Transaction procedures (CIF & FOB)

This page summarises the main standard procedures used by TradoGlobo under internal codes SNA and TOG. They are written in a simple, direct way so that real buyers and sellers can immediately see whether each structure fits their internal compliance and banking rules.

Important: refinery names, tank farms and banks are not published here. Only the operational logic is shown. TradoGlobo never asks buyers to pay “mysterious fees” (tank, CPA, inspection, etc.) to unknown intermediaries. Any such cost, when applicable, must be paid directly to the official counterparty (terminal, shipowner, inspection company) and matched inside the main transaction.
SNA CIF Procedure – Standard sea vessel delivery
Generic CIF structure inspired by SNA SCO (EN590 and related products).
  1. The Buyer issues an Irrevocable Corporate Purchase Order (ICPO) clearly stating product, total quantity, trial quantity, destination port and preferred payment terms. The ICPO must include this SNA-CIF procedure, company registration certificate and full buyer coordinates.
  2. The Seller responds with a draft Sales and Purchase Agreement (SPA). The Buyer reviews, makes minor acceptable amendments if needed, signs and returns the SPA in editable format within the agreed time (typically three banking days). The Seller sends back the final SPA in PDF and the Buyer issues a short Letter of Acceptance.
  3. After SPA countersignature the Seller sends to the Buyer the first set of transaction documents:
    – Commitment to Supply
    – Statement of Product Availability
    – Certificate of Origin
    – Product Passport / Quality Certificate
    – Authority to Sell and Collect (ATSC) The Buyer acknowledges receipt by email within 24 hours.
  4. The Seller arranges a vessel charter with a recognised shipping company to the Buyer’s nominated discharge port. The Seller, the Buyer and the shipping company sign a three-party Charter Party Agreement (CPA) for the first shipment. If the parties agree to share the charter cost, any CPA fee is paid directly to the shipowner by both sides and later reconciled inside the main cargo payment.
  5. After the CPA is signed, the Seller issues a Title Transfer Agreement. The Buyer signs and returns it. Where required, the Seller legalises the SPA and Title Transfer and sends the legalised copies to the Buyer, then completes port and customs formalities for export.
  6. Once export approval is obtained and the CPA / shipping schedule are endorsed by the Port Authority, the Seller issues the full Proof of Product (POP) set to the Buyer:
    – Legalised CPA endorsed by loading Port Authority
    – Injection / Loading Report
    – Product Allocation Certificate
    – Title Allocation / Transfer Certificate
    – Export License and Export Approval
    – Tank Storage Receipt
    – Dip Test Authorisation (DTA)
  7. The Seller issues the Commercial Invoice (CI) for the first shipment. Within the timeframe agreed in the SPA, the Buyer’s bank issues an operative payment instrument in favour of the Seller’s bank (for example SBLC MT760 or DLC MT700) for the cargo value of the first lifting, following bank verbiage provided by the Seller’s bank. If applicable, the Seller’s bank issues a 2% Performance Bond in favour of the Buyer’s bank.
  8. After bank confirmation of the instrument, the vessel is loaded and sails according to schedule. SGS (or equivalent) inspection at loading port is at Seller’s cost; SGS/CIQ at discharge port is at Buyer’s cost, unless otherwise stated in the SPA.
  9. At arrival, after successful SGS/CIQ confirming quantity and quality, the Buyer effects final payment by TT/MT103 for the total CI value or the LC is drawn as agreed. Title passes fully to the Buyer and the Seller pays all commissions to intermediaries as per NCNDA/IMFPA. Parties continue with subsequent monthly deliveries under the annual contract.
SNA FOB TTT Procedure – Tank to Tank
FOB structure inspired by SNA documents: product is transferred from Seller’s tank to Buyer’s tank at the loading port.
  1. The Buyer issues an ICPO clearly indicating “FOB – Tank to Tank (SNA)”, with product, quantity, loading port, target price and this procedure, attaching company registration, passport of signatory and full banking data.
  2. The Buyer confirms access to a receiving tank at the loading port (own tank or contracted tank farm) and provides basic TSA information (terminal name, contact, capacity).
  3. The Seller issues a draft SPA FOB-TTT (SNA) specifying Seller’s tank coordinates, minimum/maximum quantities, transfer point of title and payment terms. The Buyer reviews, signs and returns the SPA in editable format within the agreed time.
  4. The Buyer (or Buyer’s tank provider) signs a direct Tank Storage Agreement (TSA) with the terminal for the receiving tank. Storage fees are paid directly to the terminal under the TSA. No tank fees are ever paid to intermediaries.
