TTO PROCEDURE $11/7 1. Seller releases SPA, with partial “POP” & Buyer/Seller sign SPA and deposit in their respective banks. 1. Buyer returns signed SPA with ATB format, inspector’s and supercargo’s details/IDs, including soft copy of deductible/ confirmable Logistic Manager’s cheque of Seven million naira (N7M), cashable on Cargo confirmation / Endorsement by the vessel Capt. & the Inspection team. The hard copy sent through the buyer’s bank to the seller’s bank for confirmation/boarding. 1. Seller confirms and issue marine ATB and Clearance to the buyer to board and confirm cargo in Nigeria Waters. 1. Buyer confirms the marine ATB / Clearance including Vessel position. Within 24 hours, his Inspection team, boards to confirm cargo in Nigeria waters. 1. Upon positive boarding and Endorsement of cargo confirmation (per buyer’s ATB format), by the vessel Captain and buyer’s super cargo, Buyer shall within 48 - 72 hours place full cargo instrument via MT760 to Seller’s nominated account (per mutually agreed verbiage). 6) Seller moves vessel to Cotonou waters for Q&Q analysis. 7) Q&Q analysis is performed and the report is presented to both buyer and seller. 8) Buyer re-charters the vessel, and Sellers Bank sends complete original shipping documents to Buyers Bank. 9) Within 48 - 72 hours of Q & Q report, Buyer’s bank makes payment via MT103 (swift transfer) KTT swift wire transfer for the full cargo to seller’s account, and simultaneously makes payment into all agent’s / facilitator’s accounts on the contract. 10) Vessel sails to buyer’s POD.
Posted on: Mon, 10 Mar 2014 11:10:52 +0000