOB TANK TO VESSEL (TTV)

 TRANSACTION PROCEDURES FOR FOB TANK TO VESSEL (TTV)

 

 1. Buyer issues ICPO must be with buyer company letterhead containing the seller’s working procedure with banking details, scanned copy of the buyer’s Passport data page and Buyer’s Charter Party Agreement (CPA) for seller’s validation.

 

2. Seller issues Commercial Invoice (CI) of the product in tanks at the port, and the buyer signs and return the Commercial Invoice to the seller.

 

3. Seller issues to buyer the following Partial Proof of Product (PPOP) document;

 

a) Authorization to Verify (ATV) Through call or email

b) Tank Storage Receipt of the product in Tank at the port with GPRS (TSR)

c) Statement of Product Availability

d) Payment Refund Guarantee Letter

 

4. Upon receiving the above PPOP documents the Buyer contacts the seller’s leased Storage Company to verify the product’s availability via email or call and to pay the sum of USD42,700 to enable tank clearance to the buyer company name for the buyer to secure the port tank terminal legal permit to execute dip test for quantity and quality inspection by SGS in Seller’s tank. (This is Compulsory).

 

Note: Seller leased Storage Company tank officer/representative are usually inside the port, and meeting them physically is only possible once the buyer has successfully secured the Port Tank Terminal legal Permit (PTTLP) from the seller’s leased Storage Company to enter into the port tank terminal.

 

5. Upon confirmation of the buyer securing the Port Tank Terminal legal Permit (PTTLP) from the seller’s leased Storage Company to enter into the port tank terminal, the seller immediately issues to the buyer POP listed below:

 

(a) Commitment Letter to Supply

(b) Certificate or Origin

(c) Dip Test Authorization letter (DTA)

(d) Tank-To-Vessel Injection Agreement (TTVIA)

(e) Act of Transfer

(f) Allocation Certificate

(g) Injection Report

(h) SGS Report

 

6. Buyer inspected by SGS on buyer’s expenses.

 

7. Upon the satisfactory result of the dip test, the Seller’s Storage Company issues to the buyer, the Notice of Readiness (NOR) to inject the product.payment after injection successful.

 

8. The seller issues NCNDA/IMFPA to all intermediaries involved in the Transaction and to the buyer. Endorsed NCNDA/IMFPA.

 

9. The buyer provides Q88 and ATI from his Logistics/Shipping Company and makes the Vessel available for the injection process to commence as scheduled.

 

10. Upon completion of injection the Buyer immediately pays for the total cost of the product value injected into the Ship/Vessel through MT103 TT wire transfer. The seller pays all intermediaries involved in the transaction upon receiving the payment within 24 hours and Transfers the Title of Ownership certificate of the product to the Buyer.