Product Description

*4.1. Seller issues draft contract signed and sealed by him to the buyer with ATS (Authority To Sell) for Bulk Allocation to be verified by NNPC/Bonny Terminal.
 
*4.2. Buyer sign, seal and return to Seller with SPA lodged to Buyer's Bank.BUYER sends SELLER Form C*2 at annex D and SELLER submits to NNPC Bonny Terminal. 
Seller lodges the same with their Banks. The electronically signed and sealed contract is legally binding and enforceable.
 
*4.3 Within three (3) banking days of the signed contract andForm C*2,BUYER BANK issues SBLC/BG/MT**0 for the whole cargo to SELLER Bank as the approved verbiage at Appendix B to be activated by 2%  PB.   BUYER provides the discharge port details for ETA/NOR specific formats to be used for transaction.
 
*4.4. The Seller within five (5) banking days of Buyer’s SBLC/BG/MT**0 nominates a vessel and notifies the Buyer for acceptance.
 
*4.5. Within 3 (three) banking days of the vessel’s acceptance by the Buyer, the Seller provides the electronic copies of the XXXXXX Charter party agreement, available shipping documents and information on the loaded Cargo vessel for the buyer’s independent check as to the form of issue.
 
*4.6. Upon confirmation of shipping documents by the Buyer as issued by the Seller, the loaded ship sets off sailing to Buyer's Destination.
 
*4.7  Upon Vessel arrival at Destination, the Cargo shall be inspected by the Buyer's designated inspectors for Q & Q and product verification before the Cargo shall be discharged.
 
*4.8. Within three (3) international banking days of confirming that theBuyer and Seller arein receipt of theBuyer Inspector's Q&Q Report, the BUYER’s bank shall issue SWIFT MT **3 to the SELLER’S bank upon receipt of the original cargo documentsunder Buyer namefor the total value of the commercial invoice based on out-turn delivered and inspected, including commissions/fees.  
 
*4.9After successful transaction of the first shipment Buyer shall keep SBLC/BG/MT**0 covering the value of monthly shipment for the rest of the Contract as PAYMENT GUARANTEE to be activated by Seller’s 2% Performance Bond and monthly delivery continues to do procedure from *4.4 to *4.8 for the contracted CIF terms and quantity.
*0.4.The Discount to the Buyer shall be USD $9.*0GROSS/5.*0 for CIF ROTTERDAMper US barrel below DTD Brent and TTO BLUE LINE US$*0.*0GROSS/6.*0NET