*TTO/TTT TRANSACTION TERMS & PROCEDURES FOR AGO AND CRUDE OIL (PRODUCTS AVAILABLE FOR SALES)*
1. Buyer confirms Soft Corporate Offer and issues an official ICPO.
2. Seller issues Draft contract to buyer, Buyer returns countersigned and COURT-NOTARIZED contract with a letter of acceptance and Valid Vessel details, NOR/ETA format, MATB format and ATL to the Seller.
3. Both parties lodge the signed contract with their respective banks.
4. Buyer issues Proof of Funds or Bank RWA or Current Bank-Endorsed Statement of Account.
5. Seller issues the Full POP documents to buyer’s bank.
(a) Bill of Lading
(b) Vessel Tanker Q88
(c) Fresh SGS Report
(d) Charter Party Agreement
(e) Ownership Certificate
(f) Title Transfer Affidavit
(g) Ullage Report
(h) Cargo Manifest
(i) Notice of Readiness
6. Buyer issues SBLC MT760 or Bank Guarantee or MT799 Blocked Funds for total cargo value within 7 banking days of receipt/confirmation of POP.
7. Seller confirms buyer's instrument and instructs its captain to send NOR/ETA to buyer's prefered handlers authority and buyer's shipping agent.
8. Upon arrival of the cargo at COTONOU INTERNATIONAL WATERS, BENIN REPUBLIC, seller instructs captain to Issue Marine ATB, and boards buyer's supercargo and inspector at Buyer’s expense for physical confirmation of product and conducts quality and quantity (Q&Q) test.
9. Upon successful Q&Q test and analysis of Q&Q report, buyer effects payments for full cargo and commissions via Wire Transfer T/T within 72hrs. Seller pays all commissions.
10. Upon payment confirmation, seller transfers title of ownership of the cargo to the buyer.
Demurrage, if any at buyer's expense.
Next delivery commence.
- Company Name: WINMACHEPH OIL AND GAS LTD
- Country: NIGERIA
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