Bonny Light Crude Oil, BLCO | Crude Oil (Sellers) | NCNDA.org 

Bonny Light Crude Oil, BLCO



Crude Oil (Sellers) Published date: November 15, 2020



CIF PROCEDURE
1) Buyer and Seller sign and seal the SALES & PURCHASE AGREEMENT, BUYER’S FULL CIS
and return. the electronic signed copy by both parties is considered legally binding and enforceable
and must not be changed without the written consent of the parties
2) Buyer's bank gives Pre-Advice VIA MT199 to Seller's bank stating their readiness to give SBLC
MT760 OR MT799 BLOCKED FUNDS FOR TOTAL CARGO on behalf of Buyer to Seller's
bank.
3) Seller’s bank responds Pre-Advice VIA MT199 confirming their readiness to receive Buyer's bank
SBLC MT760 OR MT799 BLOCKED FUNDS and also states commitment that (2%PB FOR
ONLY SBLC) covering total cargo will be given to buyer's bank
4) Buyer's bank issues valid SBLC MT760 SWIFT OR MT799 BLOCKED FUNDS for total cargo
to Seller's bank via SWIFT.
5) Seller's bank UPON CONFIRMATION OF THE SBLC MT760 OR MT799 BLOCKED
FUNDS validates and issues (2%PB ONLY FOR SBLC) covering total cargo to Buyer's bank by
SWIFT.
6) Buyer provides NOR Format with designated Port/Tank Farm information for Seller to instruct
the Vessel master to send NOR/ETA to Buyers port of discharge
7) NNPC/THE SELLER SHALL SECURE FULL CARGO DOCUMENTS INCLUDING ATS
AND WARRANTY OF TITLE ON CARGO(in Buyer’s Name) and furnishes Buyer with copies
with details in Buyer’s name for Buyer
8) Captain open communication via SAT COM with Buyer's Shipping Agent, loaded vessel will sail to
Buyers discharge port.
9) Seller authorises Vessel Captain to give Shipping Agents all relevant documents for clearing into
the Port.
10) Sellers' Vessel Captain issues AUTHORITY TO BOARD (ATB) to enable Buyer’s Independent
Inspection to board the loaded Vessel for QUALITY AND QUANTITY(Q&Q) analysis at Buyers
discharge Port.
11) After confirmation of the Q&Q, Seller provides Invoice on Q&Q Report conducted at discharge
and issues the complete shipping documents to the Buyer’s Bank in the Buyer’s name in exchange
for payment to enable the Buyer process the cash payment for the cargo after discharge in the
Buyer’s Tank Farm..
12) After complete discharge of cargo, Buyer's bank within 72hrs, pays via wire transfer for the entire
cargo to Seller's authorised beneficiary nominated bank accounts & commission agents as stipulated
in this contract, which is based on the total out turned barrels presented in discharge Port
Price Discount - $11Gross i.e $7 Net to buyer, $4 Commission($2 to the buyer side, $2 Seller side)

  • Company Name: The Energy and Infrastructure Consulting
  • Country: The Netherlands



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