TTO TTV Procedures

FOB PROCEDURE: TANK TAKE OVER (TTO)
1.
Buyer accepts the seller's working procedure and issues an Irrevocable Corporate Purchase Order (ICPO) with its banking details and signatory Passport copy.
2.
The Seller issues Commercial Invoice (CI) for the product, Buyer countersigns and returns to the Seller.
3.
Seller receives the countersigned CI, Buyer requests a 5-day (five day) tank extension invoice for the dip test in the Seller's tanks.
4.
Upon receipt of the Buyer’s payment, the Seller opens communication with its Tank Farm Management for the creation, issuance, and Buyer’s endorsement of the Tank Take Over documentation. Upon complete registration of the Buyer’s documentation with the port authority, Seller issues the PPOP documents below:
a.
Authorization to Sell and Collect
b.
Product Passport/Analysis.
c.
Product Certificate of Origin.
d.
Injection report.
e.
Unconditional Dip-Test Authorization
5.
Buyer confirms receipt of the PPOP documents and conducts its inspection and Dip-Test with its SGS team. Upon successful verification of PPOP and the Dip Test in the Seller’s tank, Buyer makes the payment for the total amount of the product via MT103. Seller confirms the Buyer’s payment and transfers title ownership of the product to the Buyer. The Buyer then completely takes over Seller's storage tanks.
6.
After successful Trial Lift (First Lift), Seller issues SPA/Contract for 12 months with R&E to Buyerfor processing.
7.
Within 24 hours of the completion of the injection, the Seller pays commissions to all intermediaries involved for the initial lift and on all subsequent lifts.

In case of NEED FOR an Assurance Tank program to upfront buyer payments for all transportation logistics costs till injection. Buyer should provide FULL POF ( BCL.SBLC.ACC.STATMENT) TO BEEING REVIEWED &APROVED.
The mou will be inclouded all parties involved data/ complete transportation details/ SIGNED/SEALLED.

-Loi should be adhering verbatim procedure & mou outlines.
- ADRESSED global trade