Product Description

CLOSING PROCEDURES CIF: (1)1. Seller and Buyer sign, seal sales/purchase Agreement with full Banking details including their brokers Banking details both parties forward a copy of this signed SPA contract to their respective Banks. (2).  Buyer;s bank contacts seller;s bank by MT **9/**9 for familiarization for seller’s bank to confirm the ability of seller to raise 2% P/B.    (3).  Seller;s bank responds with MT**9/**9.(4).  Buyer’s bank, in no more than 7 banking days of execution of SPA, issue a Non-operative,Irrevocable, Standby Letter of Credit in favour of the Seller, transmitted by SWIFT MT**0 toSeller’s nominated bank(.5).  Seller’s bank in no more than 7 banking days of receipt of Buyer’s Non-operative SBLC,shall issue a 2% performance bond in favour of the Buyer, thereby, automatically making theSBLC operative.(6). Seller issues information on laycan to buyer.(7). Seller shall provide the Buyer the confirmed charter party agreement vessel and notification of estimated time of arrival (ETA) to the buyer’s Designated Discharge Port.   (8). Loading takes place as per laycan date and Shipping documents formalities completed.    (9). Vessel sails.(*0). Vessel discharges cargo at Destination Port.   *1. Payments are made by SWIFT wire transfer directly to the Seller;s and Intermediaries;nominated Bank Accounts, within two (2) banking days after delivery of Crude Oil at Buyer;s discharge Port against presentation and confirmation of stated shipping document and Q and Q report..