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How we trade

Transaction Procedure

The standard procedure for every Jackson Oil & Gas transaction, from first enquiry to discharge and settlement.

Procedure

From enquiry to settlement

Step	Stage	Document	Responsibility	Indicative timing
01	Enquiry	Letter of intent (LOI) or irrevocable corporate purchase order (ICPO) stating product, quantity, discharge port and delivery window	Buyer	Day 0
02	Know your customer	Company registration documents, client information sheet (CIS) and sanctions screening of both parties	Buyer and seller	1 to 3 business days
03	Full corporate offer	FCO setting out price basis, specification, quantity, delivery terms and payment instrument	Seller	1 to 2 business days
04	Sales and purchase agreement	SPA under UAE law with DIAC or DIFC arbitration, signed and exchanged by both parties	Buyer and seller	3 to 5 business days
05	Payment instrument	MT700 documentary letter of credit or MT760 standby letter of credit issued by the buyer's bank and confirmed by the seller's bank	Buyer's bank	As agreed in the SPA
06	Vessel nomination	Vessel nominated with Q88, laycan agreed and accepted by both parties	Seller	Within the SPA laycan
07	Loading and inspection	Independent inspection at the load port (SGS, Intertek or equivalent) with certificates of quality and quantity	Inspector	At loading
08	Shipping documents	Bill of lading, commercial invoice, certificate of origin, insurance certificate and inspection certificates	Seller	On completion of loading
09	Discharge and settlement	Notice of readiness at the discharge port, cargo discharged and payment released against documents	Buyer and seller	On arrival

Timings are indicative. The signed sales and purchase agreement governs every transaction.

How We Trade

In this section

Terms and documents

Standing terms of sale and the shipping document set.

Payment terms

MT700 documentary LC and MT760 SBLC compared.

Quality and inspection

Independent inspection and typical specifications.

Frequently asked questions

Answers to the questions buyers ask first.

Trade glossary

Definitions of CIF, MT700, MT760, laycan and more.

Request a quotation

Send the product, quantity, discharge port and delivery window. The trading desk replies with a formal offer after counterparty checks.

Contact the desk