Product Description

: FOB PROCEDURE

PROCEDURES:

1.  Seller issues SPA to Buyer

2.    Buyer reviews SPA, signs, seals and returns to Seller with full banking coordinates. The legally binding contract document is signed by both Parties and final copies exchanged. Electronic signed copies by both Parties are considered legally binding and enforceable.

3.     The buyer will send the vessel, Buyer gives seller CPA, Q*8 ,ATL of his vessel. Buyer’s Bank contact Sellers Bank with MT**9 and request Seller within 7 Banking days to provide documents of the loaded vessel in Buyer’s name and sends all relevant loading documents (CPA, Q *8, Bill of Lading, etc.).

4.    Seller Issues NOR, and calls in vessel for loading, WHILE CAPTAIN AND SUPERCARGO MUST BE ON BOARD THE VESSEL. Buyer verifies Q and Q Report issued by inspectors.
         When nearing the port of loading the captain will notify buyers bank that in turn will show sellers bank proof that the money is in an account set aside for oil.
          The vessel will then be loaded Q and Q and all other documents will be signed and ship will leave port.  Buyer verifies Q and Q Report issued by inspectors.
5.     When the vessel has reached international waters at a distance agreed to by both parties the vessel transponder and captain will verify and funds will be issued to seller.

6.      The buyer’s agents ONE or TWO persons have to be on ground for the entire transaction to be arranged.