タイトルまたは説明

Phase 1: Buyer submits these documents to the broker:

- LOI (Letter of Intent) describing details of the order including:  timing, tonnage, grade, tanker…

- Original Q*8 document of the tanker

 

Communication is started by the broker to get the best possible price based on the buyers region, requested tonnage, and the grade of the desired product. Meanwhile the oil company starts to check the background and credit of the buyer based on the submitted BCL.

Phase 3: Buyer and the broker will exchange two agreements based on the contract:

 

- IMFPA (Irrevocable Master Fee Protection Agreement) including the commission margin

 

After direct exchanging of the contract between the buyer and the oil company, the executive process will be started and the buyer proceeds to payment of the order to the Oil Company in term of CAD or COD or L/C . At the same time the commission of the broker will be paid to him by the buyer based on the agreed commission on IMFPA