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million metric tons
1. Commodity: Russia Mazut 100 (GOST 10585-75)
2. Specification: As per annexure 1
3. Origin: Russia
4. Total Quantity: 20 Million metric tons.
5. Contract Period: 12 months with possible extension up to 60 months
6. Price: Net USD285 per metric ton.
7. Discount: Gross of USD5.00 discount per metric ton should be add on to top of the fixed amount net as per offer commission.
8. Delivery Term: CIF ASWP
9. Inspection: By SGS or any similar origination at sellers cost
10. Payment Terms: By irrevocable, confirmed, transferable, revolving documentary letter of credit (RDLD) issued from a top 25 prime world bank in favor of the seller, covering one month shipment, payable 100% at sight. .
11. Performance Bond: 1.5% against monthly shipment value, revolving for entire contract.
12. Trading Procedure:
(1) Buyer issues LOI
(2) Seller issues Full Corporate Offer FCO
(3) Buyer signs and seals FCO for acceptance
(4) Seller issues Draft Contract to be revised, signed and sealed by the buyer
(5) Seller and Buyer sign contract and MPFA
(6) Buyer will provide POF via bank to bank basis to sellers bank
(7) Upon receiving the POF from buyer, the seller's bank will issue Full POP to the buyer. Upon receiving the POP, the buyer's bank will issue a non operative BG or SBLC for two months delivery (1,000,000 metric tons Mazut 100) in favour of the seller. Said BG or SBLC will be valid for 12+1 months
(8) Delivery starts and each shipment will be paid by TT to seller's account within 7 days after completion of loading.
13. Validity: This Soft Full Corporate Offer is valid for Seven (7) days after issuance.
14. Note: All other procedures are as in the contract.