BUYER PROCESSING: FROM LOI to LC
(International Commodity Trade – ICC Standards)
In global commodity trading, professional transactions follow a structured procedure from Letter of Intent (LOI) to Letter of Credit (LC). This process ensures legal security, payment protection, and transparency for both buyers and suppliers.
01
FOB TANK TO VESSEL (TTT/TTV) TRANSACTION PROCEDURE.
Buyer and seller agree on terms. Seller loads the product from tank to vessel (TTT/TTV) under agreed conditions with all quality and quantity verifications.
02
VESSEL TO TANK (VTT) OPERATION PROCEDURE
The product is discharged from vessel to shore tank under approved VTT (Vessel to Tank) procedure and documentation.
03
ESCROW TRANSACTION PROCEDURES (SHIP TO SHIP)
Funds are secured in escrow account. Product is transferred ship to ship. Payment released to seller after buyer's verification and satisfaction.
04
TRANSACTION PROCEDURES (SHIP TO SHIP)
The product is transferred directly from one vessel to another at sea with all documents and approvals in place.
05
FOB PROCEDURE: TTM & WITNESS PRODUCT QUALITY SAMPLING PROTOCOL
TTM (Tank Take Measurement) is conducted with witness. Product quality sampling is done as per international standards.
06
NON-NEGOTIABLE MEMORANDUM OF UNDERSTANDING FOR TITLE TAKE OVER TTO PROCEDURE
A Non-Negotiable MOU is signed for Title Take Over (TTO) before proceeding with the transaction.
07
TRANSACTION PROCEDURE ON CIF (DELIVERY STATED IN SPECIFICATIONS)
The product is delivered to the destination port as per agreed CIF terms and specifications with full documentation.
08
COST INSURANCE FREIGHT (CIF) PROCEDURE FOR CHARTER PARTY AGREEMENT “CPA”
CIF procedure followed under Charter Party Agreement (CPA) with defined terms, responsibilities, and obligations.
SECURE & COMPLIANT
All procedures follow ICC standards and legal compliance.
TRANSPARENT PROCESS
Clear communication and visibility at every step.
BUYER & SELLER PROTECTION
Risk-controlled transactions with verified documentation.
GLOBAL STANDARDS
Aligned with international trade regulations and best practices.