Methods for Verifying the Product

The following are three basic methods for the satisfactory verification of the product:

1. Verification of Fresh SGS Report:
Successful verification of a fresh SGS report by the Buyer’s SGS or an equivalent independent agent. Note: Verification should never be conducted by tank farms, logistics companies, or any other third party unrelated to the Buyer.

2. Tank Storage Receipt (TSR) and Physical ATV:
Presentation of a full Tank Storage Receipt (TSR) accompanied by a physical Authorization to Verify (ATV) at the Seller’s tank farm, without incurring any expenses.

3. Dip Test Authorization:
Execution of a dip test by an SGS agent or an equivalent inspector ordered by the Buyer. The only expense permitted is the payment for the dip test conducted by SGS or the equivalent agent.

Conditions for Secure Payment of the Product's Total Value

For the secure payment of the total product value, one of the following conditions must be met:

1. Verification of SGS Report and Additional Criteria:

·        Successful verification of a fresh SGS report by the Buyer’s SGS or an equivalent independent agent.

·        Buyer’s physical Authorization to Verify (ATV) and confirmation of sealed tanks in the Seller’s tank farm by the Buyer’s SGS or equivalent inspector/representative, without incurring any expenses.

·        Approval of the injection program by the port authority and release to all relevant parties.

2. Successful Dip Test with Injection Program Approval:

·        Successful completion of a dip test conducted by the Buyer’s SGS or equivalent agent, with no additional expenses other than the cost of the dip test.

·        Approval of the injection program by the port authority and release to all relevant parties.

Methods for Verifying Scams

Indicators of 100% Scam (Prior to Product Verification)

The following situations are considered strong indicators of fraudulent activity before satisfactory product verification:

1. The Seller provides a fresh SGS report exclusively to Tank Farms or Logistics Companies and not to the Buyer.

2. The Seller and Buyer jointly or subsequently pay for tank leasing at the Buyer’s Tank Farm or Logistics Company for a specified number of days.

3. The Seller requests to visit the Buyer’s Tank Farm or Buyer’s Vessel for inspection.

4. The Seller demands advance or upfront payments/fees for any reason, unless a prior and robust Bank Guarantee (BG) is provided by the Seller.

Indicators of 95% Scam (Prior to Product Verification)

The following scenarios suggest a high likelihood of fraudulent activity before satisfactory product verification:

1. The Buyer makes cash deposits or blocks funds in the Seller’s bank account, escrow attorney account, or other accounts controlled by the Seller.

2. The Buyer extends the lease of the Seller’s tanks for a specified number of days.

3. The Buyer shares the Tank Storage Agreement (TSA) or Charter Party Agreement (CPA) along with an Irrevocable Corporate Purchase Order (ICPO) and later makes payments to tank farms or logistics companies for the endorsement of various documents, such as CI, UDTA, DTA, IPA, TTTIA, TTVIA, ATV, NOR, ATI, or any other types of letters or documents.