Price Discount: $10/4

 

     

1. BUYER ISSUE LOI/ICPO ACCEPTING/ADOPTING AGREED TRANSACTION PROCEDURE WITH ISSUING BANK DETAILS.

2. SELLER SENDS SPA TO BUYER TO SIGN AND SEAL THE AGREEMENT WITH CIS OF THE BANK INSTRUMENT PROVIDER, & THE VERBIAGE AND EXCHANGE COPIES VIA FACSIMILE OR ELECTRONIC MAIL. THE ELECTRONICALLY TRANSMITTED COPY OF SIGNED AND SEALED SPA BY BOTH PARTIES SHALL BE CONSIDERED LEGALLY BINDING AND ENFORCEABLE TO BOTH PARTIES. PARTIES DEPOSIT COPIES OF SPA IN THEIR BANKS.

3. SELLER PROVIDES FIDUCIARY/ RECEIVER’S BANK ACCOUNT VIA E-MAIL TO BUYER FOR BUYER'S BANK  IN READINESS  TO SWIFT BANK  INSTRUMENT   ** PRE-ADVISED MT760  FROM BUYER’S BANK  TO SELLER’S BANK. SELLER’S BANK GIVES RESPONSE OF READINESS TO RECEIVE THE BANK INSTRUMENT. THE MT 760 MUST BE FOR  TOTAL CARGO ($200M) UPWARD FROM ONE OF THE TOP 50 PRIME BANK IN THE WORLD. EXCLUDED CHINA BANK FOR NOW.

4. BUYER’S BANK SWIFT  MT760 FOR FULL CARGO VALUE TO SELLER'S FIDUCIARY BANK IN SELLER’S FAVOUR FOR VERIFICATION , BUYER FORWARDS NOR/ETA FORMAT WITH THE NAME WHICH CARGO DOCUMENTS WILL BE ISSUED.

5. AFTER CONFIRMATION OF THE MT 760, SELLER WILL NOMINATE LOADED VESSEL AND RELEASE DOCUMENTS TO BUYER IN THE BUYER’S NAME AS CONSIGNEE.

NOTE: Buyer should introduce their Shipping Agent to work with SELLER/NNPC during Final Re-assignment of the vessel at Buyer’s Port of choice before Vessel arrival for DIP TEST and Discharge.

6. THE CAPTAIN OF THE LOADED VESSEL ISSUES NOR/ETA AS STATED ON THE BUYER’S NOR/ETA FORMAT, TO THE BUYER’S SHIPPING AGENTS AND COPY TO THE BUYER.

7. THE LOADED VESSEL SAILS TO THE BUYER’S DESTINATION PORT.

8. BUYER IS GIVEN ACCESS TO CARRY OUT DIP TEST BY THE BUYER’S INSPECTION TEAM VIA ATB/CAPTAIN INVITATION, ON THE PRODUCT IN THE BUYER’S PORT OF DISCHARGE. 

9. WITH POSITIVE OUTCOME, BUYER/BUYER’S BANK MAKES FULL PAYMENT OF THE CARGO VIA MT 103 COVERING THE QUANTITY, BASED ON THE OUT TURN OF THE Q&Q AT THE PORT OF DISCHARGE AS PER SELLER'S COMMERCIAL INVOICE.

10. SELLER / NNPC CONFIRMS THE PAYMENT AND HANDS OVER THE ORIGINAL EXPORT AND VESSEL DOCUMENTS TO BUYER.

DOCUMENTS

DOCUMENTS & MODE OF PAYMENT :

Final payment shall be made in U.S Dollars via swift MT103, bank to bank wire transfer for the total value of the cargoes and commissions, issued to Seller’s bank and intermediaries’ nominated bank accounts.

DOCUMENTS REQUIERED FOR PAYMENT:

Clean Ocean Bill of Lading, One (1) Original and three (3) copies

Seller’s Commercial Invoice, One (1) Original and three (3) 

Certificate of Origin issued by NNPC, One (1) Original and three (3) copies

Master’s receipt for Samples                                                        

Master’s receipt for Documents     

Cargo Manifest

Commercial Invoice  

SGS Report at the loading port / Certificate of Quality and Quantity (Q & Q) Report.

Certificate of Origin issued by NNPC, One (1) Original and Three (3)

Copies NNPC

o Certificate of Authenticity issued by NNPC, One (1) Original and

Three (3) Copies NNPC

Certificate of Ownership (Title)

Cargo Manifest, One (1) Original and Three (3) Copies

 Certificate of Quality, One (1) Original and Three (3) Copies

o Certificate of Quantity, One (1) Original and Three (3) Copies

o Master’s Receipt for Samples

o Master’s Receipt for Documents

o Tanker Ullage Report

o Discharge Receipts

o Cargo Inspection Report

o Tanker Time Sheet

o NNPC Authority to Sell (ATS)NNPC/LIFT PERMIT

Export Clearance Permit (NPA waiver, Custom Clearance Certificate etc.)

Marine Insurance Certificate

Other relevant documents related to the cargo.

NOTE:  THE SBLC MUST BE : 

FULLY CASH BACK,  TRANSFERABLE, ASSIGNABLE AND DIVISIBLE.