Terms of Agreement
Terms of Agreement – Contract & Service Leasing Procedures To initiate a formal agreement and lease our services, the following steps are required:
1. Client Documentation
CLIENT must submit an updated Corporate Profile and Business License
Submit a Product Specification Sheet and Letter of Intent (LOI)
2. Lease Agreement & Invoice
LESSOR issues a Lease Agreement and Invoice outlining payment terms
CLIENT must sign and return the documents to confirm commitment
3. Payment
CLIENT makes payment as agreed
A bank transfer slip or receipt must be sent to the LESSOR as confirmation
4. Transaction Execution
Upon receipt of funds, the LESSOR will issue a Tank Storage Receipt (TSR) within 36 business hours, after receiving:
a. Notice of Readiness (NOR) from the seller/refinery.
b.An injection schedule
c.LESSOR opens communication with the CLIENT’s supplier/refinery/exporter to organize product injection
5. First Splash & Storage Period
Upon First Splash (initial product injection), the paid storage period begins
The CLIENT (LESSEE) may bring in their inspection team to conduct a Dip Test for Quantity & Quality Verification
The CLIENT may lift the product at any time during the valid storage period