Product Description

8.*1.  TRANSACTION &BANKING PROCEDURE

8.*1.0.

Seller(s) and Buyer execute this contract and exchange the signed and sealed copies by electronic mail, lodge the copies of the contract with their respective banks. This electronic signed and

sealed copies are considered as originals, legally binding and enforceable.

8.*1.1

a)Within 5 (Five) banking days of receipt of signed and sealed SPA from the Buyer,Seller instructs the Captain of the carrying vessel to issue official NOR (herein as : Notice of Readiness) to the buyer and buyer’s bank. On the NOR will be time for communication with the Captain through the vessel’s line for verification. Copies of correspondence are to be sent via e-mail to all parties concerned.

b) Buyer bank issues swift pre advice DLC as buyer POF (proof of fund – MT**5)to Seller “1” bank account  -within 2 (Two) working days upon buyer receiving the NOR from the captain of the vessel - for the confirmation of buyer financial capability to purchase product and quantity mentioned. {MT **9 / BCL not in acceptance by seller(s) bank as POF}. Copy of the Pre-Advice (POF) is as well to be sent by fax / e-mail to the Seller(s) in order to speed up verification and transaction.

8.*1.2.

Within 3 (Three) Banking days,Upon the above mentioned verification, Seller “2” requests to Seller “1” in writing on the company letterhead a N**0m APG equivalent (Advance Payment Guarantee – See Appendix C format) from seller “1” bank in Seller “2” favor stating Seller “2”’s READINESS/WILLINGNESS to pay said sum to seller “1&r