Description

The procedure is below.

1) Discount: $8,*0 net $5.*0

2) Commission: $1.*0 seller\'s side and $1.*0 buyer\'s side

3) Nominations, Shipment & Procedures

a.       Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.

b.      Buyer’s bank sends confirmation of funds/capability to complete the transaction via SWIFT MT**9 free text message with no blocking of fund to seller’s bank.

c.       Seller\'s bank responds to buyer\'s bank with a partial proof of product [ppop] such as allocation numbers/NNPC authority to sell [ATS].

d.      Upon buyer\'s receipt of POP/ATS, the buyers bank will issue a pre-advised MT**9 confirming their readiness to standby and issue an SBLC/BG via SWIFT MT**0. The SBLC/BG will be for the value of one and half month [1.5 month] cargo delivery and must have a rolling validity of one year and one month.

e.       Upon the seller\'s bank receipt of the buyer\'s SBLC/BG pre-advice, the seller\'s bank shall swift a 2% performance bond and confirm their readiness to receive the buyer\'s SBLC/BG via MT**0

f.        Upon receipt of 2% PB by the buyer\'s bank, the buyer\'s bank shall issue the SBLC/BG by swift MT **0

g.      Within (*4) banking days the Seller issues the confirmable POP and PROVISIONAL LIFTING RIGHT and NOMINATED  VESSEL details in Buyer’s name for one way voyage charter or full charter to Buyer’s port of dis-charge.

h.      Within the next sixteen (*6) banking days, Seller furnishes Buyer with CPA & Q*8 and the following documents are provided to Buyer and/or Buyer’s bank:

a.       Clean – on – Board Ocean Bill of Lading

b.      Certificate of Quantity (SGS or equivalent)

c.       Certificate of Analysis (optional)

d.      Certificate of Origin

e.       Certificate of Quality

f.        Seller’s Commercial Invoice

g.      Vessel Ullage Report {optional}

h.      Receipt of Samples (optional)

i.        Cargo Manifest                   
 
i.        After the vessel has discharged its cargo at Buyer’s designated port outlined above and Buyer has received the Port Discharge Q & Q Report from SGS Inspectors, including all relevant documents presented by the Seller after the time of cargo delivery as required by the payment instrument, Buyer must make the payment by MT**3 OR SWIFT Wire Transfer to Seller’s Bank Account for this transaction and to all Payees named herein.

j.        Payments are made by MT**3 OR Swift Wire Transfer directly to the Seller’s bank accounts and all parties as stipulated in this agreement within three (3) international banking days after product delivery and discharge at Buyer’s nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyer’s bank.

k.       The signatures on this contract by the Buyer and by Seller mean both parties accept all the contents as for Quantity, Price and Procedure.