Product Description

 1. Seller 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 banks.

3. 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 MT**0 covering the total cost of cargo (2MBBL) Buyers bank must be amongst the prime *0 world rated banks.

 4. Seller shall cause his designated Fiduciary Bank to advise availability of 2% Performance Bond via SWIFT MT**9 to the Buyer’s bank and within ****2hrs 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 ****2hrs 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

 6. Seller immediately nominates Vessel and program Vessel with NNPC for loading. Proof of Product (POP) documents to include: