NON-NEGOTIABLE CIF PROCEDURE.
1. SELLER AND BUYER SIGN & SEAL THE SALE AND PURCHASE AGREEMENT
(SPA), EXCHANGE SPA VIA EMAIL, AND TO BOTH SELLER AND BUYER THE SPA
SHALL BE ACCEPTABLE AS A VALID & LEGAL CONTRACT.

2. BUYER RETURNS SIGNED & SEALED SPA, WITH HIS NOR FORMAT AND
HARBOR MASTER INFORMATION. BOTH BUYER & SELLER LODGE COPIES OF
THE SPA IN THEIR RESPECTIVE BANKS, AND BUYER SWIFTS THROUGH HIS
BANK POF (MT799/ MT910/ BCL / PROMISSORY NOTE, BANK UNDERTAKING, OR
OTHER BANK INSTRUMENT PROVIDING PROOF OF FUNDS) TO THE SELLERS
BANK.
YOU WILL NOTICE THAT THERE IS QUITE A BIT OF FLEXIBILITY HERE. THE
SELLER JUST WANTS TO KNOW IF THE BUYER HAS CASH OR CREDIT TO MAKE
THE FIRST PURCHASE VIA BANK TO BANK COMMUNICATION.

3. WITHIN THREE (3) BANKING DAYS OF RECEIVING POF SWIFT FROM THE
BUYERS BANK, SELLERS BANK SHALL PLACE A 2% NON-OPERATIVE
PERFORMANCE BOND TO THE BUYERS BANK IN FAVOR OF THE BUYER.

4. UPON CONFIRMATION OF THE SELLERS 2% NON-OPERATIVE PERFORMANCE
BOND, BUYERS BANK SHALL WITHIN THREE (3) BANKING DAYS SWIFT A FULLY-
FUNDED LC IN THE FORM OF MT760 / MT103 TO THE SELLERS ACCOUNT IN
FAVOR OF THE SELLER.

5. WITH 72 HOURS OF CONFIRMING THE BUYERS LC BY THE SELLERS BANK,
SELLER NOMINATES A VESSEL, THEN PROGRAMS AND LOADS VESSEL TO
EXECUTE DELIVERY TO BUYERS PORT OF DISCHARGE.

6. SELLERS PREGNANT VESSEL SENDS NOR / ETA AND COMMENCES SAILING
TO BUYERS DISCHARGE PORT.

7. UPON ARRIVAL AT DISCHARGE PORT, VESSELS MASTER ISSUES ATB AND
INVITES BUYERS INSPECTION PARTY TO BOARD LOADED VESSEL TO CONDUCT
Q&Q INSPECTION AND PROVIDE A REPORT WHICH WILL BE BINDING ON BOTH
BUYER AND SELLER. COPIES OF SUCH REPORT WILL BE TRANSMITTED TO
BUYER AND SELLER.

8. WITHIN 48 HOURS OF COMPLETION OF THE Q&Q WITH DISCHARGE AND
ACCEPTING CARGO BY BUYER, SELLER PRESENTS RELEVANT SHIPPING
DOCUMENTS AT THE COUNTER OF BUYERS BANK AND PAYMENT WILL BE PAID
IMMEDIATELY BASED ON OUTTURN BARRELS MADE BY SWIFT WIRE TRANSFER
DIRECTLY TO