  5. After TSA confirmation the Seller provides initial Tank POP documents for verification with the terminal:
    – Certificate of Origin and Product Passport
    – Statement of Product Availability
    – Tank Storage Receipt / Stock Report for Seller’s tank
    – Authorisation to Verify (ATV) with the terminal / storage
  6. The Buyer or its appointed inspector verifies the existence of product and volume directly with the terminal and may perform a dip test in the Seller’s tank at Buyer’s cost. No product payment is due at this stage.
  7. Once verification is successful, the terminal schedules the Tank-to-Tank transfer from Seller’s tank to Buyer’s tank. An independent inspector agreed in the SPA measures quantity and quality during transfer and issues final inspection certificates.
  8. After completion of transfer and issuance of final Q&Q certificates, the Buyer pays for the exact transferred quantity via TT/MT103 or other instrument defined in the SPA. Title passes to the Buyer at the transfer point agreed in the contract.
  9. The Seller pays commissions to intermediaries strictly according to the signed NCNDA/IMFPA within the agreed deadline. Further liftings can be scheduled under the same SNA FOB-TTT structure.
SNA FOB TTV Procedure – Tank to Vessel
FOB structure inspired by SNA documents: Buyer’s nominated vessel is loaded from Seller’s tank at the loading port.
  1. The Buyer issues an ICPO for “FOB – Tank to Vessel (SNA)” indicating loading port, trial quantity, annual quantity and this procedure, attaching company profile and bank coordinates.
  2. The Seller issues a draft SPA FOB-TTV (SNA) with detailed loading terms, point of title transfer (for example “ship’s manifold at loading port”) and the inspection company to be used. The Buyer reviews, signs and returns the SPA within the agreed timeframe.
  3. The Buyer nominates a vessel and provides:
    – Vessel name and IMO number
    – Q88
    – Expected Time of Arrival (ETA)
    – Copy of Charter Party or fixture note, where available These data are shared with terminal and Port Authority for berthing and loading schedule.
  4. The Seller provides initial POP & tank documents for verification:
    – Certificate of Origin and Product Passport
    – Statement of Product Availability
    – Tank Storage Receipt / Stock Report for Seller’s tank
    – Authorisation to Verify with the terminal
  5. The independent inspection company agrees the Q&Q protocol. If the Buyer wishes, a pre-loading dip test is performed in Seller’s tank at Buyer’s cost. No advance product payment is requested at this stage.
  6. When the vessel is alongside and cleared, the terminal carries out Tank-to-Vessel loading from Seller’s tank to the nominated vessel. Quantity and quality are determined on board by the inspector and reported in inspection certificates and ullage reports.
  7. After issuance of clean Q&Q certificates, Bill of Lading, Certificate of Origin and all required shipping documents, the Buyer pays for the loaded quantity via TT/MT103 or under LC, as described in the SPA. Title passes to the Buyer at the agreed FOB point.
  8. The Seller pays all due commissions to intermediaries as per the signed NCNDA/IMFPA. Further shipments may follow the same SNA FOB-TTV model under the term or annual contract.
TOG CIF Procedure – Non-negotiable standard
Based on TRANS-type CIF SCO (EN590 and derivatives) with bank instruments and performance bond.
  1. The Buyer receives the Full Corporate Offer (FCO) and price quotation and replies with a formal Purchase Order & Letter of Acceptance, confirming volumes, ports and this TOG-CIF procedure.
  2. The Seller issues a draft SPA and a provisional Commercial Invoice for the first shipment. The Buyer reviews, signs and returns both documents within the agreed deadline.
  3. The Seller registers and, where necessary, legalises the SPA with the competent authority and notifies the Buyer.
  4. Within seven (7) banking days from SPA countersignature, the Buyer’s bank issues an irrevocable, transferable SBLC MT760 or DLC MT700 in favour of the Seller’s nominated bank, for the value of the first shipment. Instrument wording must follow the draft provided by the Seller’s bank.
  5. Upon receipt and bank confirmation of the SBLC/DLC, the Seller’s bank issues:
    – Full Proof of Product (POP)
    – A two percent (2%) Performance Bond (PB) in favour of the Buyer’s bank (if required by the FCO).
  6. The Seller presents to the Buyer / Buyer’s bank the shipping and product documents, including, where applicable:
    – Notice of Readiness (NOR) / ETA
    – Bill of Lading
    – Export License and Customs Clearance
    – Vessel Q88
    – Port Storage / Allocation Agreement
    – SGS (or equivalent) report at loading port
    – Certificate of Ownership / Title Transfer
    – Dip Test Authorisation (DTA) and Authority to Board (ATB)
    – Charter Party Agreement
    – Allocation / Transaction Passport Code Certificate
    – Material Safety Data Sheet (MSDS)
  7. Shipment starts only after full bank confirmation of the instrument. The vessel loads and sails to the agreed discharge port as per SPA. SGS at loading is paid by the Seller; SGS/CIQ at discharge by the Buyer unless otherwise stated.
