The bunker industry operates under a large and expanding set of rules. File Image / Pixabay
Marine fuel trader and brokerage KPI OceanConnect has published a new set of terms and conditions for its clients, adding a new rule on where its payments come from.
The new set of terms and conditions for the sale of marine fuel by KPI OceanConnect Inc apply from November 1.
The company has added the following clause since a previous set of the rules that came into effect in August 2020:
"The Buyer shall provide the Seller with no less than seven (7) days' prior notice in writing before making payment from an account belonging to a party that is not the Buyer.
"Under such circumstances, for verification purposes the Seller shall require the Buyer to provide details and relevant supporting documentation on the payor's full name, country of incorporation, registered address, line of business, relationship with the Buyer, and the reason why payment is being made on behalf of the Buyer.
"In the event that the Seller is unable to verify the payment and/or payor to its satisfaction, the Seller shall be entitled in its discretion to reject such payment and require the Buyer to make another payment from another duly verified account and/or payor."
The new rules also include a new clause requiring the buyer to acknowledge having read KPI OceanConnect's code of conduct and to confirm that they operate their business under the same or similar standards.