ITAB CORP

Company Description

ITAB CORP Compny pre-qualifies buyers for a group of sellers. Sellers will only accept paperwork from qualified buyers. What is a Buyer? A buyer is someone that has a need for a petroleum product and the means to pay for it. How do we qualify a buyer? • A buyer is willing to submit an LETTER OF INTENT with a BANK COMFORT LETTER. A BANK COMFORT LETTER is a minimally invasive banking • document that assures the seller that the buyer can pay for the product. What is our company’s role? • Verify the information in the LETTER OF INTENT or IRREVOCABLE CORPORATE PURCHASE ORDER is correct and consistent and that we have allotments of the requested product. • Verify with the bank that they issued the BANK COMFORT LETTER and that the account does belong to the buyer. • In the case of a soft probe we will verify that the account does belong to the buyer. We make sure that the person signing the authorization does have the authority to do so for the account. • IMPORTANT: WE DO NOT PERFORM THE SOFT PROBE. ONLY THE ACTUAL SELLER PERFORMS THIS ACTION.