releases this Sales and Purchase Agreement (SPA) via electronic
mail to the Buyer, duly signed and sealed by the Seller.
2. Buyer signs
and seals the Agreement and forwards a copy electronically to the
Seller. The electronic copy of this Sales and Purchase Agreement
duly executed by both parties is legally binding and enforceable.
Both parties deposit copies of the Agreement with their respective
Buyers bank shall contact sellers bank to requesting their readiness to issue a 2% Performance Bond to the Buyer’s bank upon
receiving buyers irrevocable, divisible, unconditional,
transferable, confirmed Standby Letter of Credit via
MT760 covering the total cost of cargo (2MBBL) Buyers bank must be
amongst the prime 50 world rated banks.
4. Seller shall
cause his designated Fiduciary Bank to advise availability of 2%
Performance Bond via SWIFT MT999 to the Buyer’s bank and within
48-72hrs of receipt of the advice from the buyers bank Seller bank
shall, SWIFT an irrevocable, divisible, unconditional, one time transferable, confirmed Standby Letter of
Credit via or IRDLC covering the total cost of cargo (2MBBL) to the
Seller’s designated Fiduciary account.
5. Seller and his
Fiduciary bank, within 48-72hrs of receipt of Buyer’s Standby
Letter of Credit, SWIFT the 2% operative Performance Bond to the
Buyer’s bank that shall activate Buyer’s SBLC/IRDLC
immediately nominates Vessel and program Vessel with NNPC for
loading. Proof of Product (POP) documents to include: