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6.0 PROCEDURES / PAYMENT INSTRUMENT
Seller & buyer sign and seal this SPA contract and exchange the signed copy by electronic mail, and deposit it in their banks each.
This electronic signed SPA copy by both parties is considered legally binding and enforceable.
Buyer advises seller of his CIS (Client Information Sheet) which CIS format is inside of this SPA to be filled up by buyer.
NNPC directly provides buyer, through NNPC domain email address, with “POP of vessel cargo documents” which is re-assigned on buyer’s name for buyer’s proper confirmation and which consists of B/L, Cargo Manifest, Certificate of Authenticity, Certificate of Origin, Certificate of Quality, Documentation Receipt, Master’s Receipt for Sample and Ullage Report.
Upon receipt of NNPC’s full POP, within 72 hours (3 banking days), buyer (buyer’s fiduciary) sends bank instrument of MT799 Block Fund via SWIFT to seller’s fiduciary account as per the sample verbiage in Annex#1, which is valid for one (1) year and one (1) day with the amount of US Dollar $15,000,000.00 (FIFTEEN Million Dollars) for seller’s logistics.
Buyer (buyer’s fiduciary) is liable to pay seller the penalty of US Dollar $100,000.00 (One Hundred Thousand Dollars) if he fails to issue the successful bank instrument of MT799 Block Fund within 72 hours upon receipt of NNPC’s full POP.
Buyer provides seller with NOR/ETA format.
Buyer informs seller of buyer’s shipping agent (cargo agent) at the port of discharge.
Upon receipt of buyer’s (buyer fiduciary’s) successful MT799 Block Fund,
a) Seller instructs vessel captain to send NOR/ETA.
b) Seller informs buyer of Q88 and seller’s shipping agent (or seller’s representative) at the port of discharge.
c) Seller (seller shipping agent) completes his registration at Chinese port authority for vessel’s entry into port.
d) Buyer prepares his Storage Tank to get discharged the product and advise seller of Storage Tank details.
Seller authorizes captain to discharge the product into buyer’s designated storage tank by the arrangement of buyer’s shipping agent (cargo agent).
Buyer performs Q&Q (CIQ) by CCIC and sends copies of Q&Q (CIQ) report to buyer's bank and to seller.
Buyer shall grant Q&Q (CIQ) report within five (5) working days from the discharge date.
On successful Q&Q (CIQ) inspection report, buyer (buyer’s bank) pays for the product within three (3) working (banking) days upon receipt of seller’s final Invoice as per Q&Q (CIQ) report with other final documents by MT103 TT wire transfer directly to seller’s bank account.
Seller cooperates with buyer for buyer’s customs clearance. Seller provides buyer with COO (Certificate of Ownership) & WOT (Warrant of Title) for the title transfer as final, and other relevant documents if any.
Seller is liable to pay buyer the penalty of US Dollar $300,000.00 (Three Hundred Thousand Dollars) if he fails to deliver the product in this contract (Two Million barrels of Nigerian light crude oil) within 2 weeks upon receipt of buyer’s (buyer fiduciary’s) successful bank instrument of MT799 Block Fund.
Seller then pays commissions to all agents and facilitators.
- Publisher: SAMIM
- Company Name: SWSIFTNET INC
- Country: CHINA/CANADA/SAO TOME
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