These are the procedures that have been set for gta to follow.
Standardized procedures for the
Purchase/sale of
Petroleum products
Valid from:1 august 2003
Seller issues fco, copy of contract, and product specification sheet to buyers representative
Buyer issues icpo to seller
Seller issues pop to buyer
Buyer confirms pop
Seller issues soft contract to buyer
Buyer signs soft contract and returns it to seller
Seller issues non-operative pb to buyer
Seller issues hard contract to buyer
Buyer signs hard contract and returns it to seller
Buyer opens his financial instrument
Intermediaries file their pay orders
Seller confirms buyers financial instrument
Pb becomes operative
Buyer provides copy of ocean freight contract to seller(fobcontracts only)
All parties co-ordinate shipping schedule
Shipping commences
Payment:
By irrevocable, confirmed, revolving, dlc, drawn on a world top 25 bank acceptable to the seller, payable 100% at sight on a shipment by shipment basis, upon presentation of proper shipping documentation at the sellers bank.
Contractual period:
Long term, short term or spot.
Contract:
Primary or secondary.
Note:
The seller must confirm acceptance to the procedures as stated above in writing. Fco)
