Exxon Specification Virgin D#6

RFQ Details

Requested D6-FOB HOUSTON

ICPO +CP
Product: D6 Virgin Exxon Specification product
Country of Origin: U.S.
Quantity: 100 million gallons per week for a Contract term of 52 weeks + R & E with a first lift of 100 million gallons. Product is first lift-able as of beginning of December-2015 contingent upon the Q88’s being submitted with the Buyer’s ICPO. The weekly delivery terms of the contract will begin fifteen (15) days after the first lift of the 100,000,000 gallons to the buyer.
Delivery: FOB Houston
Price: Shall be $1.10 gross / $1.15 net per Gallon with commission split $0.02 on each side.
Payment: By MT103
Inspection: By Intertek, SGS or similar independent inspection agency
Commission: TBD



Procedures:
1.
Buyer issues ICPO with banking information and a Corporate Profile. Buyer also provides logistics of ships with Q88’s or the Tank sufficient to receive delivery of the scheduled D6

2. Seller provides Proof of Product to Buyer with the Pre-advice Injection Report.

3. Seller issues the Commercial Invoice for the first lift with supporting documents, including the SGS report and Dip Test Authorization.

4. Assuming that the logistics is vessel, the Buyer shall procure the CPA.
Seller also provides the draft Contract for Buyer to review.

5. Buyer signs and returns the Commercial Invoice to Seller. Buyer and Seller begin to negotiate mutually agreeable terms of the Contract.

6. Buyer verifies the POP and other supporting documents for the first lift and pays by SWIFT MT103 in the amount equal to first lift.

7. Seller will work with Buyer to coordinate the first lift. After satisfactory first lift, Buyer and Seller execute Sales Purchase Agreement.

8. Both Buyer and Seller lodge the Contract with their respective banks and paymasters. Buyer issues an SBLC for Contract. Contract lifts are governed by the terms of the Contract

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