Buyer Issues IPO with Banking Details & Passport

The Buyer issues an Irrevocable Corporate Purchase Order (ICPO) containing the Seller's working procedures, full banking details, and a scanned copy of the Buyer's valid passport. The ICPO formally initiates the FOB Dip and Pay transaction on the Petrolodex platform and confirms the Buyer's irrevocable intent to purchase under the stated terms.

• Seller's working procedures as provided by Petrolodex
• Buyer's complete banking details: bank name, address, account number, and SWIFT code
• Scanned copy of Buyer's valid government-issued passport
• Company authorization letter signed by the authorized signatory

Seller Issues Commercial Invoice - Buyer Signs & Returns

The Seller issues a Commercial Invoice (CI) for the product currently in tanks at the port. The invoice details product specifications, quantity, unit pricing, and FOB delivery terms. The Buyer reviews the Commercial Invoice, signs it, and returns the executed copy to the Seller through the Petrolodex platform.

• Complete product specifications: fuel type, grade, quality standard, and confirmed quantity
• FOB unit pricing and total transaction value in agreed currency
• Tank location, port of origin, and confirmed product readiness date
• Delivery terms and applicable payment conditions

Seller Issues PPOP Package to Buyer

All six PPOP documents must be complete, verified, and accepted by Petrolodex's compliance team before the transaction advances to NCNDA execution and physical inspection.

Seller Issues NCNDA to All Intermediaries Involved In the Transaction and to the Buyer for Signing

The Seller issues the Non-Circumvention, Non-Disclosure Agreement and International Master Fee Protection Agreement (NCNDA/IMFPA) to all intermediaries involved in the transaction and to the Buyer for review and signing. This legally binding agreement protects all parties against circumvention of established trading relationships and formally establishes commission obligations for all authorized intermediaries.

• Non-circumvention — no party may bypass another to close the transaction independently
• Non-disclosure of pricing, supplier identity, and all transaction terms
• Full commission schedule and guaranteed payment terms for all authorized intermediaries
• Duration, renewal terms, and jurisdiction for dispute resolution

All intermediaries must execute the NCNDA/IMFPA before the transaction advances to physical inspection. Unsigned intermediaries are not eligible for commission distribution in Step 7.

Buyer Inspects by SGS at Buyer’s Expense and Sends TSR

The Buyer conducts a physical Dip Test inspection of the product in the Seller's tanks using SGS or an approved equivalent inspection agency, entirely at the Buyer's expense. The inspection verifies product quality, quantity, and specification compliance against the Commercial Invoice and PPOP documentation. Upon successful completion of the Dip Test, the Buyer issues a Tank Storage Receipt (TSR) confirming product acceptance and readiness to proceed to injection and payment.

• SGS or approved equivalent inspection agency must be authorized by the Seller prior to site access
• Dip Test must be conducted within the inspection window specified in the ATV document
• All inspection costs at the Seller's loading tank are borne entirely by the Buyer
• Buyer issues TSR upon successful inspection confirming product quantity and quality acceptance

Product Injected Into Buyer’s Tanks - MT103 Payment & Title Ownership Transfer

Upon successful Dip Test confirmation, the product is immediately injected into the Buyer's designated tanks according to the agreed FOB delivery mode. The Buyer makes full payment for the product via MT103 wire transfer to the Seller's designated bank account. The Seller then formally transfers Title Ownership of the fuel to the Buyer upon confirmed receipt of the MT103 payment.

• Product injection into Buyer's tanks commences immediately upon successful Dip Test confirmation
• Buyer issues MT103 SWIFT wire transfer upon confirmed product injection
• MT103 payment is irrevocable once dispatched — no cancellation after issuance
• Seller transfers Title Ownership documentation to Buyer upon confirmed MT103 receipt by the bank

Seller Distributes Commissions Within 72 Hours After Receipt of Buyer’s Payment

Upon confirmed receipt of the Buyer's MT103 payment, the Seller distributes all intermediary commissions as specified in the executed NCNDA/IMFPA within 72 hours of fund receipt. All commission payments are documented, traceable, and reported through the Petrolodex platform for full transaction transparency and audit compliance.

• Distribution must occur within 72 hours of confirmed MT103 receipt by Seller's bank
• All payments made strictly according to the commission schedule in the executed NCNDA/IMFPA
• Payment confirmation receipts issued to all intermediaries through the Petrolodex platform
• Disputes regarding commission amounts resolved per NCNDA/IMFPA arbitration provisions

Commission delays beyond 72 hours must be reported to Petrolodex immediately. Late payments constitute a breach of the NCNDA/IMFPA and are subject to the agreement's penalty provisions.