Terms & Conditions

Welcome to Crudesource FZCO ("Crudesource", "we", "us", or "our"). These Terms and Conditions govern your access to and use of the Crudesource platform, including our website, marketplace, deal room, and related services (collectively, the "Platform").

By registering an account, accessing, or using the Platform, you agree to be bound by these Terms. If you do not agree, you must not use the Platform. Crudesource is a company incorporated in the Dubai Multi Commodities Centre (DMCC), Dubai, United Arab Emirates.

To use the Platform, you must:

• Be a legally registered business entity (company, LLC, corporation, or equivalent).
• Have the authority to bind your company to these Terms.
• Complete our KYB verification process and achieve at least Bronze tier status.
• Provide accurate, complete, and up-to-date company and contact information.

We reserve the right to reject, suspend, or terminate any account that fails verification, provides false information, or is found to be involved in fraudulent, sanctioned, or illegal activities.

Crudesource provides a B2B marketplace and deal facilitation service. We do not:

• Take title to, own, or sell any petroleum products.
• Guarantee the quality, quantity, or delivery of any product.
• Act as a principal or counterparty in any Deal.
• Provide financing, insurance, or shipping services (unless explicitly stated).

Our role is to connect verified Buyers and Sellers, provide standardized transaction procedures, escrow coordination, and independent inspection facilitation.

All Deals on the Platform must follow one of our standardized tracks:

• Track A (TTT) — Tank-to-Tank Transfer. Title transfer at loading terminal.
• Track B (CIF) — Cost, Insurance, and Freight. Seller delivers to Buyer's port.
• Track C (Truck) — Road delivery via tanker trucks.

Each track follows a mandatory state machine: SPA Drafted → SPA Signed → Escrow → Inspection → Title Transfer → Release → Closed. Admins may override states only with documented reason.

Notice of Readiness (NOR): Laytime commencement rules vary by charter party. The standard convention is: NOR tendered before noon → laytime starts 13:00 same day; NOR after noon → 08:00 next working day. However, actual turn-time terms are governed by the Charter Party agreed between the vessel owner and charterer. Crudesource records NOR timestamps but does not determine laytime commencement — that is a contractual matter between the shipping parties.

Crudesource charges a flat commission on closed Deals:

• $10 per MT for products measured in Metric Tons.
• $2 per barrel for products measured in Barrels.

The commission is split 50/50 between Buyer and Seller. Commission is calculated at Deal creation and auto-settled upon transition to CLOSED status. All fees are exclusive of applicable taxes, duties, and bank charges.

Buyers must fund the escrow account with the full contract value before inspection proceeds. Funds are held by our licensed escrow partner and released only upon:

• Successful inspection (INSPECTION_PASSED), or
• Mutual written agreement between parties, or
• Arbitration decision in case of dispute.

Crudesource is not a bank and does not hold client funds directly. Escrow services are provided by regulated third-party institutions.

Force Majeure: If a Force Majeure event (war, natural disaster, port closure, sanctions change, or other event beyond the parties' control) occurs after escrow is funded but before release conditions are met, escrowed funds shall remain held until the Force Majeure event resolves or the parties agree in writing on alternative release terms. Crudesource shall mediate but shall not unilaterally release funds during an active Force Majeure period.

Default Scenarios:

• Seller fails to load after escrow funded: Escrow returns to Buyer in full, less any non-refundable inspection costs already incurred.
• Cargo loaded but inspection fails (off-spec): Escrow holds until parties agree on price adjustment, replacement cargo, or cancellation. If unresolved within 14 days, either party may trigger DIAC arbitration.
• Seller disappears after loading (title fraud): Buyer pursues remedy through cargo insurance and legal action. Crudesource provides the audit pack (documents, AIS, SoF) as evidence but does not compensate for losses.
• Buyer refuses to release escrow without valid cause: Seller may trigger arbitration. Funds remain held pending DIAC ruling.

Independent third-party inspectors (SGS, Intertek, Inspectorate, etc.) verify product quality and quantity at the loading port or delivery point. The cost of inspection is typically borne by the Seller unless otherwise agreed in the SPA.

If inspection fails, the Buyer may reject the cargo, request a replacement, or negotiate a price adjustment. The Platform supports dispute resolution but does not arbitrate technical quality disputes.

