FOR FOB TRASACTION PROCEDURES (FOB GROSS DISCOUNT IS USD$14:00 LESS $4:00) IT WOULD BE USD$10:00 NET TO BUYER, USD$2:00 TO SELLER’S AGENTS AND USD$2:00 TO BUYER’S AGENTS

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 ***** FOB *****

FOR FOB TRASACTION PROCEDURES (FOB GROSS DISCOUNT IS USD$14:00 LESS $4:00) IT WOULD BE USD$10:00 NET TO BUYER, USD$2:00 TO SELLER’S AGENTS AND USD$2:00 TO BUYER’S AGENTS.  

6.1: PROCEDURE FOR FOB/ TTT (CHANGES WILL VOID SPA)







BLCO TTT AND FOB PROCEDURES


LOADING OF  2MB BBLS OF BLCO FOB FRESH LOADING FROM NNPC TERMINAL, BONNY ISLAND, PORT HARCOURT, NIGERIA


1. SELLER shall issue Sales Purchase Agreement (SPA), BUYER’s Customer Information Sheet (CIS)

– Reviewed, Signed and Returned by BUYER.

– Completed by BUYER.

-Port-Harbor Required Information.

2. The Sales and Purchase Agreement (SPA) is submitted to Seller by the Buyer with the Buyer’s vessel’s details, captain details including Q88. Both parties shall lodge the executed SPA copies with their respective Banks.

3. Within three (3) international banking days of signing the SPA, BUYER’s Bank (First Class International Bank) shall issue in favor of SELLER a Pre-Advice via MT799 Swift Transmission as per acceptable verbiage to Seller’s Bank stating its readiness, willingness and ableness to issue an Irrevocable, Assignable, Divisible, Transferable and Confirmed Standby Letter of Credit (SBLC) via MT760 Swift Transmission of US $XXXXXXXX (XXXXXXXXXX). The SBLC shall be valid for one (1) year and one day, shall be expandable for subsequent shipments in the month and revolving month by month for the duration of the Contract. The SBLC is a guaranteed payment covering the total cost of a cargo of TWO Million Barrels (2,000,000.00 Bbls) of Nigerian Light Crude Oil plus insurance and freight. (SELLER'S ACCEPTABLE VERBIAGE MUST BE FOLLOWED)

4. Upon receipt, SELLER’s Bank shall confirm and authenticate BUYER’s Pre-Advice via MT799 Swift Transmission and within three (3) international banking days, issue an Answer-Bank via MT799 Swift Transmission to BUYER’s Bank confirming SELLER readiness, willingness and ableness to receive BUYER’s SBLC via MT760 Swift Transmission and also confirming SELLER readiness, willingness and ableness to post a 2% Performance Bond of SBLC face value in favor of BUYER after receipt and confirmation BUYER’s SBLC via MT760 Swift Transmission.

5. Upon receipt, BUYER’s Bank shall confirm and authenticate SELLER’s Answer-Back via MT799 Swift Transmission and within two (2) international banking days, BUYER’s Bank shall issue an SBLC of US $XXXXXXXXXXXXXXX (XXXXXXXXXXXXXX United States Dollars) via MT760 Swift Transmission in favor of SELLER.

6. Upon receipt, SELLER’s Bank shall confirm and authenticate BUYER’s SBLC via MT760 Swift Transmission and within five (5) international banking days issue a 2% Performance Bond of SBLC face value in favor of BUYER from a prime Bank

7. BUYER furnished SELLER with vessel details such as CAP, Q88, CPI and other documents. SELLER confirms the Vessels details with the Handlers and Issue LAYCAN & CLEARANCE to BUYER’S Vessel  for loading. Vessel is cleared and queue for loading at the terminal. The Vessel is loaded, Ship Master issue MATB & CLEARANCE for Inspector to come on board for QnQ calibration.

10. Upon completion of Q&Q Operations and release of Q&Q Report to BUYER, SELLER and their respective banks, SELLER shall issue a Commercial Invoice based on the Q&Q Out-turn to BUYER. The Commercial Invoice and all relevant documents as stated in the SPA shall be presented by the SELLER’s Bank at the counters of the BUYER’s Bank for Final Payment. Payment shall be made by MT103 TT-Cash to SELLER’s Bank.

11. SELLER shall confirm final payment and immediately instruct Vessel Master to sail to BUYER’S POD

- Within one (1) international banking day, BUYER and SELLER shall immediately pay all mandates and agents agreed commissions/fees via MT103 TT-Cash per signed and agreed IMFPA.

12. Next shipment

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