NON-NEGOTIABLE CIF ASWP WORKING PROCEDURES

1. Buyers issue Irrevocable Corporate Purchase Order (ICPO) addressed to the Seller – Refinery along with company profile and buyer passport.
2. Seller issues the draft SPA for buyer's review and signing.
3. Seller legalizes and registers the contracts with the insurance company and notarizes it with the appropriate Authorities of the Ministry of Energy along with the below PPOP document:
   • Product Quality Passport - Quality Certificate
   • Certificate of Product Origin
   • Product availability
   • Commitment letter to supply the product from the Ministry of Energy
   • ATSC (Authority to Sell and Collect)
4. Buyer’s bank in accordance with the seller’s verbiage shall issue SBLC/DLC within six (6) working days for the first shipment’s value to the seller’s financial bank to enable the seller to commence loading of product with the shipping company. Seller to finalize loading within six (6) working days. But if the buyer fails to issue SBLC/DLC within six (6) working days, as an alternative provision buyer pays $250,000 directly to the shipping company via MT103 as transaction guarantee which will be deducted from the product’s invoice value of product at the destination port.
5. After confirmation by the seller’s bank, the seller at their own expense, charters with the shipping/logistic company and alerts the buyer on the shipment ordered graphic/schedule accompanied with submission of nominated Vessel details to the buyer.
6. Seller’s bank responds with contractual operative 2% PB and full POP to buyer’s bank within seventy-two (72) hours since the seller’s bank confirmed the buyer’s instrument:
   • Copy of the Port Storage Agreement
   • Copy of the CPA, to Transport the Product to the Discharge Port
   • Vessel Q88
   • Original BL (full set)
   • Copy of SGS Report
7. Upon successful product confirmation against the SGS/CIQ Report of Quality and Quantity at the destination port, the buyer makes payment by MT103.
8. Seller and buyer, within seventy-two (72) hours, seller pays commissions to seller side and buyer pays buyer side intermediaries.