CIF PROCEDURE FOR LETTER OF CREDIT (LC)

1. Buyer confirms seller SCO and issue ICPO with full banking information (valid for 10 days, with list of documents).

Copy of passport of the person authorized to sign the contract

b) Profile of the Buyer’s legal entity (Certificate of Incorporation)

2. Seller acknowledges buyer’s ICPO and issues contract to buyer open for amendment. Buyer Signs and returns the contract to

the seller in word format within three (3) international working days.

3. Seller makes the final signature, notarized the contract with appropriate authorities and send to buyer as final approved copy

along with the following Documents:

a) Product Certificate Origin (verifiable and with seal & signature of the certifying authority)

b) Product Passport

c) Charter Party Agreement (CPA)

d) Copy of the Refinery’s Letter of Commitment

e) Export License

4. Seller makes arrangements for the chartered freight with a renowned shipping company for the transportation of the product

to buyer designated discharge port, both seller and buyer sign the charter party agreement (CPA) together with the shipping

company (at three party CPA) seller pays CPA cost 100% via/tt wire transfer directly to the shipping company.

5. After confirmation of the charter fee by the shipping company, buyer within 7 working days issue SBLC of total cost of full

product to seller beneficiary account inability to provide VERIFIABLE SBLC within the given period, buyer will authorize her

bank the disbursement of $430,000 USD product loading security fee to seller’s bank to enable seller commence loading of

product with the shipping company.

6. Upon receipt of buyer’s security fee or SBLC and seller’s bank confirmation, seller loads product within four (4) international

working days and sends POP documents in buyer’s company name to buyers bank (11 sets bellow):

a) Certificate of Incorporation

b) Act of Transfer

c) Commercial Invoice

d) Company Taxpayer’s Certificate

e) Fresh SGS Report

f) Tank Receipt

g) Q88 and Quality Specification

h) Bill of Lading.

g) Certificate of Non-Wooden

h) NOR—Notice of Readiness

i) ETA—Estimated Time of 

REQUEST A LETTER OF CREDIT