Petroleum Products (Sellers) Published date: August 19, 2019

OMINATIONS, SHIPMENT & PROCEDURES

1. Buyer and Seller sign Contract Agreement (SPA) with full Business/Banking coordinates and lodge same with their respective Banks. The electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable.
2. Buyer returns signed SPA with POF/Marine ATB/NOR FORMAT/CIS/Passport Copy/Certificate of Business Registration and names and International Passport details of their nominated Super Cargo, Independent Inspectors and details of their nominated Shipping Agent. The Super Cargo must be NNPC accredited.
3. Seller assigns vessel and releases NOR/ETA.
4. Within 24hours of receipt of NOR/ETA, Buyer issues a deductible Blocked fund of the sum of NGN100 million for LOGISTICS in Sellers account as irrevocable commitment of its Readiness, Willingness and Ability to consummate the transaction per NNPC approved Verbiage.
5. Upon confirmation of Blocked Fund, Captain sails the vessel to Ghana Waters to within 10/12 NM. Upon arrival Captain makes an announcement to the Ghana authorities which must be duly acknowledged and registered.
6. Captain issues ATB for Buyer's Supercargo and Independent Inspectors to board. Upon boarding, the Supercargo issues Attestation and the Independent Inspectors take samples and disembarks.
7. Within 24 hours after Attestation and the Independent Inspectors disembark Buyers releases the blocked sum of NGN 100million plus cash sum of N250million to Seller's nominated Bank account for LOGISTICS and documentations.
8. Within 48 hours of boarding, buyers independent inspectors conduct the Q&Q analysis and on successful conclusion of Q&Q analysis, the Inspectors shall release the report to both parties (Buyer/Seller). The report shall be final.
9. All Original Cargo/shipping Documents and Commercial Invoice, on Buyer's name, shall be presented for payment to the Buyers Bank.
13. Within 3 business days after receipt of payment documents, Buyer issues SWIFT MT-103TT to seller’s nominated Bank for full cargo less the NGN350million Logistics Payment as per contract (SPA).
14. All parties are paid.
15. Buyer re-charters vessel to its nominated port of discharge.
16. VESSEL sails to buyers nominated Port of Discharge..

• Company Name: BRIDGET WHYTE
• Country: NIGERIA

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