For cargo deals (Track B), the Statement of Facts records every event during a vessel's port call: arrival, NOR tendered, berthed, loading commenced, suspended, resumed, completed, and sailed. This record forms the basis for laytime and demurrage calculation.

Crudesource digitizes the SoF through the CrudeOps module, enabling multiple parties (port agent, master, terminal, inspector) to log events with timestamps, photos, and AIS cross-checks. While some terminals already use proprietary digital systems, CrudeOps provides a unified, multi-party-verified standard that reduces disputes from months to days.

Laytime & Demurrage: Once laytime is exhausted and the vessel is "on demurrage," time runs continuously regardless of weekends, holidays, or weather exclusions that may have applied during the laytime period. This is the standard shipping principle of "once on demurrage, always on demurrage."

Crudesource tracks vessels via AIS (Automatic Identification System) to verify routes, detect deviations, and flag potential sanctions-evasion behavior such as ship-to-ship (STS) transfers or entry into sanctioned zones.

AIS Gaps: An AIS gap (vessel disappearing from tracking) can indicate sanctions-evasion tactics but may also result from equipment failure, poor coastal satellite coverage, dense port traffic, or military exercise zones. Crudesource flags all AIS gaps for review; gaps alone do not automatically block a deal.

The petroleum trade is targeted by sophisticated fraud. Crudesource users should be aware of the following common scams:

• Advance-fee scams: Demands for upfront "ATV fees," "tank rental fees," or "DTA fees" paid to brokers before any inspection occurs. Legitimate deals do not require buyers to pay brokers upfront for access. Buyers may be required to pay inspectors directly — but never a broker before the inspection happens.
• Too-cheap-to-be-true pricing: A persistent double-digit discount to benchmark pricing (Platts, Argus) is the strongest indicator of a scam. Real product trades near real prices.
• Fake POP / forged BLs: Proof of Product and Bills of Lading can be forged. Crudesource verifies POP through terminal checks and BLs through multi-party confirmation.
• Joker brokers: Intermediaries who chain LOIs and ICPOs through multiple hands without any real product or buyer. Crudesource's KYB verification eliminates them.

If you suspect fraud, report it immediately to security@crudesource.com.

Until the SPA is signed, seller identities are anonymized on the marketplace. Only the seller's verification tier (Bronze, Silver, Gold) is displayed. After SPA signing, full company names are revealed to both parties in the deal room.

All messages, documents, and transaction data within a deal room are confidential between the participating parties and Crudesource. You agree not to disclose deal-specific information to third parties without written consent.

You may not use the Platform to:

• Trade with sanctioned individuals, entities, or countries (OFAC, UN, EU lists).
• Engage in money laundering, fraud, bribery, or corruption.
• Circumvent the Platform to complete transactions offline ("deal jumping").
• Upload malware, spam, or illegal content.
• Impersonate another company or individual.
• Manipulate prices, listings, or RFQs artificially.

Violation will result in immediate account suspension, forfeiture of verification status, and potential legal action.

To the maximum extent permitted by law, Crudesource shall not be liable for:

• Any direct, indirect, incidental, consequential, or punitive damages arising from Deals.
• Loss of profits, revenue, data, or business opportunities.
• Quality defects, delivery failures, or force majeure events.
• Actions or omissions of Buyers, Sellers, Inspectors, or Escrow providers.

Our total liability shall not exceed the commission fees paid by you to Crudesource in the 12 months preceding the claim.

Any dispute arising from these Terms or the Platform shall first be attempted to be resolved through good-faith negotiation. If unresolved within 30 days, disputes shall be settled by arbitration under the Dubai International Arbitration Centre (DIAC) Rules. The seat of arbitration shall be Dubai, UAE. The language of arbitration shall be English.

These Terms shall be governed by and construed in accordance with the laws of the United Arab Emirates. The courts of Dubai shall have exclusive jurisdiction over any matters not subject to arbitration.

We may update these Terms from time to time. We will notify you of material changes via email or platform notice. Continued use of the Platform after changes constitutes acceptance of the revised Terms.

For questions about these Terms, please contact us at:

Crudesource FZCO
DMCC Business Centre, Level 3
Jewellery & Gemplex 3, Dubai, UAE
Email: legal@crudesource.com