STANDARD PROCEDURE FOR SALES UNDER CIF TERMS (ASWP)

1. TRANSACTION INITIATION

1.1. The Buyer submits the following documents to the Seller:

• Irrevocable Corporate Purchase Order (ICPO);
• Bank Comfort Letter (BCL) or Ready, Willing & Able Letter (RWA), issued and signed by the Buyer’s bank.

1.2. The Seller reviews the ICPO and issues a Full Corporate Offer (FCO) to the Buyer, stating:

• Product quantity and specifications,
• Price on CIF terms,
• Port of discharge (ASWP),
• Payment terms,
• Delivery schedule and shipping conditions.

1.3. The Buyer confirms acceptance of the terms by signing and returning the FCO to the Seller.

2. CONTRACT

2.1. The Seller prepares and submits a draft Sales and Purchase Agreement (SPA) to the Buyer.

2.2. Both parties finalize, sign, and exchange the original contract documents.

2.3. The Seller issues a commercial invoice for the advance payment amount.

2.4. The contract is registered and submitted to both parties’ respective banks.

3. PAYMENT TERMS

3.1. The Buyer shall make a 50% advance payment of the total contract value via irrevocable SWIFT MT103 wire transfer within five (5) banking days from the date of contract signing.

Note: For large-volume orders, the advance payment percentage may be reduced subject to mutual agreement between the Parties 25k mts or more.

3.2. The remaining 50% balance is to be paid by the Buyer at the port of discharge, after the quality and quantity inspection has been completed by SGS (or any internationally recognized independent inspection company).

3.3. Upon receipt of the advance payment, the Seller provides the Buyer with the preliminary set of documents required for customs clearance and port handling.

4. SHIPPING & DELIVERY

4.1. Upon receiving the advance payment, the Seller shall arrange transportation of the goods to the Buyer’s nominated port, coordinating with a logistics company.

4.2. All freight and insurance costs up to the port of discharge are included in the CIF price.

4.3. The Seller shall insure the cargo for a minimum of 110% of the contract value in favor of the Buyer, in accordance with the Institute Cargo Clauses (C).

5. DOCUMENTATION

5.1. Upon arrival of the cargo at the discharge port, the Seller shall provide the following original documents and/or other required documents:

• Commercial Invoice
• Clean Ocean Bill of Lading (marked “Freight Prepaid”)
• Vessel Number / Q88 Form
• Packing List
• Certificate of Origin
• Certificate of Quality and Quantity
• Insurance Certificate
• SGS Inspection Report
• Any other documents stipulated in the Contract or requested in advance by the Buyer or their bank/customs authorities

6. FINAL PAYMENT

6.1. Upon arrival of the cargo at the discharge port and completion of SGS inspection, the Buyer confirms the conformity of the goods to the contract specifications.

6.2. Based on this confirmation, the Buyer completes the remaining 50% payment via SWIFT MT103 within three (3) banking days.

7. OTHER CONDITIONS

7.1. Any disputes or disagreements arising during the execution of the contract shall be resolved in accordance with the rules of the International Chamber of Commerce (ICC).

7.2. In the event of force majeure, both parties shall be released from liability for partial or total non-fulfillment of their contractual obligations.