CIF PROCEDURES 

1. BUYER ISSUES ICPO UPON RECEIPT OF SOFT CORPORATE OFFER.

2. SELLER ISSUES DRAFT SALES AND PURCHASE AGREEMENT TO BUYER, BUYER

RETURNS SIGNED CONTRACT TO SELLER 

3. SELLER AND BUYER AGREE ON FINAL

DESTINATION OF FIRST SHIPMENT AND THE SHIPPING COMPANY ISSUES THE CHARTER

PARTY AGREEMENT. SELLER ISSUES THE BELOW PARTIAL POP DOCUMENTS

4. (A) REFINERY COMMITMENT TO SUPPLY

 (B) CERTIFICATE OF ORIGIN

 (C) SELLER CERTIFICATE OF INCORPORATION

 (D) QUALITY AND QUANTITY REPORT (PRODUCT PASSPORT)

 (E) STATEMENT OF PRODUCT AVAILABILITY

5. BUYER MAKES A GUARANTEE DEPOSIT OF 5% OF THE TOTAL PRODUCT COST VIA

MT103 AND UPON RECEIPT OF BUYER’S PAYMENT, THE SELLER WILL ISSUE THE TITLE

TRANSFER AFFIDAVIT FOR BUYER’S SIGNING.

6. THE SELLER SIGNS THE CHARTER PARTY AGREEMENT AND THE MINISTRY OF

ENERGY ISSUES THE ALLOCATION TITLE OWNERSHIP CERTIFICATE AND EXPORT

CLEARANCE IN BUYER’S NAME. SELLER WILL RELEASE 5% PB TO BUYER’S BANK AND

ISSUE THE BELOW DOCUMENTS IN BUYER NAME.

 (A) SHIP CERTIFICATES

 (B) CARGO DECLARATION

 (C) FRESH Q&Q REPORT

 (D) CHARTER PARTY AGREEMENT

 (E) OWNERSHIP CERTIFICATE

 (F) TITLE TRANSFER AFFIDAVIT

 (G) PRODUCT ALLOCATION CERTIFICATE

 (H) ULLAGE REPORT

 (I) NOTICE OF READINESS

 (J) CUSTOMS DECLARATION CERTIFICATE.

 (K) BILL OF LADING

 (L) VESSEL Q88

7. ALL PARTIES INVOLVED SIGN NCNDA/IMFPA. CARGO IS INSURED AND SHIPMENT

COMMENCES AS PER CONTRACT SCHEDULE.

8. WITHIN 72 HOURS OF VESSEL ARRIVAL, BUYER RELEASE FULL PAYMENT VIA MT103

DEDUCTING ALL PAID EXPENSES AFTER CIQ/SGS INSPECTION AT THE DESTINATION

PORT IN HKD, USD, RMB.

9. SELLER PAYS ALL INTERMEDIARIES.

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