1) They are careful to ensure due diligence.
2) They are positioned to be direct with either the end buyer or in some instances a verifiable seller.
3) They are knowledgeable about the commodity.
4) They are careful to exhibit professional conduct.
BRCP adheres to a rigorous standard concerning with whom it will work. This standard ensures BRCP’s integrity and ethical conduct in always being proactive, productive, and professional.
The first element of this standard is that it only works with intermediaries who carefully follow due diligence in their own transactions. Just as BRCP maintains its own due diligence protocol, we require prospective intermediaries to investigate, study, and accurately represent their end buyer.
Likewise, BRCP expects its intermediaries to conduct due diligence before any inquiry or the forwarding of any documents from their end buyer.
Positioned to be Direct with the End Buyer or Seller
BRCP does not partner with intermediaries who lack personal contact with either end buyers, or in some transactions, the sellers. This translates to a standard wherein BRCP does not contract with intermediaries who primarily forward emails from other brokers or "so called buyers". The prospective intermediary should be in direct communication with the buyers signatory principal or authorized final decision maker who has the authorty to purchase the product.
Solicitation from those who claim to be "close" to the buyer or seller are common, but that does not necessarily mean that the intermediary is in direct contact with buyer or seller. Our requirement is that there be direct contact.
Additionally, BRCP requires intermediaries to perform their own due diligence prior to presenting a buyer to BRCP, which includes the disclosure of necessary information for the transaction to proceed seamlessly. Such due diligence includes working under the aegis of companies that protect their intermediaries; this means that BRCP will not sign most Non Circumvention Non-Disclosure Agreements (NCNDAs) or Master Fee Protection Agreements (MFPAs), as they are indicative of a lack of due diligence. BRCP will only proceed to sign NCNDAs or MFPAs after the intermediary has demonstrated due diligence and authenticity through a forthcoming disclosure of a legitimate buyer's corporate documents.
Knowledgeable about the Commodity
The prospective BRCP intermediary must exhibit thorough knowledge about his or her commodity.
BRCP expects intermediaries to know about incoterms, SBLC, BG, PB, LCs and other payment instruments, LOIs, and ICPOs, whether they are appropriate for the respective transaction, what purpose they serve, and who is permitted to issue such documents, and if they are required or necessary to proceed with the proposed transaction.
Most refineries will not sell on a CIF/CFR basis and will not issue 2% PB. Most require detailed and accurate information from the end buyer, with most requiring a KYC document. BRCP will perform extensive due diligence on any prospective buyer, whether internal or external.
BRCP will determine the price to the buyer usually from real-based Platts Indexes or NYMEX, issuing a discount if applicable at the time, from the appropriate Platts or NYMEX Index. Spot deals tend to work off a fixed price, but such transactions are ephemeral, selling within a short period. We expect the knowledgeable intermediary to understand the authentic detail from the inauthentic by reading the signs and presenting only legitimate buyers with real target pricing expectations.
BRCP requires intermediaries to abide by its corporate policies and its employees’ schedules, appointments, and professional time constraints. Please adhere to proper procedure and respect the terms and conditions of all principals.
BRCP will not share past performance documents because in all situations non-disclosure agreements protect relevant performance data. BRCP will share all transaction related documents for the respective transaction (SGS, Intertek, POP, etc.) once it is determined that the buyer is RWA and financially capable to purchase product.
Our goal is to be a strategic partner with you and your buyers, understanding your business needs and developing custom solutions, while providing reliable supply allocation at competitive market pricing from refiner/supplier to your end market buyer.
- Established buyer(s) of crude or refined fuel products
- Office space or home office
- PC, printer, scanner, fax
- High speed internet connection
- Dedicated phone line or cell phone
- Completed 3PI Application
- W9, Tax ID, Identity Verification
- Possible Background Check Authorization
- Signed 3PI Fee Agreement