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PROCEDURE after LOI received with Buyer’s Bank Details for Soft Probe

CLOSING PROCEDURE FOR GENUINE BUYERS

NOTE: 2% PB from seller

1. SELLER / MANDATE ISSUES SOFT CORPORATE OFFER

2. BUYER ISSUES ICPO AND BCL (BANK COMFORT LETTER)

3. SELLER ISSUES FULLCORPORATE OFFER

4. BUYER SIGNS AND RETURNS the FCO ACCEPTING the OFFER and its TERMS and CONDITIONS

5. SELLER ISSUES DRAFT CONTRACT OPEN FOR POSSIBLE AMENDMENT

6. BUYER REVIEWS THE CONTRACT, SIGNS, and SEALS and THEN RETURNS A COPY TO THE SELLER WITHIN 4 WORKING DAYS

7. BOTH PARTIES LODGE SIGNED CONTRACT IN TO THEIR RESPECTIVE BANKS (ELECTRONICALLY SIGNED COPIES ARE ACCEPTABLE TO BANKS)

8. BUYER’S BANK ISSUE NON-OPERATIVE PAYMENT GUARANTEE ACCEPTABLE TO SELLER’S BANK AND THEN PROVIDES A SWIFT COPY OF THE PAYMENT GUARANTEE TO THE SELLER VIA EMAIL.

9. SELLER ISSUES A 2% PERFORMANCE BOND GUARANTEE TO ACTIVATE NON-OPERATIVE PAYMENT GUARANTEE.

*0. SELLER ISSUES FULL POP TO BUYER’S BANK VIA SWIFT.

THE FOLLOWING DOCUMENTS WILL BE GIVEN AS POP.

A. 1 COPY OF PRO-FORMA INVOICE

B. 1 COPY OF CERTIFICATE OF ORIGIN

C. 1 COPY OF COMMERCIAL INVOICE

D. 1 COPY OF BILL OF LADING

E. 1 COPY OF STORAGE AGREEMENT

F. 1 COPY OF SELLER’S LICENSE TO EXPORT

G. 1 COPY OF SELLER’S APPROVAL FOR EXPORT

H. 1 COPY OF SGS INSPECTION CERTIFICATE

*1. SELLER CONDUCTS SGS INSPECTION, THENLOADS PRODUCT ON THE VESSEL. VESSEL AND PROCEED TO DESTINATION PORT AS DETAILED IN THE SALES AND PURCHASE AGREMEENT.

*2. BUYER PAYS BY TELEGRAPHIC WIRE TRANSFERAFTER SGS INSPECTION AT UNLOADING PORT.

PAYMENT by Bank Guarantee and then TT upon ACCEPTANCE at UN-LOADING PORT AFTER SGS INSPECTION and BUYER’S Acceptance.

THE BUYER IS ALLOWED TOVISIT the REFINERY ONLY AFTER CONTRACTS SIGNED AND GUARANTEE OF PAYMENT RECEIVED. NON-PERFORMANCE PENALTIES ARE PART OF THE CONTRACT.

DELIVERY METHOD: INBULK SHIPMENT

LOADING PORT: MARACAIBO PORT, VENEZUELA

INSPECTION: BYSGS AT SELLER'S ACCOUNT

PAYMENT GUARANTEE: BY BG /SBLC

PAYMENT TERMS: BY T/T AT UNLOADING PORT AFTER SGS INSPECTION and Buyers acceptance

DELIVERY TIME: *5 – *0 DAYS AFTER ACTIVATION OF PAYMENT GUARANTEE

HERE ARE METHODS OF PAYMENT GUARANTEE WE USUALLY REQUIRE FROM BUYERS.

*- BANK GUARANTEE (BG) VIA MT**0

*- STANDBY LETTER OFCREDIT (SBLC) VIA MT**0

*- PROOF OF FUNDS VIAMT**9

*- MT**3/*3 CONDITIONALPAYMENT GUARANTEE

PLEASE PROPOSE THE ABOVE PAYMENT GUARANTEES TO YOUR CLIENTS AND HAVE THEM CHOOSE FROM THE LIST.