Commision
2$ - seller side
2$ - buyer side
1$ - transaction handler.
PROCEDURES
/ PAYMENT INSTRUMENT:
NOMINATIONS,
SHIPMENT & PROCEDURES
I. BUYER
& SELLER SIGN AND SEAL THIS CONTRACT AND EXCHANGE THE SIGNED
COPY BY ELECTRONIC MAIL. THE ELECTRONIC SIGNED COPY BY BOTH PARTIES
IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE.
II. BUYER
SEND NOR FORMAT/CIS/PASSPORT COPY/CERTIFICATE
OF BUSINESS REGISTRATION TO SELLER.
III. SELLER ISSUES
BELOW CONFIRMATION LETTERS:
A. CONTRACT
CONFIRMATION LETTER.
B. ACCOUNT
NOMINATION LETTER.
C. CONFIRMATION
LETTER TO ISSUE 2% PB FOR THE SBLC VIA MT**0 UPON CONFIRMATION OF
INSTRUMENT.
D. READINESS
LETTER TO DELIVER AS PER CONTRACT QUANTITY.
IIII. BUYER BANK ISSUES PRE-ADVICE
TO SELLERS ACCOUNT AS PER SELLERS BANK
VERBIAGE.
V. SELLER BANK
CONFIRMS PRE-ADVICEAND
RESPOND TO BUYERS
BANK.
VI. BUYER
UPON CONFIRMATION AND
RECEIPT OF PRE-ADVICE
RESPONDSWITHIN
*2HRS, BUYERS
BANK ISSUES CONFIRMED,
IRREVOCABLE, UNCONDITIONAL, DIVISIBLE,
TRANSFERABLE, SBLC
VIA MT**0 BY
SWIFT IN FAVOR OF THE SELLER,
WITHIN *2 HRS,
ACCORDING TO SELLERS BANK VERBIAGE.
VII. SELLER
CONFIRMS MT**0 SWIFT.
VIII. SELLER
ISSUES CONFIRMATION LETTER ON RECEIPT OF INSTRUMENT TO
BUYER.
IX. SELLER
ISSUES SHIPMENT SCHEDULE FOR FIRST MONTH DELIVERY OF FIRST
*0.**0.**0 BARRELS SHIPMENT. FOR 5 VESSELS OF 2.**0.**0 BBLS EACH.
NEXT SHIPMENT SCHEDULE COMES BEFORE PAYMENT OF LAST
DELIVERY.
X. SELLER
ENSURES THAT
THE CARGO ISDOCUMENTED, REGISTERED AND
OBTAIN CERTIFICATE OF OWNERSHIP/TITLE OF WARRANTY AND
PROGRAM IN
BUYERS NAME AT
LONDON SHELL SCREEN AND TOWERS. PASSWORD
ISSUED TO BUYER FOR VERIFICATION ON SHELL
SCREEN.
XI. BUYER CONDUCTS
INSPECTION ON
VESSEL UPON ARRIVAL AND GET CIQREPORT
XII. VESSEL
SAILS TO BUYERS
STORAGE LOCATION AND COMMENCE DISCHARGE.
XIII. WITHIN
*2 HOURS AFTER
DISCHARGE OF CRUDE OIL AT BUYERS PORT OF
DESTINATION/STORAGE, THE
BUYER PAYS FOR THE CRUDE OIL AS PER THE FINAL Q & Q REPORT
ISSUED BY INDEPENDENT INSPECTOR AT THE PORT OF
DISCHARGE.
PAYMENTS ARE MADE BY MT**3/SWIFT
WIRE TRANSFER DIRECTLY TO THE SELLERS
AUTHORIZED BENEFICIARY
