Buyers Published date: January 18, 2017

TRANSACTION PROCEDURES FOR TTO Nigeria/COTONOU Naira Deal:

1. SELLER AND BUYER SIGNS CONTRACT AND LODGE IN
THEIR RESPECTIVE BANKS.
2. BUYER RETURNS SIGNED CONTRACT (SPA) WITH ATB FORMAT AND HIS S/CARGO AND INSPECTORS DETAILS.
3. BUYER BLOCK FUND OF =N=20M IN FAVOUR OF SELLERS NOMINATED ACCOUNT AND SEND THE COPY OF THE BLOCK FUND FOR CONFIRMATION
4. SELLER CONFIRMS AND AUTHENTICATE BUYERS
BLOCK FUND.
5. SELLERS ISSUES MATB AND CLEARANCE WITHIN 24HRS TO BOARD BUYER’S SUPERCARGO FOR CONFIRMATION /INSPECTION OF PRODUCT.
6. UPON CONFIRMATION OF PRODUCT, S/CARGO SEND ATTESTATION TO BOTH PARTIES. BUYER’S BLOCKED FUND TURNS INTO CASH OF =N=20M FOR LOGISTICS AND EXPENSES
7. UPON QnQ RESULT PRESENTED TO BOTH PARTIES
6. BUYER PLACE MT 760/MT 103/23 PAYMENT FOR TOTAL CARGO
WITHIN 24 HRS TO 48HRS AND ALSO COMMISSIONS PAYED ACCORDING TO THE ACCOUNT SPLITED ON THE SPA/ PAYMENT ORDER.


SECOND PROCEDURE
TRANSACTION PROCEDURE FOR TTO BOARDING IN NIGERIAN WATER:
1. Seller and Buyer sign and seal Sales and Purchase Agreement (SPA) with their full banking details, including their brokers’ banking details. Both parties forward a copy of this signed SPA to their respective banks.
2. Buyer returns the signed SPA with ATB Format, supercargo and inspectors details, and Block Fund of N10 million in buyer’s account in favour of the seller for 10 days to enable issue MATB and Clearance and board buyer’s supercargo to confirm product in Nigerian water. (Please see the verbiage for the Block Fund. Also note that the Block Fund will crystalise to cash immediately the buyer’s supercargo has confirmed the product in Nigerian water.)
3. Upon confirmation of the Block Fund, Seller issues MATB and Clearance to buyer and boards buyer’s supercargo for product confirmation.
4. Upon confirmation of the product by the buyer’s supercargo, the Block Fund of N10 million crystalises to cash into seller’s account and buyer places BG of $500,000 to move the cargo to Cotonou/Ghana water.
5. Upon confirmation of the BG of $500,000, seller moves cargo to Cotonou/Ghana water and makes announcement on behalf of buyer, while buyer does the Clearance for the vessel and boards his supercargo to his inspector to take sample of the product for QandQ analysis and as the inspector disembarks from the vessel, the $500,0000 crystalises to cash into the seller’s account.
6. Upon positive QandQ analysis, buyer issues MT103/23 for the entire cargo less $500,0000 and N10 million.
7. Seller presents cargo documents through his bank account officer to the buyer’s bank account officer for final payment.
8. Buyer makes payment via MT103 for the entire cargo less $500,0000 and N10 million to seller and all intermediates involved in the transaction.
9. Buyer negotiates to charter the vessel with vessel owner and vessel sail to Port of Destination (POD).

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• Publisher: patrixayintradingcompany
• Company Name: PATRIXAYIN TRADING COMPANY
• Country: NIGERIA

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