PRODUCT: BLCO QUANTITY: 4M PER MONTH FOR 12 MONTHS PRICE: $10/$6 (COMMISSION: $4 - SPLIT 50/50) DELIVERY: CIF SELLER: 2% PB BUYER: DLC 5. CIF PROCEDURE: 4M BBLS x 12 MONTHS WITH POSSIBLE 4 YEARS EXTENSION. 5.1 SELLER & BUYER SIGNED AND SEAL SALES & PURCHASE AGREEMENT WITH THEIR BANKING COORDINATES ALONG WITH THEIR INTERMEDIARIES AND DEPOSITED SAME WITH THEIR RESPECTIVE BANKS. 5.2 SELLER’S BANK UPON THE RECEIPT OF THE BUYER SIGNED SPA, WITHIN THREE (3) BANKING DAYS, SHALL ISSUE A PRE-ADVICE CONFIRMING SELLER’S READINESS TO ISSUE A 2% OPERATIVE PERFORMANCE BOND TO BUYER’S BANK IN FAVOUR OF THE BUYER. 5.3 BUYER’S BANK UPON THE CONFIRMATION AND RECIEPT OF THE PRE-ADVICE FROM SELLER’S BANK SHALL, WITHIN FIVE BANKING DAYS, PLACE A NON-OPERATIVE, IRREVOCABLE, CONFIRMED, REVOLVING, DIVISABLE DOCUMENTARY LETTER OF CREDIT (DLC) OF THE TOTAL VALUE OF CARGO IN FAVOUR OF SELLER. 5.4 SELLER, UPON CONFIRMATION OF (DLC), SHALL ISSUE AND PLACE 2%PB IN FAVOUR OF THE BUYER TO ACTIVATE THE DLC TO BECOME ACTIVE . SELLER THEN CHARTERS AND NOMINATES VESSEL FOR PROGRAMMING AND LOADING WITH JOINT VENTURE MOBIL OIL/ NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC) PLATFORM OR TERMINAL WITHIN FIVE DAYS. 5.5 UPON COMPLETION OF LOADING, VESSEL SAILS TO BUYER’S PORT OF DISCHARGE AND SELLER SHALL NOTIFY THE BUYER THE EXPECTED TIME OF ARRIVAL OF VESSEL (ETA). 5.6 SELLER FORWARDS IN ADVANCE THE FOLLOWING CARGO DOCUMENTS IN THE NAME OF THE BUYER TO BUYER’S BANK FOR PAYMENT: a) 1 ORIGINAL AND 3 COPIES OF BILL OF LADING b) 1 ORIGINAL AND 3 COPIES OF CERTIFICATE OF QUANTITY ISSUED BY SGS OR ITS EQUIVALENT c) 1 ORIGINAL AND 3 COPIES OF CERTIFICATE OF QUALITY ISSUED BY SGS OR ITS EQUIVALENT d) 1 ORIGINAL AND 3 COPIES OF MASTER RECEIPT OF SAMPLE e) 1 ORIGINAL AND 3 COPIES OF CARGO MANIFEST f) 1 ORIGINAL AND 3 COPIES OF TANKERS ULLAGE REPORT g) 1 ORIGINAL AND 3 COPIES OF CERTIFICATE OF ORIGIN h) 1 ORIGINAL AND 3 COPIES OF CERTIFICATE OF COMMERCIAL INVOICE i) 1 ORIGINAL AND 3 COPIES OF CERTIFICATE OF ANALYSIS j) WARRANTY OF TITLE 5.7 BUYER’S INDEPENDENT INSPECTORS SGS OR ITS EQUIVALENT SHALL CONDUCT Q&Q ON THE VESSEL UPON ITS ARRIVAL AT THE PORT OF DISCHARGE. 5.8 VESSEL DISCHARGES THE CARGO INTO BUYER’S STORAGE. 5.9 BUYER MAKES PAYMENT INTO SELLER’S NOMINATED ACCOUNT SIMULTENEOUSLY WITH THE PAYMENT TO INTERMEDIARIES/FACILITATORS ACCOUNT(S) WITHIN 48 HOURS BY SWIFT AFTER DISCHARGE OF CARGO.
Posted on: Thu, 27 Mar 2014 22:58:08 +0000
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