BUYER AND SELLER SIGN
AND SEAL THE 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 AND MUST NOT BE CHANGED. THE EXECUTED SPA IS LODGED
IN THEIR RESPECTIVE BANKS, WITH THE CIS FORM FULLY COMPLETED BY THE
BUYER.
SELLER AND BUYER DEPOSIT US$1,**0,**0 IN AN ESCROW BANK
ACCOUNT WITH EACH PAYING US$1,**0,**0 AGAINST FAILURE ON
EITHER SIDE IN EXECUTING THE CONTRACT IN ACCORDANCE WITH THE TERMS
AND CONDITIONS OF THIS SPA; THAT SELLER SHALL FORFEIT HIS DEPOSIT
OF US$1,**0,**0 TO BUYER WHEN HE (SELLER) FAILS TO SUPPLY PRODUCT
2MBBL CRUDE OIL TO BUYER, AND THAT BUYER SHALL FORFEIT HIS DEPOSIT
OF US$1,**0,**0 TO SELLER WHEN HE (BUYER) FAILS TO ISSUE THE
NECESSARY FINANCIAL INSTRUMENTS FOR THIS TRANSACTION AND PAY FOR
THE TOTAL CARGO (2MBBL) TO SELLER AFTER SUCCESSFUL VOYAGE TO BUYERS
PORT OF DISCHARGE.
BUYER/BUYER\'S BANK
ISSUES RWA BY SWIFT TO SELLERS BANK AS PER
VERBIAGE ATTACHED.
SELLER NOMINATES, LOADS
AND GIVES PROOF OF PRODUCT (POP) AND
DELIVERY SCHEDULE LETTER TO THE BUYER, THESE WILL BE FORWARDED
BY
SELLER TO THE BUYER OR NNPC TO BUYER AS THE CASE MAY
BE.
WITHIN FIVE (5) BANKING
DAYS OF (SECTION 2) ABOVE, BUYERS BANK
SHALL ISSUE MT**9 BLOCKED FUND TO SELLERS BANK FOR THE FIRST SLOT
OF
2M BARRELS (BUYER TO SEND A COPY OF THE SWIFT & ACK MT**9 TO
SELLER).
WITHIN FOURTEEN (*4)
BANKING DAYS AFTER THE RECEIPT AND POSITIVE
CONFIRMATION OF THE MT**9 BLOCKED FUND FOR THE TOTAL VALUE OF
THE
FIRST SHIPMENT OF CARGO TWO MILLION BARREL (2MBBL) OF THE CONTRACT,
SELLER OR NNPC SENDS STANDARD CIF CARGO DOCUMENTS AND FURNISH BUYER
WITH CPA AND Q*8 AND THE FOLLOWING DOCUMENTS IN BUYERS NAME.
*CLEANONBOARD OCEAN BILL OF LADING.
*CERTIFICATE OF QUALITY AND QUANTITY
*CERTIFICATE OF ANALYSIS.
*CERTIFICATE OF ORIGIN.
*CERTIFICATE OF QUANTITY.
*SELLERS COMMERCIAL INVOICE.
*AUTHORITY TO SELL.
*VESSEL ULLAGE REPORT
*RECEIPT OF SAMPLES.
*CARGO MANIFEST.
SELLER SHALL LOAD THE
VESSEL WITH 2MBBL OF CRUDE OIL IN THE NAME OF
THE BUYER AS CONSIGNEE. SELLERS VESSEL CAPTAIN ISSUES BOTH NOR
AND
ETA TO BUYERS PORT OF DISCHARGE.
VESSEL SAILS TO BUYERS
PORT OF DISCHARGE.
UPON ARRIVAL AT BUYERS
DISCHARGE PORT, NOR WILL BE ISSUED TO BUYER
AND INVITING BUYERS INSPECTOR (CIQ) TO BOARD THE VESSEL TO
CONDUCT
QUALITY AND QUANTITY ANALYSIS TEST.
UPON A POSITIVE Q&Q,
DISCHARGE COMMENCES.
UPON DISCHARGE OF
COMMODITY PER OUT-TURN BARRELS INTO BUYERS
TANKS AT PORT OF DISCHARGE AND VERIFICATION OF Q&Q BY CIQ;
REPORT IS
ISSUED AND PAYMENT FOR THE ENTIRE CARGO I.E. TWO MILLION BARRELS
OF
CRUDE OIL SHALL BE EFFECTED BY MT**3 DIRECTLY TO SELLERS
ACCOUNT
WITHIN THREE (3) BANKING DAYS AND SIMULTANEOUSLY TO ALL COMMISSION
AGENTS/FACILITATORS ACCOUNTS AS STIPULATED IN THE MFPA WITHIN *2
BANKING HOURS ON OUT-TURN Q&Q AND UPON PRESENTATION AT THE
COUNTER OF BUYERS BANK OF SELLERS INVOICE AND CARGO DOCUMENTS MADE
OUT IN BUYERS NAME.
(PRICE SHALL BE DETERMINED ON 3 DAYS AVERAGE OF BRENT PLATT\'S
PRICE
AS PUBLISHED IN MCGRAW HILL "PLATT"S CRUDE OIL MARKET. THESE 3
DAYS
ARE: 3 BUSINESS DAYS PRIOR TO CIQ SAMPLING DATE, CIQ SAMPLING DATE
AND 3 BUSINESS DAYS AFTER CIQ SAMPLING DATE).
