Terms of dealing with brokers / intermediaries
what we expect
ZAHRAT AL ARZ REFINED OIL PRODUCT TRADING L.L.C has its own comprehensive due diligence process and we expect the same from all brokers and facilitators who wish to work with the platform. Intermediaries who are not direct to end buyers or end sellers should avoid trying to contact us and wasting valuable time. Please read the following carefully as this will decide whether or not ZAHRAT AL ARZ REFINED OIL PRODUCT TRADING L.L.C can work with you:
NCNDA / IMFPA
The first thing that will appear to any amateur broker is that we have to sign NCNDA (Non-Fraud Non-Disclosure Agreement) and IMFPA (Intermediate Master Fee Protection Agreement). First of all, all the NCNDAs and IMFPAs floating in the market are either fake or invalid and have not been approved by the ICC. Brokers need to understand that our platform administrators have no problem signing the NCNDA. However, it must be real. We only use the original ICC Publication 769 E (ICC Form Contract) which can be purchased here. Any other publicly available NCNDA draft with the ICC logo and mostly called ICC 400/500/600 is useless and invalid. Read the official warning from the ICC here. Many brokers claim to be authorized and then require NCNDA; Beware of these individuals and companies. Real mandates are never afraid of getting scammed because they are protected by the company you extended the mandate to. Second, global oil and gas trading can't just sign the NCNDA with every individual and company that comes claiming to be directly with its principal. Brokers who want to work with ZAHRAT AL ARZ REFINED OIL PRODUCT TRADING L.L.C should be ready with detailed information about their company, website, company profile, registered office address and business phone numbers to start with. Not all emails will be deleted from public dmain servers (gmail, yahoo, hotmail, etc.) except for most of them.
mediator series
We do not work with long chains of brokers. This means that if a broker is approached, they must be direct with their primary boss (the ultimate buyer or the ultimate seller). There can be absolutely no exceptions to this basic rule. Being new to the business is not a bad thing, but we do expect a broker to do their homework before reaching out to us. We receive tons of emails where individuals claim to be "near" to the seller/buyer, but being "near" is not straightforward. We are not here to teach business to everyone who emails us, do your homework. It is always difficult to operate when there is no transparency. We expect you to do your due diligence before sending us any document or inquiry. As moderators, facilitators and traders, we feel it is our corporate responsibility to do proper homework before sending anything to our principals. In short, we can work with you if: 1. You have knowledge of the commodity. 2. You are direct with the final seller/buyer. 3. You are willing to share the principal's details.
