Buyers Published date: November 29, 2015

1. Buyer and seller execute, sign and seal the agreement and exchange copies via facsimile or electronic mail. The electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable. Hard-copy instruments are not necessary, but can be at the buyer or seller’s request.

2. Seller issue PPOP and contract for modification and confirmation. This includes NNPC Or this contract the seller ATS / Allocation Confirmation; All Exports Permits & Approvals from Federal Ministries; Business License, copy of passport of representative, Acceptance of Contract Letter from Seller. The seller’s bank shall send to the buyer’s bank by email. At the same time need to cc to the buyer by E-mail the broker.
3. Within 5 days after verification of above PPOP documents,

Buyer’s bank will: send R.W.A (READINESS, WILLINGNESS, ABILITIES TO PERFORM LETTER TO SELLER BANK ) within 48 hours.

Upon receipt of RWA, Seller will run a soft Probe of buyer Bank Account.

Seller will Issue NON-OPERATIVE 2% Perfomance bond Pre-advice to be activated By Mt 799 pay order.
Buyer Responds with MT799 Payment order, Which Activates 2% PB.





4. . The value of MT799 is the first shipment of the oil (($100million US dollars =$50X 2,000, 000 barrels). Proof of Product (POP) will be issued on Buyer’s name verifiable through NNPC/Royal Dutch shell group offices, a copy of the instrument must be forwarded direct from buyer’s bank as it is a bank to bank transaction, for confirmation and verification, failure to do this, no lifting, programming and legal arrangement will commence. Seller’s bank confirmed mt 799 and to give 2% non-operative PERFORMANCE BOND (VIA MT760) to buyer bank directly.

5. Seller and Buyer execute and seal, this agreement and exchange a facsimile (EDT) copy by Fax or electronic mail. The electronically transmitted copy signed by both parties shall be considered legally binding and enforceable until hardcopy originals are executed and exchanged.

6. After Seller confirmation of the irrevocable instrument authority and clearance is given to the terminal to immediately re-assign and officially programmed the vessel on buyer’s name confirmable on shell screen network as the consignee.

7. Seller loads and issues complete cargo documents to buyer and seller’s vessel issues marine NOR to buyer’s habour Master.

8. Upon confirmation of buyer’s instrument/seller’s bond, seller’s vessel commences voyage to buyer’s nominated destination port.

9. Vessel discharges into Buyer's shore tanks. Buyer’s Inspectors (CIQ) shall carry out final CIQ Inspection of cargo and issue the report to the Seller, Buyer, Captain, Seller’s Bank and Buyer’s Bank..
10. Upon successful conclusion of CIQ analysis, all original cargo documents shall be transferred to buyer’s name. Transshipment to buyer’s storage tank commences. Payment for product and commissions is released to seller’s nominate bank, within 5 days after transhipment of product by swift transfer. The buyer according to the Chinese port customs CIQ listed the quantity and quality standards, by MT103 (SWIFT transfer) payment to the seller payment for goods and the broker commissions.
11. Within 10 banking days after turn barrels upon presentation of the transaction documents at buyer’s bank successfully, from the second shipment, seller’s bank shall issue in-operative PB， buyer’s bank shall issue a MT799(THE PERIOD OF VALIDITY IS 12 MONTHS) in value of 2 million Barrels BLCO to seller’s bank TO ACTIVATE SELLER’S NON-OPERATIVE PB. Each shipment will be paid via MT103 (SWIFT transfer) within 5 banking days after the cargo discharged and transship to buyer’s storage tank
12. This SPA with period for 1 + 12 months and thereafter with its rolls/extensions for three (3) years.
13. Each shipment as the shipping schedule.

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• Publisher: OLUWALADE JAMES
• Company Name: Jack Chris Intl Ltd
• Country: Nigeria

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