Buyers Published date: September 23, 2014 Modified date: June 12, 2016

TRANSACTION PROCEDURES CIF:

19.1 Buyer issues letter of intent (LOI) to the seller stating in clear terms the accepted and agreed detailed procedure. Seller issues SPA (Contract) to Buyer with seller's Soft POP details on the SPA.

19.2 Buyer within 3 working days of receipt of contract, signs and seals this SPA with NOR/ETA details.

19.3 Seller releases bulk allocation document, Authority To Sell (ATS) or an acknowledgement to open communication with seller's Bank.

19.4 Within 2-3 International Banking Days of buyer having signed this SPA, Buyer's bank shall send to Seller's bank a Standby Letter of Credit (SBLC) via Swift MT760 OR MT799 CASH BLOCKED FUNDS in favor of the seller covering on its Revolving the entire cost of every commodity to deliver fortnightly or
monthly (to be agreed) with validity for one year (12 months) under this SPA.

19.5 Copy of Buyer's Swift MT760 OR MT799 in favor of seller
must be submitted to Seller for the monitoring with our bankers, while the original the Swift should be issued via bank-to-bank from Buyer's Bank towards Seller's Bank through bank officials of each party.

19.6 Within 48-72 hours of confirming each Revolving of Buyer's Bank Swift MT760 SBLC OR MT799, seller shall place charter party on the 1 or 2 Million Barrel vessels.

19.7 During this period, Seller's vessels shall be programmed for loading in the name of buyer as final assigned consignee for commodity and delivery of the same at destination port.

19.8 Naval/Custom clearance is obtained for all Sellers' vessels, while loading commences without any further delays.

19.9 Within 5-7 days of confirming each Revolving of Buyer's Swift MT760, Seller's vessels per 1,000.000 or 2,000,000 Barrels Commodity, will be officially assign in Buyer's name as the final consignee of product by the officer in marine and shipping department of the Nigerian National Petroleum Corporation (NNPC) Bonny Terminal issues Proof of Product,
the complete full set of original shipping documents in favor of the Buyer including:

a) Original and 3 Copies of Commercial Invoice.
b) Full Set of 3 Original and non-negotiable Copies of Bill of Lading.
c) 1 Original and 3 Copies of Certificate of Quantity.
d) 1 Original and 3 Copies of Certificate of Quality.
e) 1 Original and 3 Copies of Certificate of Origin.
f) 1 Original and 3 Copies of Master’s Receipt of Samples
g) 1 Original and 3 Copies for Master’s Receipt of each
one-copy document
h) 1 Original Ullage Report issued at loading Terminal.
i) 1 Original and 3 Copies of Cleanliness Report at loading
Port.
j.) 1 Original and 3 Copies of Customs clearance certificate k.) Charter Party Agreement (CPA)
l.) 1 Original and 3 Copies Certificate of Ownership & Warranty of Title.

19.9 Seller notifies Buyer with copies within (48 hours) following the Agreement upon confirmation of complete loading, then Nigerian National Petroleum Corporation issue to the buyer and Managers/owners of the chartered vessels formal
written permission to the buyer to speak with each loaded vessel captains.

19.10 Seller notifies Buyer with the vessel particulars/
crew list (Q88) and location with Master’s official written
confirmation to the buyer.

19.11 Buyer confirms the vessels with the owners/Managers and opens full communication with the each vessel captain, confirm the cargo of 1,000,000 or 2,000,000s Barrels and issue Authority To Board (ATB) to the Buyer inviting buyer inspectors agent on board loaded vessels and carry out the Q&Q inspection, upon confirmation of Q&Q inspection each vessel captain shall issue Estimated Time of Arrival (ETA) and Notice of Readiness (NOR) to buyer exit Refinery ports.

19.12 Buyer takes over the cargo 1,000,000 or 2,000,000 Barrels with the Ownership and Warranty of Title, as the
consignee with full set of the shipping documents.

19.13. Payment is made by Swift Wire Transfer via Swift MT103 within 72hrs through Seller’s commercial presented after Q&Q ascertained by buyer’s inspection agents and discharge completed against presentation of the original shipping documents to the counter of buyer’s bank.

NOTE:
THERE SHOULD BE NO COMMUNICATION EITHER WITH SELLER OR BUYERS BANK, ONLY ON AUTHORIZATION BY US. PROPOSED SHIPPING / DELIVERIES SCHEDULE BONNY LIGHT CRUDE OIL (BLCO) THIS SHIPPING/DELIVERIES SCHEDULE IS TO BECOME AN INTEGRAL PART OF THIS CONTRACT BEFORE IT IS EFFECTIVE. PROVIDED HOWEVER, THE PARTIES MAY SIGN THE CONTRACT AND ESTABLISH A SHIPPING SCHEDULE AS AN INTEGRAL PART OF THIS CONTRACT BY MUTUAL
WRITTEN AGREEMENT. BUYER WILL HAVE THE OPTION TO CHANGE THE DESIGNATED DISCHARGE PORT, PROVIDED THAT WRITTEN NOTICE IS GIVEN TO THE SELLER AT LEAST THIRTY (30) CALENDAR DAYS PRIOR TO THE SHIP’S ETA AT THE FORMER NOMINATED AND SCHEDULED DISCHARGE PORT. BUYER WILL PROVIDE DESTINATION BY MONTH.

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• Publisher: Onyxcorp
• Company Name: Onyxcorp Enterprise
• Country: Nigeria

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