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buy crude oil, D2 and JP

  • Libya Libya  
  • Last Updated:
    Posted on: 27 May 2021

RFQ Details

Dear Sir,

Below is our end buyer acceptable procedure.

Seller/seller mandate issues FCO;
Buyer accepts the FCO and sends it back to seller;
Seller issues draft contract;
Buyer makes necessary changes and sends it back to Seller;
Seller incorporates the changes in the contract made by Buyer, and sends it back to buyer, electronically signed and sealed the signature page, and initial each page;
Buyer signs and seal the contract and send it back to seller;
Seller within three days after receiving the signed contract from the buyer, sends buyer full verifiable POP;
Buyer verifies the POP and if approved advises seller to issue the 2% non-operative performance bond;
Seller with 5 (five) working days after receiving instruction from the buyer issues the non-operative performance bond;
Buyer within 5 (five) working days after receiving the performance issues irrevocable, Documentary Letter of Credit, which will activate the performance bond;
Seller within 10 (ten) days after receiving the DLC from buyer sends the verifiable charter party from any shipping company and/pr agents located in Western Europe or United States;
Seller within 30 days maximum from the date of issue of the buyer's DLC delivers the product to buyer's storage tanks at buyer's designated port of discharge;
Buyer within 5 (five) New York working days, after receiving the bill of lading, certificate of origin, commercial invoice and Q&Q report taken by an independent SGS surveyor at the port of discharge, confirming the product of the product, pays the seller as per the SGS report and via wire transfers of funds, buyer pays the commission the same way and the same day.

Thanks and Best Regards
Dr Latrab