Product Description

 
SECOND CIF PROCEDURE
.        Nominations, Shipment & Procedures

 

1. Buyer and Seller sign Contract (this Agreement).

 

 

2. After signing of Agreement between buyer and seller. Buyers bank contact sellers bank via Swift MT**9 requesting sellers bank readiness to give an operative 2%PB upon the receipt of buyer irrevocable, divisible, unconditional, Non Operative, Revolving, confirmed Standby Letter of Credit via MT **0.

 

2a. Sellers Bank reply to buyers' bank via swift MT **9 Stating their readiness to give an operative 2%PB to activates buyer Non-Operative irrevocable, divisible, unconditional, Revolving, confirmed Standby Letter of Credit.

 

3. Buyer and its bank within ****2hrs swift an irrevocable, divisible, Unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via MT **0 covering the total cost of cargo (2MBBL) for each month delivery, which shall be revolving for *2Months delivery to the designated account of the seller.

 

4. Upon the receipt of buyer irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via SWIFT MT **0, sellers bank respond within ****2 hrs their 2%PB to activates the irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via swift MT **0 and makes it operative.

 

5. Appointed NNPC Seller immediately nominates vessel, and program Vessel with NNPC for loading after confirmation of buyer placing of Full Bank Instrument that cover cost of cargo.

 

6. Vessel sails to discharge port where Q&Q analysis is conducted by Buyer’s nominated Inspection Company. Inspection Company must be SGS, Saybolt or comparable inspection company.

 

7. Vessel discharges its cargo at Buyer’s designated port and within three (3) international banking days after Buyer has received the Discharge Report and all relevant documents presented by the Seller, as shall be confirmed by the vessel Captain, Buyer makes payment in United States Dollars by KTT Wire Transfer directly to Seller’s Nominated Bank Account