Bitumen (used for asphalt) - The seller presents a past performance - ONLY

TTT & TTV PROCEDURE
 

Transaction Protocol Summary ESCROW ACCOUNT

1. ICPO Issuance: Buyer issues an official ICPO along with the Company Profile and Company Registration Certificate.
2. Commercial Invoice: Seller issues a Commercial Invoice. Buyer returns the counter signed Commercial Invoice to the Seller in PDF as final.
3. Escrow Attorney Review: The signed Commercial Invoice is sent to the selected Escrow Attorney for review. Upon satisfactory review, the Escrow Attorney issues a draft Escrow Agreement to both Buyer and Seller for signature.
4. Escrow Agreement Signing: Buyer and Seller sign the Escrow Agreement and send it to the Escrow Attorney.
5. Security Deposit: Upon the signature of the Escrow Agreement, both Buyer and Seller make a security deposit of USD $**0,**0 to the Escrow Attorneys trust account as a performance bond, to be surrendered should either party fail to perform as per the Escrow Agreement.
6. Unconditional Dip Test Authorization: Seller grants Buyer access for conducting dip test (Quality and Quantity) inspection at the Seller's storage tank facility in Rotterdam Port, along with full POP documents listed below:
o Product ownership certificate;
o Copy of Statement of Product Availability in the Tank;
o Product Passport; o Certificate of Origin;
o Fresh SGS Report (NO MORE THAN *4 HOURS OLD AT ROTTERDAM);
o Injection Report; o Commitment Guarantee letter to supply; o Authorization to Sell and Collect; o Dip Test Authorization (DTA);
o Authorization to Verify (ATV).
7. Dip Test Conducted: Buyer conducts a dip-test in Seller's tank and upon satisfactory completion of the Q&Q, Seller injects product into Buyer's tank(s). Buyer makes payment via MT**3 for the total product value within *8 business banking hours after the final injection report is issued for product injected into Buyer's tanks.
8. Title Transfer: Upon receipt of payment for the product, the Seller transfers the Title to the product to Buyer's name, and issues the following documents to Buyer:
o Title Transfer Certificate;
o Insurance Certificate.
​9. Annual Contract Execution: Seller and Buyer execute a mutually agreed Annual Contract.