SELLERS PROCEDURE
NOM procedures are very simple and not changeable:
1) Buyer provides ICPO + Attestation Letter + Laundering Form - All signed by the Bank.
2) POL TAM provides a contract.
3) Buyer/Seller sign seal this contract.
4) Buyer opens a NON OPERATIVE PAYMENT INSTRUMENT to be activated by POP.
5) POL TAM provides full POP (All 7 Documents of POP) as ready to ship within 25 days max.
6) The deal is done.
NO OTHER PROCEDURE IS ACCEPTED!!!
BUYERS PROCEDURE
1. Buyer issues ICPO to Seller.
2. Seller provides the Draft Contract.
3. Both parties lodge signed Contracts with their respective Banks and or Attorney(s).
4. Seller provides partial POP - Tank Storage Receipt and SGS certificates (For Spot Transactions or Contract with Product available for immediate lift) direct from Sellers bank via SWIFT – If a Contract Transaction POP will consist of Transneft Commitment letter – Certificate of Ownership – Refinery Letter and if some product is available for lifting Tank Storage receipts and SGS all documents must have current dates compatible to
the issues of the sales contract.
5. After successful verification of partial POP in ROTTERDAM-HOUSTON-ETC port, Buyer issues conditional MT103.
6. Ownership/Title Deed Transfer and Payments via Swift Wire Transfer are exchanged Bank to Bank.
7. The transaction is consummated as contracted.
NO POP WILL BE ACCEPTED BY BUYERS BANK VIA EMAIL FROM SELLER MUST BE SWIFTED BANK TO BANK.
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