Description

gbPROCEDURE: F.O.B
 
1. Offer from Supplier (Bonny Terminal) to sell product to Buyer.
2. Acceptance of offer from Buyer to purchase in accordance with our laid down procedure,
3. Contract (SPA) signed by both parties,
4.  Buyer Brings  in His Tanker Vessel for loading and Buyer shall pay for (a)Port Charges (b)loading logistics and (c)customs/security  clearance-inwards and outwards.
5. Seller ( Supplier) loads cargo into vessel and Shipping and Marine Department shall provide shipping documents in Buyer\'s name as proof of product for verification and confirmation.
6. Quantity/Quality inspection conducted by Buyer at an agreed location.
8. Buyer advises his Bank to post a Letter of Credit for the total cost of the cargo
9. Price discount is$*2gross,$8  Net to Buyer and $4as commission for both parties.
*0.Final payment by MT **3/*3.  
(*1) Within **-hour NNPC Bonny Terminal issues both ETA, NOR and copies of standard shipping documents, furnish both buyer and buyers bank with the following documents in buyers name which includes:
A. Clean on board ocean Bill of Lading
B. Certificate of Quality
C. Certificate of Quantity
D. Certificate of Origin
E. Vessel Ullage Report
F. Receipt of Samples
G. Cargo Manifest
H. Authority to Sell (ATS)
I. Seller Commercial Invoice.
 
(*2)Payment is made within three banking days by MT**3 directly to sellers account by SWIFT for the total value of the crude oil and agents nominated accounts as stipulated in the SPA per out-turn barrel upon presentation at the counter of buyers bank all the originals of the shipping documents in the buyers name and sellers commercial invoice