NNPC APPROVED TANK FARM STORAGE DELIVERY OF 20,000 TO 100,000MT OF AGO WITHIN NIGERIA, COTONOU, LOME, GHANA WATERS

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 * IN ABUJA.

CLAUSE 6 PAYMENT AND BANKING PROCEDURE

6.1 BANKING PROCEDURE 


1. BUYER AND SELLER SIGN AND SEAL SPA WITH FULL BANKING INFORMATION. BUYER SEND ATB FORMAT WITH SUPERCARGO AND INSPECTOR DETAILS. 


2.SELLER GIVES BUYER LOADED VESSEL DETAILS FOR TRACKING AND ACTION. 


3. BUYER ISSUE A CORPORATE CHEQUE WITH BANK LETTER ASSURING SELLER OF FULL PAYMENT OF CARGO AFTER TRANSHIPMENT FROM BUYER BANK.


4. SELLER INSTRUCT CAPTAIN OF SELLER LOADED VESSEL TO ISSUE NOR/ETA TO BUYER.


5. SELLER MOVES LOADED VESSEL TO 10 TO 12 NAUTICAL MILES OF GHANA WATERS AND  MAKE ANNOUNCEMENT ON BEHALF OF THE BUYER AND ISSUE MATB AND  CLEARANCE TO THE BUYER INSPECTION TEAM FOR CONFIRMATION OF THE PRODUCT. 


6. ATTESTATION AND CONFIRMATION REPORT DULY SIGNED BY CAPTAIN AND BUYER SUPERCARGO ON BOARD, BUYER INSPECTOR DISEMBARK WITH SAMPLE FOR Q&Q  WHILE BUYER SUPERCARGO REMAINS ON BOARD THE VESSEL. 


7. UPON SUCCESSFUL Q&Q, FINAL ANALYSIS IS SENT TO BOTH PARTIES AND BUYER MOVES HIS EMPTY VESSEL IN LINE WITH SELLER LOADED VESSEL FOR TRANSHIPMENT. 


8. AFTER TRANSHIPMENT, BUYER BANK RELEASES MONEY IN THE CORPORATE CHEQUE TO SELLER ACCOUNT AND MANDATES ANF FACILITATORS PAID THIER COMMISSIONS.


9. END OF TRANSACTION.

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