For All seroius end Buyers & Mandate Buyers of BLCO seeking genuine, fruad proof and competent seller with no long chains. Contact with us: Facebook: facebook/elizuroil Twitter:@Elizuroil LinkedIn:Elizur Oilfield Services G+: Elizur Oil W: elizuroil Email: info@elizuroil Gmail:elizuroil@gmail T:+447961031683 PRELIMINARY REQUIREMENTS 1. Buyer issued Irrevocable Corporate Purchase Order ICPO with port discharge handling details, 2. Seller received the ICPO and issued the Irrevocable Full Corporate Offer (IFCO) to the Buyer, 3. Seller received and accepted Buyer’s ICPO and endorsed Seller’s IFCO and issued the draft contract agreement and Irrevocable Master Fee Protection Agreement IMFPA or the payment schedule to Buyer. PROCEDURE Having fulfilled the preliminary requirement, the following procedure brings the transaction to a successful conclusion: 1. Buyer received and accepted the draft contract agreement and the IMFPA. Buyer then returned to Seller the signed, sealed and endorsed draft contract and IMFPA, 2. Seller received and accepted the draft contract and IMFPA. 3. Buyer issued the payment guarantee i.e. irrevocable, verified, transferable, assignable Standby Letter of Credit SBLC to Seller’s bank by telex message transfer. 4. SBLC is confirmed and verified and Seller issued 2% Performance Bond (PB) to activate SBLC, 5. Seller load vessel in the name of the consignee, i.e. Buyer and send to Buyer the following: a. NNPC permission letter to open communication with vessel Captain, b. Captain of vessel sent Notification of Readiness (NOR)/Estimated Time of Arrival (ETA) to Buyer POD storage facility with loaded documents. 6. On Buyer’s discretion he opened up communication with vessel Captain and confirmed vessel pregnant with cargo and ready to sail, 7. Not more than three (3) bank work days, Buyer issued by SWIFT the verified Payment Guarantee as Proof of Funds (POF) i.e. the SBLC, payable one hundred percent (100%) at sight to Seller. Note: a. SBLC can be cash blocked funds for one shipped cargo or cash blocked funds covering the total twelve months shipment of the cargo, as enshrined and agreed in the draft contract agreement. b. Copy of the SWIFT SBLC must be by secured telex message to Seller’s bank. 8. Seller confirmed SBLC and sent full set of Proof of Product (POP) documents/original shipping documents including Charter Party Agreement (CPA)/Q88, officially assigned in Buyer’s Company name as the assignee. 9. Vessel sailed to Buyer’s port of discharge for quality and quantity Q&Q inspection. Captain sent update of drifting every twelve (12) hours to Buyer and Seller until he arrived at the discharge port. 10. The vessel commenced discharge into the Buyer’s tank farm within twenty four (24) hours after Q&Q report is released. Within forty eight (48) hours after discharge, the Captain released the discharge certificate to both the Buyer and Seller. If there is any delay at the POD, twenty four (24) hours after Q&Q the Buyer shall bear demurrage incurred on the vessel. 11. Seller is Paid with MT103 (SWIFT transfer) into nominated bank accounts of the Seller, consultants and professionals or facilitators respectively and based on out turned barrels and Q&Q. All necessary transaction as outlined in the draft contract agreement will be made available to the Buyer. The following documents are requirement for full payment of the cargo by Buyer: A. Full set of clean on board Bill of Lading: B. Bill of Lading number, date and place of issue, C. Designated Destination Port, D. Proof of shipment from Bonny Terminal, E. The master of the nominated vessel must manually sign all Bill of Lading, F. The reference number of SBLC. G. Certificate of title in one (1) original plus three copies, H. Cargo Manifest, I. Certificate of quality and quantity by SGS one (1) original and three (3) copies, J. Master receipt for samples taken on board in one (1) original plus three (3) copies, K. Cargo manifest one (1) original plus three (3) copies, L. Tanker Ullage reports in one (1) original plus three (3) copies, M. Tanker time sheet, N. Proof of shipment from Bonny Terminal, O. Volume (number of barrels shipped), P. Signed master of vessel. Note: 1. All parties including consultants or professionals’ fees will be protected by the issuance of an Irrevocable Master Fee Protection Agreement and pay order by Buyer, including all rolls and extension of any draft contract bearing the same parties, and original transaction code. We await your response in due course.
Posted on: Sat, 11 Oct 2014 10:50:53 +0000
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