CIF PROCEDURE

The Seller issues a Soft Corporate Offer (SCO) or Full Corporate Offer (FCO) to Buyer via the Petrolodex platform, including detailed CIF terms, procedures, product specifications, and pricing. The Buyer reviews, signs, and returns the document through verified legal counsel.

Required Element:

• Complete product specifications (fuel type, grade, quantity, quality standards)
• CIF pricing structure and payment terms
• Delivery timeline and discharge port
• Insurance coverage details
• Freight and logistics coordination

The Buyer issues an official Irrevocable Corporate Purchase Order (ICPO) along with complete verification documents. All documentation is submitted through Petrolodex's secure verification system and reviewed by our compliance team.

Required Documentation:

• Company Registration License (no shell companies accepted)
• Valid passport copies and authorized signatory
• Attorney attestation letter
• Proof of Funds capability (Bank Comfort Letter)

The Seller issues the Sales and Purchase Agreement (SPA), open for amendments and negotiation. The Buyer reviews the terms with legal counsel, signs, and returns the executed SPA to the Seller via Petrolodex's document management system.

The SPA Establishes:

• Binding contract terms and conditions
• Product quality specifications
• Delivery obligations
• Payment schedule and escrow requirements
• Dispute resolution mechanism
• Force majeure provisions

Upon issuance of Proof of Product (POP) to the Buyer, the Buyer issues a Standby Letter of Credit (SBLC) via MT760 within seven (7) working days to the Seller's nominated bank account as verified by Petrolodex.

Acceptable Proof of Product:

• Tank Storage Receipt (TSR) with Notice of Readiness
• Bill of Landing for product in transit
• Refinery Allocation Certificate
• SGS or Intertek Inspection Report (dated within 30 days)

Upon confirmation of the Buyer's SBLC MT760, the Seller issues a two percent (2%) Performance Bond with seven (7) working days to the Buyer's bank account via Petrolodex's escrow coordination. The Seller then delivers the complete set of shipment documents.

Documentation Categories:

• Corporate & Legal Documents (10 items)
• Product Documentation (6 items)
• Shipping & Logistics Documents (7 items)
• Compliance & Customs (4 items)
• Financial Documents (2 items)

Shipment commences according to the agreed schedule. Upon arrival of the vessel tanker at the discharge port, the Buyer conducts SGS or CCIC inspection and makes full payment via MT103 wire transfer to the Seller's designated account.

Required Element:

• SGS/CCIC inspection costs borne by Seller at the loading port
• SGS/CCIC inspection costs borne by Buyer at discharge port
• Payment released from escrow upon quality verification
• Quality disputes resolved per SPA arbitration terms
• Petrolodex Logistics Team coordination final delivery