These are the procedures that have been set for gta to follow.
<br/>
<br/>Standardized procedures for the
<br/>Purchase/sale of
<br/>Petroleum products
<br/>Valid from:1 august 2003
<br/>
<br/>Seller issues fco, copy of contract, and product specification sheet to buyers representative
<br/>
<br/>Buyer issues icpo to seller
<br/>
<br/>Seller issues pop to buyer
<br/>
<br/>Buyer confirms pop
<br/>
<br/>Seller issues soft contract to buyer
<br/>
<br/>Buyer signs soft contract and returns it to seller
<br/>
<br/>Seller issues non-operative pb to buyer
<br/>
<br/>Seller issues hard contract to buyer
<br/>
<br/>Buyer signs hard contract and returns it to seller
<br/>
<br/>Buyer opens his financial instrument
<br/>
<br/>Intermediaries file their pay orders
<br/>
<br/>Seller confirms buyers financial instrument
<br/>
<br/>Pb becomes operative
<br/>
<br/>Buyer provides copy of ocean freight contract to seller(fobcontracts only)
<br/>
<br/>All parties co-ordinate shipping schedule
<br/>
<br/>Shipping commences
<br/>
<br/>Payment:
<br/>By irrevocable, confirmed, revolving, dlc, drawn on a world top 25 bank acceptable to the seller, payable 100% at sight on a shipment by shipment basis, upon presentation of proper shipping documentation at the sellers bank.
<br/>
<br/>Contractual period:
<br/>Long term, short term or spot.
<br/>
<br/>Contract:
<br/>Primary or secondary.
<br/>
<br/>Note:
<br/>The seller must confirm acceptance to the procedures as stated above in writing. Fco)