Procedure:-

1.                   Seller issues a Soft Offer (this letter) to buyer.

2.                   Buyer issues a LOI under his official letterhead to Seller with full details of collection vessel (Q88 and Valid IMO Number).

3.                   Seller issues FCO, Buyer signs and seals FCO in acceptance of the terms and conditions stipulated and returns copy of FCO to Seller.

4.                   Seller issue soft copy of draft contract, Buyer electronically initial on every page sign, seal in acceptance and return to Seller. Buyer to provide a draft format SBLC for Seller’s Bank verification.

5.                   Seller electronically sign draft contract and EDT copies of the contract and shall remain until signed hard copy original of this contract are exchanged at TTM.

6.                   After electronic signing within three (3) days Buyer swift MT760 SBLC to Seller’s Bank. Buyer’s Bank can accept a third party document.

7.                   During Buyer and Seller TTM, Signed and sealed hard copy originals of this contract is exchanged and the hard copy originals of this contract shall be the binding instrument.  Buyer hand cover complete document of collection vessel (Q88 & Valid IMO Number) and Seller exchanges Petronas Delivery Note of confirmed allocations.

8.                   Upon receipt of the Delivery Note, the date offloading will be fixed on the next fifth (5) day subject to Petronas queue per contract. Petronas will communicate with Buyer’s Shipping Agent as well as Buyer’s vessel Captain for confirmation to load cargo.

9.                   Shipment commence as per contract.