China Port, We are a certified Blco Seller
PROCEDURE::
(NON-NEGOTIABLE) NNPC TERMINAL PROCEDURE.
BUYER MUST FOLLOW THE PROCEDURE ACCORDINDGLY STEP BY STEP AND
THE INSTRUMENTS MUST BE ACCORDING TO SELLER’S BANK VERBIAGE.
The procedure below where the most important in it is for seller to issue to the buyer "certificate of entry issued by the Chinese customs" and seller or NNPC rep in China will go with the buyer to the tank farm manager to verify the documents after buyer has issued the mt799 block funds for the entire cargo.
1 Buyer to carefully review this "BLCO CIF ASIA, Europe & ASWP transaction's procedure's terms & conditions", if acceptable and workable for the Buyer, the Buyer is required to issue to the Seller a "Corporate Letter of Acceptance of this exact procedure or a Corporate Letter of Intent (LOI), with this exact procedure pasted on the LOI as part of the LOI content guaranteeing full assurance of acceptance from the end Buyer/Off Taker.
2). Seller receives and confirm the above as required; and issue his signed and sealed full corporate CIF transaction's Sales and Purchase Agreement (SPA) for Buyer to counter sign and return his signed and sealed copy of the SPA together with the interested Buyer's full Client's Information Sheet (CIS), the Buyer's full Company's Profile, Shipping Agents Details, the Buyer's Independent Inspection Team Details, NOR/ETA, and ATB Format to the Seller. Both Seller and Buyer are to lodge the signed and exchanged copies of the SPA with their respective Banks to enforce.
3). Upon Seller's receipt and successful confirmation/authentication of the Buyer's returned signed copy of this transaction's SPA, and all of the above required necessary documents, Seller will follow suit and send proof of product (POP) documents direct from NNPC Cargo documentation department, to the Buyer or to the Buyer's Bank; as desired or chosen by the Buyer.
4). Buyer or Buyer's Bank will confirm the sent POP Documents and issue a "One Cargo value Standby Letter of Credit (SBLC) via a Swift MT760 or MT103/72 for the value of total Cargo in favor of Seller's nominated & authorized receiving Bank Account", for the validity period of "One Year and One Day (366 Days)". And the Buyer's issued standby letter of credit (SBLC) or MT103/72 instrument type will remain in force as a guarantee to this transaction; for the duration of the trial shipment or contract transaction.
5). Upon Seller's Bank's receipt and successful confirmation/authentication of the Buyer's Bank's issued SBLC (MT760) or MT103/72 instrument type, Seller will follow suit and instruct the loaded Cargo/Vessel's Captain to send Marine Notice of Readiness and Exact/Estimated Time of Arrival (MNOR/ETA) according to Buyer's presented MNOR/ETA Format, and sail to Buyer's Port Of Discharge (POD) and full cargo/shipping documents and title documents reassigned to Buyer as the legal consignee, and will be dully forwarded to the Buyer. (The Title documents will be, Certificate of Ownership and Title of Warranty).
6). Upon Vessel's arrival and cleared into Buyer's POD by the Buyer or by the Buyer's nominated Shipping Agents, the captain will send out an Authority to Board (ATB) to Buyer's independent inspector to conduct Quantity and Quality/CIQ (Q&Q/CIQ) Inspection. And upon Successful Q&Q/CIQ Report, Seller will raise and send his "Final Commercial Invoice (FCI), and the Soft Copies of the Cargo's Documents on the Buyer's name, to the Buyer's Bank", to enable Buyer's Bank to effect full Cargo's payment as at when due.
7). Seller will introduce Buyer to the Vessel's Handlers/Shipping Company to confirm re-chartering & to commence re-chartering process.
8). Upon the Buyer's successful confirmation of the Vessel's re-chartering status, the Buyer will immediately instruct his Bank to release/make full Cargo's payment by Swift MT103/TT (cash wire transfer) to Seller's Nominated Receiving Account, including commissions payments to all Mandates/Facilitators Accounts coordinates as stipulated on the IMFPA/NCNDA of the SPA. Seller will confirm all payments and hand over hard copies of the Cargo's documents to the Buyer.
9). Next shipment commences as per item number 3 through item number 8 above, or base on simple "DIP/CIQ TEST AND PAY".1). Buyer to carefully review this "BLCO CIF ASIA, Europe & ASWP transaction's procedure's terms & conditions", if acceptable and workable for the Buyer, the Buyer is required to issue to the Seller a "Corporate Letter of Acceptance of this exact procedure or a Corporate Letter of Intent (LOI), with this exact procedure pasted on the LOI as part of the LOI content guaranteeing full assurance of acceptance from the end Buyer/Off Taker.
- Company Name: Pathfinder Oil International
- Country: Nigeria
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