What We Expect
We take the necessary steps to ensure that Buyer facilitators are properly compensated for their efforts in bringing Real Buyers to the table. Providing a sample MOU / NCNDA template as a guideline is a thoughtful gesture that will undoubtedly be appreciated by those in the industry.
By making it clear that the buyer pays the gross price for the product and the refinery pays the buy side commission to the paymaster listed on the MOU / NCNDA, we are helping to ensure that all parties involved in the transaction are clear on the terms and expectations.
It’s important for facilitators to understand their role in the transaction and to have their interests protected. By providing clear guidelines and a sample MOU / NCNDA template, we are demonstrating a commitment to transparency and fairness.
Overall, our approach to working with facilitators is likely to foster strong relationships built on trust and mutual respect. By valuing the efforts of facilitators and providing clear guidance on how they can secure their interests, we are helping to create a more equitable and effective marketplace for all involved.
Once the MOU / NCNDA is signed by the Buyer and facilitators via DocuSign ,is time for the facilitators to arrange the pre-onboarding ( 1st Zoom call ) for their Buyer with the refineries mandate and give the transaction a change to develop between Buyer and Seller.
Please provide your Buyer access to our Procedures prior to scheduling the pre-onboarding call with us. It is to everyone’s benefit that the buyer reviews the different procedures offered prior to bringing them on a call so that the Buyer has an opportunity to select a procedure that they feel comfortable with to engage.
Brokers/Facilitators who want to join our Grup, are invited to send a mail to brokers@generaltradingllc.net in order to be registered accordingly
Important Note : Seller Side commission is Closed. All facilitators need to take place on Buyer Side Commission. No Overprice Allowed.
A pre-onboarding call will not be scheduled prior to us receiving the signed MOU / NCNDA by the Buyer for your protection.
MOU Example Download – No Logo [.pdf]
MOU Example Download – With Logo [.pdf]
PRE-ONBOARDING CALL
1st Zoom Call (what takes place)
NOTE: The MOU / NCNDA must be 100% completed (signed by the Buyer and facilitators) via DocuSign.
1) To engage in an FOB transaction with the refinery, the Buyer will be required to disclose whether he or she can provide a TSA with verifiable prior history through the port authority in the port where the product is being purchased.
2) If the Buyer on the other hand wishes to engage in a CIF transaction with the refinery, he or she must disclose whether they can provide a financial instrument (SBLC – DLC or BG) from a top 100 to a top 25 bank* depending on the refinery chosen. This is a prerequisite for engaging in a CIF transaction.
3) The Seller mandate will identify with the Buyer which procedure offered by the refinery he or she wishes to engage with and clearly explain the procedures’ basic intent, either CIF or FOB, etc.
*Only primary banks are accepted by the refineries as follows:
Refinery Option 1 ( SBLC or DLC from a Top 100 World Bank only)
Refinery Option 2 ( SBLC or DLC from a Top 50 World Bank only)
Refinery Option 3 ( no CIF option for this refinery at this time)
Refinery Option 4 ( SBLC or BG from a Top 25 World Bank only) ( DLC from a Top 10 Chinese Bank only)
Refinery Option 5 ( no CIF option for this refinery at this time)
Important notes:
Proof of funds sufficient for the transaction at hand is a must.
TSA to be used for the transaction must be shared for verification.
No JV for tank storage will be accepted.
No CPA will be considered.
We will only entertain capable buying companies.
In preparation for the 2nd Zoom call (on-boarding), the following must be in place:
1) The Prequalification Questionnaire Form must be completed 100% along with a copy of the Buyers Company Corporate Certificate and emailed to pq-questionnaire@generaltradingllc.net
2) The full names and corporate emails of the Buyer, Buyer logistics Director and Transaction Coordinator must be facilitated in the pre-qualification questionnaire for an NCNDA to be sent out via DocuSign and completed prior to the onboarding call.
3) Proof of funds from the Buyer (BCL) Bank Capacity Letter signed by two bank officers must be presented at the beginning of the onboarding call (105% of the funds required to pay for the trial) to be considered to advance towards an ICPO.
4) For an FOB transaction the Buyer must disclose a copy of the TSA he or she will be using to determine if it is suitable.
5) For a CIF transaction the Buyer must disclose which Top 100 to top 25 Bank* he or she will use to determine if it is acceptable, in this case the BCL (Bank Capacity Letter) from the same bank is required.
Prequalification Questionaire Form Download
BUYER REQUIREMENTS TO ENGAGE
We place a strong emphasis on a thorough and transparent customer registration process. By requiring buyers to complete and sign a pre-qualification questionnaire and provide a copy of their corporate certificate, we are ensuring that all parties involved in the transaction are legitimate and capable of engaging in an FOB transaction with the refineries we represent.
The onboarding call with the refinery mandates, the buyer, and the buyer’s logistics and transaction directors is a smart step in the process to ensure that everyone understands the intended flow of the transaction. This mutual transparency helps to minimize misunderstandings and build trust between the parties involved.
It’s understandable that LOI‘s and SCO’s are not part of our onboarding process, as the mishandling of these documents by facilitators can often lead to confusion and delay in the transaction process. By providing clear instructions on how to address the ICPO via email, we are streamlining the transaction process and helping to ensure that it moves forward smoothly and efficiently.
Overall, it’s clear that our approach is different, but it works. By providing the “missing link” between buyers and refineries, we are helping to create a more efficient and effective marketplace for all involved.
ONBOARDING CALL
2nd Zoom Call (what takes place)
We begin the onboarding call by asking the Buyer to share their (BCL) Bank Capacity Letter.
We will thoroughly review the FOB or CIF procedure with the Buyer to ensure they understand the necessary steps without any changes. To proceed with the transaction, the Buyer or their transaction coordinator must demonstrate their financial capacity to engage and pay for the product with their own funds. This is a requirement for the refinery to accept the ICPO.
We will share the refinery’s corporate link to Dun & Bradstreet registration with the Buyer under non-disclosure responsibility, so the Buyer may conduct their own due diligence before submitting the ICPO.
To ensure full Proof of Product (POP) can be issued and verified, there must be coordination between the Buyer’s logistic and financial departments. For FOB transactions, payment must occur within 24 hours of POP acceptance, while for CIF transactions, payment must take place within 3 to 5 days of receiving the cargo.
If the Buyer wishes to proceed, we will complete their customer registration and provide them with specific instructions on how to address the ICPO to the refinery and what components must be included via email. Once the ICPO is complete, it should be emailed to the link that will be provided for processing.
Please note that we only consider direct negotiations from end buyers, representatives, and mandates. As a company with an unwavering commitment to professionalism and excellence, we value our reputation for integrity and seek to establish long-term partnerships with trustworthy and reliable partners. We are grateful for your consideration of General Trading, LLC. as your preferred supplier of high-quality petroleum products. It would be our privilege to work with you and provide you with outstanding service that exceeds your expectations.
Recommendations
Why a Buyer should start with a small trial quantity
When a buyer engages in a transaction with one of our refineries, is all about the buyer and the Seller gaining confidence with each other. We recomend to a new buyer to initiate his transaction with the smallest trial quantity posible to keep things more managable and the cost of the tank storage less expensive on the front end.
How we work (online guide)
How we work for FOB/CIF Transaction