Description
ROCEDURE 1..TTO.
1. Seller
and Buyer sign, seal sales/purchase Agreement with full Banking
details including their brokers Banking details both parties
forward a copy of this signed SPA contract to their respective
Banks.
2.
Buyer’s bank, in no more than 7 banking days of execution of
SPA,
issue a
Non-operative, Irrevocable, Divisible Transferable Standby Letter
of Credit/Bank Guarantee in favor of the seller, transmitted by
SWIFT MT**0 to Seller’s nominated bank.
3.
Seller’s bank in no more than 7 banking
days of
receipt of Buyer’s Non-operative SBLC/BG, shall issue a 2%
performance bond in favor of the Buyer, thereby, automatically
making the SBLC/BG operative.
4. Seller
issues information on lay can to buyer.
5. Seller
shall provide the Buyer the confirmed charter party agreement of
the vessel
6.
Loading takes place as per lay can date and Shipping documents
formalities completed.
7.
Vessel sails to Ghana waters and issues ATB to the buyer's
inspection company for QnQ
9. Buyer
takes over the vessel from the home office.
*0.
Payments are made by SWIFT wire transfer directly to the Seller's
and Intermediaries' nominated Bank Accounts, against the
presentation and confirmation of all shipping documents,QnQ report
inclusive.
*1.
VESSEL SAILS TO DESTINATION
TTO PROCEDURE 2
1. Seller
and Buyer sign, seal sales/purchase Agreement with full Banking
details including their brokers Banking details both parties
forward a copy of this signed SPA contract to their respective
Banks.
2.
Buyer's bank issues a Bank Performance Guarantee of One Million
Dollars to Seller's bank.
3. Seller
Presents Full Loaded Vessel in Buyer's name at Ghana waters, sends
Cargo Documents including ATB to Allow Buyer's Inspectors On Board
for Q & Q.
4.
Buyer’s bank, in no more than 7 banking days of the Confirmation of
the Loaded Vessel,
issues an
Operative, Irrevocable, DLC/SBLC/BG in favor of the Seller,
transmitted by SWIFT to Seller’s nominated bank.
5. buyer
takes over the vessel from the home office of the
vessel.
6.
Payments are made by SWIFT wire transfer directly to the Seller's
and Intermediaries' nominated Bank Accounts, within two (2) banking
days against the presentation and confirmation of all
shipping documents,QnQ report inclusive
7. Vessel
sails.
TTO PROCEDURE 3
1. Seller
and Buyer sign, seal sales/purchase Agreement with full Banking
details including their brokers Banking details both parties
forward a copy of this signed SPA contract to their respective
Banks.
2.
Buyer's bank contacts seller's bank by SWIFT MT**9 declaring
readiness to place full cargo instrument and demanding the
readiness of the seller's bank to place a 2% performance
bond.
3.
Seller's bank responds by SWIFT MT**9 confirming readiness to place
2% performance bond upon receipt of the said instrument.
4.
Buyer’s bank issues an In-operative, Irrevocable, Transferable and
Divisible
Standby
Letter of Credit in favor of the Seller, transmitted by SWIFT
MT**0 to Seller’s nominated bank.
5.
Seller’s bank in no more than 7 banking days of receipt of Buyer’s
Non-operative SBLC, shall issue a 2% Performance Bond in favor
of the Buyer, thereby,automatically making the SBLC
operative.
6. Seller
issues information on laycan to buyer.
7. Seller
shall provide the Buyer the confirmed charter party agreement
of the vessel .
8.
Loading takes place as per laycan date and Shipping documents
formalities completed.
9.
Vessel sails to Ghana waters and issues ATB to buyer's inspection
company for QnQ.
*0.Buyer
takes over the vessel from the home office.
*1.
Payments are made by SWIFT wire transfer directly to the Seller's
and Intermediaries' nominated Bank Accounts, within two
banking (2) days against the presentationand confirmation of
all shipping documents, QnQ REPORT INCLUSIVE.
