JP54 "Rolling Spot Contract"

Proposal:-

+ JP54.
+ FOB Novorossiysk Shore Tank Storage Discharge only.
+ Discount USD Gross / USD Net Discount LESS NWE Platts (3) Three Day Average of Dip Test Inspection date.
+ Minimum of 1,000,000 bbl’s up to Maximum 10 000 000 bbl’s (Dependant on Exit Buyers Shore Tank Storage Capacity)

Transaction «Procedures of Business»:-
1. BUYER PROVIDES FULL COMPANY DETAILS AND BUYER BANKING INFORMATION TO THE SELLER TO ISSUE THE COMMERCIAL INVOICE.
2. SELLER ISSUES COMMERCIAL INVOICE TO BUYER.
3. BUYER SIGNS AND RETURNS THE COMMERCIAL INVOICE.
4. SELLER AS TITLE HOLDER, ISSUES TO BUYER A VERIFIABLE «REFINERY ASSURANCE & COMMITMENT LETTER TO SUPPLY» THE MINIMUM OF 1,000,000 BBL’S OF JP54.
5. BUYER ISSUES TO SELLER, THEIR TANK STORAGE AGREEMENT («TSA») AND TANK STORAGE RECEIPTS («TSR»), ACKNOWLEDGING THE BUYER’S LEGALLY BINDING COMMITMENT TO PURCHASE THE PRODUCT AS CONTRACTED UNDER THE TERMS AND CONDITIONS HEREIN.
6. THE REFINERY CALLS STORAGE FARM TO VERIFY THE TANKS DETAILED IN THE TANK STORAGE RECEIPTS ARE CURRENT, VALID, AND IN THE BUYER’S NAME OR UNDER THE BUYERS CONTROL. THE REFINERY ALSO VERIFIES THE TANK STORAGE AGREEMENT / LEASE BETWEEN THE BUYER AND THE TANK FARM IS CURRENT, VALID, AND IN THE BUYER’S NAME OR UNDER THE BUYERS CONTROL.
7. AFTER VERIFICATION OF BUYERS STORAGE FACILITY, FULL PROOF OF PRODUCT («POP») IS PROVIDED TO THE BUYER.
UPON THE BUYER’S ACCEPTANCE, THE FUEL IS TRANSPORTED TO THE CONFIRMED STORAGE TANKS OF THE BUYER.
8. IF THE BUYER CHOOSES TO DO SO, THE BUYER MUST ORDER THEIR DIP TEST ANALYSIS REPORT («DTAR») ON THE FUEL WITHIN (24) TWENTY FOUR HOURS OF DELIVERY TO BUYER’S CONFIRMED STORAGE FACILITY.
9. UPON CONFIRMATION OF SUCCESSFUL DIP TEST RESULTS OR BUYER ACCEPTANCE OF POP AND QUALITY AND QUANTITY OF FUEL.
THE BUYER ISSUES PAYMENT BY (MT103 / TT) TO THE SELLERS NOMINATED BANK ACCOUNT WITHIN (24) TWENTY FOUR HOURS OF CONFIRMATION TO THE REFINERY AS AGREED BY THE PARTIES PER INSTRUCTION IN THE COMMERCIAL INVOICE.
UPON CONFIRMATION OF ACT OF TRANSFER IN BUYER’S NAME, SELLER SENDS TO THE BUYER, TITLE OF OWNERSHIP CERTIFICATE TO BE FOLLOWED BY ALL EXPORT DOCUMENTATION. INTERMEDIARIES ARE PAID AS PER THE SIGNED FEE AGREEMENTS.
10. STEPS (2) TWO THROUGH (9) NINE ARE REPEATED FOR ALL ADDITIONAL LIFTS, AS REQUIRED BY THE BUYER AS PER THE BUYERS LOGISTICS