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FOB Procedure:
  i.          Buyer and Seller sign and seal Sales and Purchase Agreement with full banking details and forward same to their respective banks. (Electronic copies are binding).
     ii.         Within *2 hours, Buyer swifts from a top *5 world bank to Seller’s bank a Standby Letter of Credit (SBLC) in the sum of $**0,**0.*0 USD to schedule laycan time in accordance to the verbiage in Annex “C” to be drawn down upon confirmation of laycan time (OPTION A); OR Buyer's bank swifts a Non-Operative Irrevocable Confirmed Transferable Documentary Letter of Credit (DLC) for the full cargo in accordance to the verbiage in Annex "B"  to be activated by Seller's 2% Performance Bond (OPTION B).
   iii.         Seller's bank swifts to Buyer's bank a 2% Performance Bond to activate Buyer's DLC (if OPTION B is used).
   iv.         Buyer provides Seller with a CPA / Q*8, CPA must be marked “Prepaid” in the name of buyer.
     v.         Independent verifications through vessel's owner is done to authenticate the validity of the CPA.
   vi.         Upon successful verification of CPA, in no more than ****5 banking days laycan time is initiated by Seller and established (in buyers name) for lifting at the Bonny terminal, and forwarded to Buyer and vessel captain.
  vii.         Upon confirmation of laycan time by Buyer, vessel owner and vessel captain, the SBLC in the amount of $**0,**0 is drawn down.
viii.         Seller guarantees and arranges for all necessary security clearances.
   ix.         Vessel arrives loading terminal and positions at the platform for loading.
     x.         Within *4 hours, Buyer swifts an MT**3/*3 in accordance to verbiage in Annex “C” to Seller’s bank for the full cargo.
   xi.         Vessel is loaded with 2 million barrels of BLCO +/- 5%, and all original cargo documentations and the Certificate of Ownership transfer into Buyer's name are collated by Seller's attorney and courier to Buyer bank for payment.
  xii.         Vessels captain issues a marine ATB for Buyer’s SGS inspectors or equivalent and supercargo to come on board.
xiii.         Q & Q is completed and reports forwarded to Buyer and Seller simultaneously.
xiv.         Seller issues a commercial invoice based on quantity ascertained by Q and Q report for payment to include customs and naval security clearance fees not to exceed $**0K per vessel.
xv.      Within *8 hours Buyer pays via MT**3 or KTT Wire Transfer and vessel sets sail out of loading terminal to its port of discharge.