FREE NOR AGO ( TANK FARM DELIVERY) TFD PRICE 650/2

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 FREE NOR AGO  ( TANK FARM DELIVERY) TFD PRICE

650/2


BANKING/OPERATIONAL PROCEDURE (T.F.D. LAGOS 


1. Seller forwards signed SPA to Buyer to sign and seal Sales Purchase Agreement (SPA) with full Buyer’s Banking Co-ordinates. The electronic copy of the signed SPA is deemed legally binding and enforceable and parties deposit copy of electronic signed SPA with their respective Banks.

2. Buyer sign and return with Tank Farm Details, Thru Put, NOR/ETA FORMAT and Inspector details. 



3.THE SELLER SHALL issue NOR/ETA to buyer’s tank farm and tank farm manager acknowledges same.


4.Buyer immediately issues a Bank Draft of 100million naira to sellers nominated account and sends copies and a cover letter to sellers bank




5. SELLER RELEASE DOCUMENT TO BUYER FOR HIM TO DO JETTY CLEARANCE. 


6. Seller moves CARGO to buyer’s tank farm


7. Buyer’s nominated inspector board vessel to confirm Cargo and conduct Q/Q. Upon successful Q/Q Buyer pays 50% of total product to seller BEFORE DISCHARGE.


8. Upon discharge into the tank farm storage, buyer pays for the remaining 50% not later than 48 working hours.


9. All necessary documents of transfer of ownership are exchanged.


10, The mode of payment for this transaction shall be by MT103.

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