PRODUCT Aviation kerosene jet fuel colonial grade 54 JET FUEL (JP54)
SPECIFICATION As in annex A
ORIGIN: Russia
QUANTITY per year: 24,000,000 bbl.
Delivery in a month: 2,000,000 bbl.
Single shipment:
TERM: 12 months
DELIVERY FOB Port Rotterdam
PRICE: “Platt’s NWE ARA” less discount $ 5 USD per bbl
PERFORMANCE BOND 2 % of the cost of the monthly party of the goods
INSPECTION SGS OR SIMILAR ACCREDITED AGENCY ON LOADING AT SELLERS’S
EXPENSE.
PAYMENT The buyer provides direct payment for each lot of the goods delivered by
the Seller
Banking procedure 1. After signing of the contract within 24 hours Buyer have to
present Statement of account of available funds confirming Buyer’s pay ability not
less then 100% from one month party supply.
2. After verification of Statement of account the seller provides partial POP.
3. Buyer's Bank blocks the funds to the Seller (inside the timeframe agreed with
the seller) by SWIFT 760 from bank to bank.
4. After receiving the SWIFT 760, the Seller within ten (10) business days will
provide to the Buyer «Proof of Product», POP, and put up 2% Performance Bond of
the amount of the monthly scheduled supply
5. The seller delivers the first batch of goods within the time frame agreed with
the buyer for the scheduled delivery by vessels.
6. Payment for the each tanker party of the goods have to be made by the Buyer
by direct transfer of the funds (T/T) on the account indicated by Seller within 7
(seven) banking days after receiving of the full set of shipping documents for each
delivered party.
7. Blocked funds on the Buyer’s account is a mortgage instrument and serves as a
guaranty of direct payment (T/T) for the delivered goods and can be accessible to
the Seller only in case of default by the Buyer to pay for the goods (T/T) within 7
(seven) days.