GHISU GROUP

via Sassari 102 - Alghero (SS) - Italy

VAT IT-01460940909

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GHISU GROUP

CIF - ANY SAFE WORLD PORT 

  1. Purchase Order Initiation
    The Buyer shall issue a formal Irrevocable Corporate Purchase Order (ICPO) upon receipt and acceptance of the Seller's Soft Corporate Offer (SCO), confirming their intent to proceed with the transaction.
  2. Draft Sales and Purchase Agreement & Commercial Invoice
    The Seller shall prepare and issue a Draft Sales and Purchase Agreement (SPA) along with the Commercial Invoice (CI) for the Buyer’s review. The documents shall outline the terms and conditions of the sale, including product specifications, pricing, delivery terms, and other relevant contractual provisions.
  3. Agreement Signing and Submission
    Upon review, the Buyer shall sign the Sales and Purchase Agreement and return the signed contract along with the Commercial Invoice to the Seller, thereby confirming acceptance of the terms.
  4. Registration and Legalization
    The Seller shall proceed with the registration and legal legalization of the signed Sales and Purchase Agreement, ensuring all contractual obligations are duly authorized and enforceable under applicable laws.
  5. Dispatch of Partial Proof of Product (POP) Documents
    The Seller shall send the Partial Proof of Product (POP) documents to the Buyer or designated mandate. These documents include, but are not limited to:
    o Certificate of Origin
    o Commitment to Supply
    o Product Passport
    o Statement of Availability of the Product
    o Product Allocation Export Permit
  6. Issuance of Documentary Letter of Credit (DLC) or Standby Letter of Credit (SBLC)
    Upon receipt and verification of the Partial POP Documents, the Buyer shall issue a Documentary Letter of Credit (DLC) via MT700 or a Standby Letter of Credit (SBLC) via MT760 to the Seller’s designated bank within seven (7) working days. This financial instrument guarantees payment and secures the transaction.
  7. Alternative Security Deposit
    In the event the Buyer is unable to issue the DLC/SBLC within the stipulated timeframe, the Buyer shall provide a security guarantee deposit of USD 360,000. This deposit shall be made via Telegraphic Transfer (TT) to the Seller's designated bank account as a performance guarantee to secure the product allocation. The security deposit will be deducted from the CIF value of the first shipment, ensuring that the Seller’s security is maintained without delaying the delivery process.
  8. Transfer of Title and Cargo Loading Process
    Within forty-eight (48) hours of the Seller’s receipt of the Buyer’s Letter of Credit (LC) confirmation or the $360,000 Guarantee Deposit payment at the Seller’s designated bank, the Seller shall proceed to:
    o Transfer the title ownership of the cargo to the Buyer, establishing the Buyer as the legal owner of the goods.
    o Issue the Performance Bond (PB) equivalent to 2% of the CIF value.
    o Commence the loading of the cargo onto the designated vessel or tanker.
  9. Upon completion of the cargo loading process, the Seller shall dispatch the full Proof of Product (POP) along with the requisite shipping documents, including but not limited to:
    Allocation Title Ownership Certificate
    Trans-Neft Contract for transportation of the product to the loading port
    Port Storage Agreement
    Charter Party Agreement for transportation to the discharge port
    Tank Storage Receipt
    SGS Quality and Quantity Certificate
    Bill of Lading
    Vessel Questionnaire 88
  10. NCNDA/IMFPA shall be issued for all Buyer/Seller Intermediaries to complete for further processing by the Seller.
  11. Shipment Arrival and Final Payment
    The shipment shall proceed to the designated final discharge port. Upon vessel arrival, the Buyer shall conduct SGS and CIQ inspections to verify the cargo’s compliance with contractual specifications.
  12. Following successful inspection, the Buyer shall make the remaining balance payment for the entire shipment via TT Wire or MT103 (Wire Transfer).
  13. Payment of Commissions
    The Seller shall ensure that all applicable commissions owed to Buyer and Seller intermediaries, as stipulated in the NCNDA/IMFPA agreements, are paid in full. The payments shall be made promptly upon successful completion of the transaction, adhering strictly to the terms outlined in the respective agreements.