(1) buyer and seller sign and seal
the contract including banking
coordinates and exchange the signed
copy by electronic mail. The
electronic signed copy by both
parties is considered legally binding
and enforceable. Buyer returns
contract/SPA and CIS form within *8hrs.
(2) seller issues Mandate and
Allocation letter verifiable at NNPC
Bonny Terminal JVO and identifies,
vessel including vessel name, IMO,
the buyer will issue to seller
Pre-advice of her readiness to issue an
MT**9 blocked fund to NNPC Bonny
Terminal .
(3) upon confirmation of buyers
Pre-advice sellers bank issue an RWA
of her readiness to issue a 2% PB.
Buyer/buyers bank upon confirmation
and verification of sellers RWA,
within three (3) banking days,
buyer's bank opens the MT**9 blocked
funds instrument for the period
one year one day (note: 2% PB is only
between HSBC to HSBC if you are
issuing from any other bank than HSBC
we will only give on an SBLC
**0)
(4) Buyer's bank issue via swift
MT**9 blocked funds in sellers name
with the value amount specified in
the SPA/contract and seller upon
confirmation and verification of the
buyers MT**9 blocked funds,
seller bank respond with the 2%PB as
agreed
(5) seller vessel issue NOR/ETA of
the expected vessel to enable the
shipping Agency to ascertain the
vessel situation (very important
Note: All re-assignment and Title
documents will be issued to the
buyer upon the receipt and
confirmation of the buyers MT**9 blocked
fund via swift
(6) As it is a new regulation that's
it's only when a buyer have the
title documents in their name they
can fully access the vessel and the
shipping agency can get clearance
before the vessel arrives and its
based on the confirmation of buyers
instrument.
Price: Gross $*2 - Net $8
