Buyer and seller signs The (SPA) Sales And Purchase Agreement; upon
receipt of the signed SPA, Buyers bank writes to seller’s NNPC nominated fiduciary account requesting NNPC Bonny Terminal reply to buyer confirming
awareness on the transaction and also providing the buyers nominated bank
details thus the Seller will issue a 2% PB (NON-NEGOTIABLE) for a 1 year
2. First lift, buyer’s bank will immediately swift to seller’s bank, a pre
advice via MT199 or MT999 on NNPC acceptable verbiage by swift only from
buyer’s bank to seller’s NNPC nominated fiduciary account, confirming their
readiness to issue MT799 block fund or MT760 SBLC valid for one year. (ATV
to speed up compliance).
3. Upon Receipt of The MT199 swift from the buyer, seller will program
and load vessel, with full set of cargo documents in buyers name and send
to buyer for verification. These must include the bill of lading (in
buyer’s name). NNPC-Bonny Terminal will also write an official letter
stating the nominated account to issue a 2%PB upon receipt of buyer's
4. Buyer within 72 working hours shall swift a bank instrument MT760
SBLC or MT799 block fund in favor of seller’s nominated account. Buyer also
sends NOR / ETA / ATB format which shall include the nominated inspection
company at discharge port and their contact details.
5. Seller shall place a 2% PB upon receipt of buyer’s instrument and
instruct vessel master to send NOR/ETA according to buyer’s format.
6. Buyer acknowledges NOR/ETA and confirm receipt of soft copies of
7. Seller shall cause vessel to sail towards buyer’s Port of delivery
for quality and quantity inspection at buyer’s nominated Port.
8. Within 72 hours of successful conduct of inspection, buyer's
inspectors Send Inspection report to buyer and seller.
9. Within 72 Hours of The Receipt of the Report, Buyer's Bank Swift
Total Payment for Inspected Cargo Via MT103 To Seller's Bank.
10. All Original Cargo Documents and Title Documents Are Transferred to
11. Vessel Discharges Inspected Product into Buyer's Nominated Storage as
Payment for The Full Product Is Released or Made To First account (Seller’s
Nominated Bank) Including second And Third Accounts As Listed In This
- Publisher: Austine Nwabuokei
- Company Name: Austine Nwabuokei
- Country: Nigeria
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