Product Description

Brief Procedure

1. Transaction Procedure

1. Buyer and Seller sign and seal contract; exchange the signed copy by electronic mail and deposit in their banks. The electronic copy signed by both parties is considered legally binding and enforceable.

1. Buyers Bank sends an MT***9 via SWIFT to the sellers Bank, and provides its NOR/ETA (E-mails to be copied) details, discharge port details, harbour master details and shipping agent.

1. Seller confirms SWIFT and within *6 hours nominates a vessel and provides shipping documents to buyer in buyers name and these would include the following:

1. Certificate of Ownership
2. Bill Of Lading
3. Certificate of Origin
4. Certificate of Authenticity
5. Certificate of Quantity
6. Certificate of Quality
7. Master's Receipt for Documents
8. Master's Receipt for Sample
9. Cargo Manifest
10. Tanker Ullage Report
11. Tanker Time Sheet
12. CPA for Nominated Vessel
13. Q*8 for Chattered Vessel

1. Seller instructs the vessel's Captain to issue a NOR/ETA to buyers agreed discharged port and the buyers clearing team acknowledges.

1. Vessel sails for buyer's port, upon arrival the captain communicates with the harbour master and shipping agent in order to come in to anchorage, buyer clears vessel into its discharge port.

1. Captain issues ATB and invites on board the buyer's inspection team to confirm cargo on board, after successful quality and quantity and result sent to parties, seller issues commercial invoice and final pay order to the buyer and buyer makes full payment via SWIFT wire transfer in accordance to the sellers commercial invoice and pay order.

1. Vessels Captain on receipt/notice of final payment, commences discharge of Crude into the buyer's storage facility.

1. Payment Terms

1. The payment will be in United States Dollar and made by MT**3 or by TT issued and confirmed by a Prime Bank in favour of the Seller in the amount in USD corresponding to the total value of each shipment.

1. Quantity, as assessed at the discharge port by the Independent Inspector or Surveyor Company, and price as determined as per clause9 of this Agreement, will be used to compute the sellers invoice.

1. Payment for the Cargo shall be made immediately after the buyers inspectors have carried out the Quality and Quantity and have been confirmed asconforming to this Agreement by the Independent Inspector or Surveyor Company, AT SIGHT, and the vessel berths alongside the dock of the designated tank farm, but before the vessel discharge the Cargo into the designated tank farm.

1. In the event payment due date falls on a Saturday other than a Monday, then payment will be affected on the preceding banking day. If the payment due date falls on a Sunday or a Monday, which is a banking holiday, then the payment shall be effected on the next banking day.

1. Buyer shall instruct its bank to advise sellers bank by SWIFT or tested telex quoting the value date of the transfer, the amount, the invoice number and the clearing bank, if any. Such advice is to be sent in due time so as to enable sellers bank to credit seller with value on due date.

1. All Payment instruments will be presented at the issuing Bank for payment, as in thisAgreement terms and conditions and the deliveries and payment are effected according to theAgreement herein.