Trade Lead Description:
Below are the procedures for our seller's spot and contract purchases of oil products. They begin after the receipt of the NCND that have been exchanged, and the ICPO has been accepted. Again, we go from the ICPO to contract..no FCOs this way. These are non-negotiable.
Regards
Michael A. Pesqueira
SPOT PROCEDURES:
1. SELLER issues draft contract, and both PARTIES sign contract.
2. Buyer's Bank issues Bank Comfort Letter to Seller's Escrow Agent stating
that Buyer has the funds available to purchase the entire spot purchase in
USD per Metric Tons.
3. SELLER'S Escrow Agent at Seller's Bank issues Proof of Product.
4. BUYER issues MT 103 Payment in care of Chase Bank and Escrow Agent.
6. BUYER makes clearance at port for receipt of product and remits copies of
proper licenses, permits, and pays for storage once current rented storage
expires, transportation, etc. at the Houston Port.
7. SELLER unloads inspected cargo as out-turned barrels from tanks,
pipelines, and vessels delivering to the Port, if necessary.
Posted from US - California on 2 November, 2007
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Trade Leads Directory -> All Trade Leads -> Chemicals -> Petroleum Products: Fuel Oil -> D2 Spot
