INTERNATIONAL OIL TRADE DESK PROCEDURES


UNIVERSAL TRADE DESK PROCEDURES- Re-Sellers and or Refineries Selling to Re-Sellers

SUPPLIER REQUIREMENTS
Seller must be the Title Holder at the time of Contract execution
• A minimum of 5% must be available for Immediate Lift (Tank, Pipeline or Vessel)
• Supplier Name required issuing ICPO with Banking
• Suppliers are subject to Standard Due Diligence review prior to initiating transaction
• Buyer will not Execute NCNDA, IMFPA or PAY ORDER prior to Draft Contract
• Bank-to-Bank transactions acceptable with approved suppliers only
• Transferable LC Not Acceptable
• Surety Performance Bond in place of Proof of Product is Not Acceptable
• Advance Payment of Taxes, Legal or Registration fees prior to closing Not Acceptable
• Seller Groups requesting substantial Buy Side Commissions Not Acceptable
• Transactions exceeding agreed transaction schedule will be canceled without notice
• Mandates or Representatives operating on behalf of Supplier to provide Mandate Authorization Letter

STANDARD TRADE DESK PROCEDURES (CLASS 2)
1. Seller Issues Soft Corporate Offer or equivalent
2. Seller \ Mandate signs Attestation letter agreeing to Universal Trade Desk Procedures (24 Hours)
3. Upon approval, Buyer Issues ICPO with Soft Proof of Funds.
a. Soft Proof of Funds may include: Soft Probe Authorization, RWA, BCL
4. Seller releases Draft Contract including Partial Proof of Product (within 24 hours of verifying Funds)
a. Partial POP may include: SGS Report, Tank Farm name, Pipeline Receipt, or Q88
5. Buyer Verifies Partial Proof of Product (24 Hours)
6. Buyer executes Draft Contract including Pay Order Agreement (FPA)
7. Buyer releases Full Proof of Funds
a. Full Proof of Funds may include:
BCL with Funds Lodged, MT799, RDLC, Non Activated MT103\23 (Foreign)
8. Seller returns executed Final Contract including Full Proof of Product (48 Hours)
a. Full Proof of Product may include: Tank Receipts with Authorization to Dip, SGS Reports.
9. Buyer Issues MT 103\23 for payment in full of Immediate Lift product (within 24 Hours)
10. Buyer opens RDLC for remaining quantity (as per Contract)