  8. After successful SGS/CIQ inspection at the discharge port confirming contract quality and quantity, the Buyer’s bank releases payment via TT/MT103 for the CI value, or the LC is drawn as agreed in the SPA.
  9. The Seller pays commissions to all intermediaries and facilitators strictly according to the signed NCNDA/IMFPA (typically within 48–72 hours of receipt of funds). The contract continues for the remaining monthly deliveries.
TOG FOB TTT Procedure – Tank to Tank
FOB structure where product is transferred from Seller’s tank to Buyer’s tank at the loading port.
  1. The Buyer issues an ICPO clearly indicating “FOB – Tank to Tank (TOG)”, stating product, quantity, loading port, target price and this procedure, attaching company registration, passport of signatory and full banking details.
  2. The Buyer confirms it has access to a nominated receiving tank at the loading port (own tank or storage rented from a recognised tank farm).
  3. The Seller issues a draft SPA (FOB TTT – TOG) specifying Seller’s tank coordinates, transfer point of title and payment terms. The Buyer reviews, signs and returns the SPA in editable format within the agreed timeframe.
  4. The Buyer (or the Buyer’s logistics provider) signs a direct Tank Storage Agreement (TSA) with the terminal for the receiving tank. Storage fees are paid directly to the terminal. No tank fees are paid to brokers or unknown third parties.
  5. Once TSA arrangements are confirmed, the Seller provides initial Tank POP documents for verification with the terminal:
    – Certificate of Origin and Product Passport
    – Statement of Product Availability
    – Tank Storage Receipt / Stock Report for the Seller’s tank
    – Authorisation to Verify (ATV) with the terminal / storage
  6. The Buyer or its appointed inspector verifies the existence of product and volume in the Seller’s tank directly with the terminal and may perform a dip test at Buyer’s cost. No product payment is due at this stage.
  7. After successful verification, the Seller, Buyer and terminal schedule the Tank-to-Tank transfer from Seller’s tank to Buyer’s tank. An independent inspection company agreed in the SPA measures Q&Q during transfer and issues final inspection certificates.
  8. Once transfer is completed and final certificates are issued, the Buyer pays for the exact transferred quantity via TT/MT103 or other instrument stipulated in the SPA. Title of ownership passes to the Buyer at the agreed point.
  9. The Seller pays all commissions to intermediaries under the signed NCNDA/IMFPA within the agreed timeframe. Further liftings may be arranged under the same FOB TTT structure.
TOG FOB TTV Procedure – Tank to Vessel
FOB structure where the Buyer’s nominated vessel is loaded from Seller’s tank at the loading port.
  1. The Buyer issues an ICPO for FOB – Tank to Vessel (TOG) indicating loading port, trial quantity, annual contract quantity and this TOG-FOB-TTV procedure, attaching company profile and banking details.
  2. The Seller issues a draft SPA (FOB TTV – TOG) with detailed loading terms, point of title transfer (for example “ship’s manifold at loading port”) and the inspection company to be used. The Buyer reviews, signs and returns the SPA.
  3. The Buyer nominates a vessel and provides:
    – Vessel name and IMO
    – Q88
    – Expected Time of Arrival (ETA)
    – Copy of the Charter Party or fixture note, where available These details are shared with the terminal and Port Authority for scheduling.
  4. The Seller provides initial POP & tank documents for verification with the terminal and relevant authorities:
    – Certificate of Origin and Product Passport
    – Statement of Product Availability
    – Tank Storage Receipt / Stock Report for the Seller’s tank
    – Authorisation to Verify with the terminal
  5. Before loading, the inspection company agrees the sampling and measuring protocol. An optional pre-loading dip test may be carried out in the Seller’s tank at Buyer’s choice and cost. No advance payment for the product is required at this point; only standard port/inspection costs are borne as per SPA.
  6. When the vessel is alongside and cleared, the terminal performs loading from Seller’s tank to the vessel (Tank-to-Vessel). Q&Q is determined on board by the agreed inspector and reflected in the official inspection certificates and ullage reports.
  7. After issuance of clean Q&Q inspection certificates and other required shipping documents (Bill of Lading, Certificate of Origin, etc.), the Buyer pays for the loaded quantity via TT/MT103 or under a Letter of Credit as stipulated in the SPA. Title passes to the Buyer at the agreed FOB point.
  8. The Seller remits all due commissions to intermediaries as per signed NCNDA/IMFPA. Subsequent shipments can follow the same FOB TTV model based on the annual or term contract.