Business Method (IRDLC / BG / SBLC (FOB or CIF))
1. The buyer sends the LOI.
2. The seller issues the SCO.
3. The buyer submits the offer and ICPO along with complete banking information for review by the seller.
4. The seller submits the proposed contract to the buyer and NCNDA / IMFPA for initial review and approval. The buyer and seller sign the contract by e-mail, which must be legally enforceable, and send each contract to the relevant banks.
5. The seller sends the business invoice or proforma invoice and the buyer issues an irrevocable IRDLC and alternates LC-SBLC-BG for each shipment.
6. The seller responds by issuing 2. PB.
7. The seller sends the shipping documents to the buyer.
8. The amount of L / C to the seller is paid by sending documents to the buyer or buyer bank for each shipment via T / T MT103 within 5 banking days against CIO / SGS inspection at the port of destination.
9. Commissions are issued to NCNDA / IMFPA within 24 hours of buyer confirmation of payment and paid by NCNDA / IMFPA and its Paymaster.
Cash business process:
1. The buyer sends the LOI.
2. The seller issues the SCO.
3. The buyer submits the offer and ICPO along with complete banking information for review by the seller.
4. The seller sends the proforma invoice or proforma and NCNDA / IMFPA.
5. The buyer sends an agreed amount to the seller’s account as an advance payment.
6. The seller sends the shipping documents to the buyer. 7. After the shipment documents reach the buyer, the rest of the final invoice will be transferred to the seller’s account.
8. Commissions are issued to NCNDA / IMFPA within 24 hours of buyer confirmation of payment and the payer is issued by NCNDA / IMFPA and its Paymaster.
LOI acceptance conditions:
1.ALE must be the final and official buyer with the letterhead. 2. The MA must be in the name of Vektal Oil Company and the names of the brokers must be mentioned in it. 3. The signature of the company manager and a copy of the passport and a copy of the work permit of the company requesting the LA attachment is required. 4. The MA must include the requested analysis of the destination port and the requested method of the buyer. 5. All LEDs that are not complete will be returned by this company.
6. All requests must be sent to the official emails of the sales department of Vektal Oil Company only through the official email of the buyer.
Ship to Ship Conditions (STS):
1. The seller issues the PI to the buyer.
2. The buyer pays the amount specified as the down payment in the PI.
3. The seller sends the Q88 to the buyer.
4. The buyer sends the Q88 and the captain’s contact number to the seller for coordination.
5. The seller’s ship moves to the destination declared by the buyer.
6. The buyer’s representative performs the Dip test on the seller’s shop. After the dip test operation is successful, the seller sends the invoice to the buyer and then the buyer settles the invoice amount.
7. Ship to Ship operations is started by the buyer.
Notes*
* It should be noted that in all processes, the official signature and seal are accepted by the parties via email.
* All LOIs must be from the End Buyer, otherwise they will be returned.
* Draft LC / SBLC / BG must be announced and approved by the seller.
