ICPO, trade contract PDF

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trade contract : RFP follow up and ICPO...

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MASTERING INTERNATIONAL TRADE MGT1214 _ 310 [ Algonquin College , Ottawa ]

Team Members - Rushi Vig [040988421] Shubhankar Purandare Product - Crude Oil Export Country - Canada Import Country - United States of America

REFLECTION / ASSIGNMENT – 3

IRREVOCABLE CORPORATE PURCHASE OFFER [ ICPO ] Submitted To

: Firas Sassi

Submitted By

: Rushi Vig (Importer)

Date of Submission : 23rd February 2021

To: Shubhankar Purandare Dear Sir , We, RVC RESOURCES , hereby state and represent that it is our corporate intention to purchase the commodity Heavy-Sour Crude Oil in the quantity and for the price as specified in the Terms and Conditions stated below. This representation is made with full corporate authority and responsibility.

COMMODITY:

Heavy-Sour Crude Oil Alberta , Canada

ORIGIN:

SPECIFICATIONS:

Heavy-Sour Crude Oil



HEAVY : Roughly 90% Sulphur + Other Metals , Upper Limit at 22 degrees API Gravity with a viscosity of less than 100 cp (centipoise) SOUR : Total Sulphur content > 0.5%

 

TOTAL QUANTITY : 12,00,000 Barrels PER MONTH DELIVERY : 1000 Barrels



TOTAL/CONTRACT QUANTITY:

Crude Oil Barrels PACKAGING:

DELIVERY SIZE:

MODE OF PAYMENT:

1000 Crude Oil Barrels per Month ( First Week of each Month until the completion of Total Contract Quantity/Time)

  

2% (of consignment value) Advance Payment for 1st Delivery + Documentary Letter of Credit 10% Advance Payment for subsequent monthly deliveries + Documentary Letter of Credit for remaining amount FOB/CIF , Payment to be made within 48 hours of delivery

US$ 60 (per Barrel) TARGET PRICE: Port of Houston , Texas DESTINATION PORT:

PERFORMANCE BOND:

4% by the seller

TESTING AND INSPECTION

Done through SGS

JURISDICTION

United States Law – Oil and Gas Laws and Regulations .EISA – Energy Independence and Security Act , 2007 , Federal Trade Commission

PROCEDURES: 1. Buyer issues Letter of Intent (LOI) or irrevocable Corporate Purchase Order (ICPO) with banking details. 2. Seller issue’s Full Corporate Offer (FCO) 3. Buyer signs the Full Corporate Offer as token of acceptance and send it back to the Seller. 4. Buyer sends LOI and BCL or MT799 that he is capable to purchase his requirement and that his bank is ready to prepare the SBLC/BG for the agreed monthly shipments value. 5. Seller’s Bank sends POP (Export License, Certificate of Origin and SGS certificate for first shipment of 1000 Crude Oil Barrels) to Buyer’s Bank 6. Seller issue’s draft contract to buyer for negotiations. 7. Buyer and Seller sign the final contract after making amendments, if any, also possible to sign and sealed by the legal court in USA . 8. Fax, E-mail or courier exchanges for hard copy of contract 9. Buyer’s Bank sends non operative SBLC/BG for the value of monthly shipments, payable against shipping documents at unloading port. 10. Sellers bank will verify send 4% PB.

11. Buyer’s bank will confirm the payment instrument will become operative. 12. If needed , visit is allowed to the buyer at the Loading port at his own expense. 13. Seller prepares shipment within 30–45 days.

BUYER’S INFORMATION RVC Resources COMPANY NAME: 11936 RVC Resources Plant , Sto 260 , Houston , TX 77072 TX 77072

ADDRESS:

CITY/ZIP: USA COUNTRY:

LEGAL REPRESENTATIVE : Mike Culpo NAME: International Trade Lawyer TITLE:

BUYER’S BANK COORDINATES BANK NAME:

ADDRESS:

American Express National Bank 1221 McKinney St, Houston, TX 77010, United States TX 77010

CITY/ZIP: USA COUNTRY: 1-800-528-4800 BANK TEL:

1-281-5284801 BANK FAX:

ACCOUNT NAME/NUMBER:

Rushi Vig 3756 878573 21001

AELCUS281 BANK SWIFT CODE: Alex Karev BANK OFFICER’S NAME: Senior Financial Officer TITLE: 1-800-645-4888 DIRECT TEL/FAX:

SIGNATURE : Rushi Vig PRINTED NAME : Rushi Vig TITLE : Managing Director DATE : 23rd February 2021...