BONNY LIGHT CRUDE OIL PRODUCTS BLCO GHANA WATERS

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 BLCO TTO OFFER $12/4

ARTICLE 3: PROCEDURE FOR TTO GHANA WATERS (CHANGES WILL VOID SPA)


3.1. Seller and Buyer sign Sales Purchase Agreement (SPA) exchanged same electronically via email then, lodge same in their respective Banks. Electronic copy is legally binding on both parties. Upon receipt of signed spa, Seller will issue BEC/SBLC/BG/BF Account.


3.2. Buyer returns signed SPA with complete CIS, ATB/NOR/ETA/HARBOUR MASTER'S format, scanned copies of passport copy of both NNPC Supercargo and Inspector's details and BANK ENDORSE CHEQUE N500M / SBLC / BG/ BF $1M with bank letter reserved for 90 days.


3.3.  After successful confirmation of BEC/SBLC/BG/BF, the Seller moves a vessel with 2m barrels of BLCO to 10-12 NM of Ghana waters.  


3.4. On arrival, Seller instructs Captain of loaded vessel to make announcement in Buyer’s name while Buyer’s shipping agent clears vessel into boardable location at buyer’s expense. 


3.5. Captain of loaded vessel, issues marine ATB to board Buyer’s Supercargo and Inspector boards vessel at Buyer’s expense. (a) Supercargo confirms cargo and remain onboard, (b) Captain and supercargo issue attestation, (c) Inspector collects sample and disembark and (d) Buyer release refundable $1m in cash to the Seller for logistics and cargo documents; BEC N500M OR $1M SBLC/BG/BF is voided. 


3.6. Buyer's Inspector releases Q&Q result to both Seller and Buyer. 


3.7. Seller issues Commercial invoice and Cargo Documents to the Buyer. 


3.8. Within 48 hours after inspection, the Buyer makes payment of total cargo to Seller's Account via cash wire transfer (MT103) less $1m paid on Article 3.5 while Seller pays commissioned to Agents per separate imfpa.


3.9. Seller confirms payment, issue title to the Buyer and introduce Buyer to Vessel Handlers for recharter while Buyer recharters the vessel and sail to port of discharge at Buyer’s cost. 


10. Buyer issues SBLC for full cargo ($200m) valid for duration of the contract (366 days) to Seller's nominated account while Seller issues 2% cash backed performance bond and begins subsequent shipments to the Buyer on dip and pay basis.

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