Methods for Verifying the Product

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

1. Verification of Fresh QnQ Report:
Successful verification of a fresh QnQ report by the Buyer’s QnQ 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 QnQ inspector ordered by the Buyer. The only expense permitted is the payment for the dip test conducted by QnQ agent.

Essential 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 QnQ Report and Additional Criteria:

·        Successful verification of a fresh QnQ report by the Buyer’s QnQ independent agent.

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

·        Approval of the Injection Schedule by the Port Authority and release to all relevant parties.

2. Successful Dip Test with Injection Schedule Approval:

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

·        Approval of the Injection Schedule 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 QnQ 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 a hypothetical 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.