ABSTRACT
The Primary Intermediary Agent (PIA) is not only a skilled buyer/seller but also acts as a door stop by preventing the whole trading group from being circumvented. A PIA receives an enquiry, for example, stating, people are sellers of crude oil, please furnish us with LOI or email stating the API grade, Specification and Quantity needed. The terminology is divided into three general sections: Parties to the trade, Payments and Delivery. A mandate is an entity that has a contractual agreement with an end buyer or supplier to effect that they are authorized to act on behalf of that buyer or supplier in selling or purchasing of commodities. A pre-advised credit is a less expensive option for an end buyer especially when a buyer needs proof that the goods are genuine. The intermediary provides the Policy Proof of Interest (PPI) to the end buyer's bank exactly as per the conditions of the contract.
