Sellers Published date: May 6, 2014 Modified date: May 8, 2014

(1) THIS WILL BE ACCEPTABLE PROCEDURE FOR ( CIF )TO CHINA DEAL.
 
3.1       Buyer and Seller execute and seal this agreement, and exchange an executed copy by fax or electronic mail.  Said transmitted copy, signed by both parties in counterparts, shall be considered legally binding and enforceable.
 
3.2       Seller Bank issues 2% Performance bond upon the standard bank to bank communication before performance bond is issued.
 
3.3       Buyer’s bank issues an operative Standby Letter of Credit (SBLC) or MT760.  
  
3.4       Seller nominates NNPC or Private chartered vessel from vessel owners for loading and provides Buyer with vessel details and Lay can (Programming) date.  All cargo documents are issued in Buyer’s name which includes CPA, Q88, Bill of Lading, and Cargo Manifest.
 
3.5       Seller’s loaded vessel sails to disport (ASWP).  The captain of the loaded vessel sends ETA/NOR to the Buyer and Buyer’s inspectors for the Buyer to make logistical arrangements for boarding for Q&Q inspection.  The ETA/NOR will indicate arrival notice within 72 hours, 48 hours, and 24 hours of arrival to Buyer’s destination.
 
3.6       Buyer provides their ATB format and upon arrival at the Buyer’s designated coordinates, the captain of the loaded vessel issues a marine ATB to Buyer’s inspectors and supercargo inviting them to board for inspection at Buyer’s expense.
 
3.7       After Buyer’s satisfactory Q&Q/confirmation, all original cargo documents shall be transferred to Buyer’s name.
 
3.8       Transhipment to Buyer’s storage tank commences.  Payment for product is released to Seller’s nominated bank by SWIFT TT/MT760 for entire cargo within 24 to 72 hours after transhipment of product. 
 
 
(2) THIS WILL BE ACCEPTED PROCEDURE TTO 50 NAUTICAL MILES TO ROTTERDAM
 
PROCEDURES:
1. Seller and Buyer sign, seal sales/purchase Agreement with full Banking details including their brokersBanking details both parties forward a copy of this signed SPA contract to their respective Banks
 
2. Seller releases copy of loaded cargo documents for Buyer's independent verification, and Authority to sell.
 
3. Upon verification of POP, Buyer issues ATB format to Seller, and Buyer swifts a total of 1 million USD inform of BG/MT799/760 in favor of Seller.
 
4. Seller issues NOR to Port master in charge of port of inspection. Seller moves vessel and contents to50 Nautical miles Rotterdam for Q&Q.
 
5. Seller issues ATB with current verifiable vessel position to Buyer'sindependent inspectors and Buyers Superintendent of Cargo.
 
6. Buyer provides secure transport for Supercargo and Inspector to conduct Q & Q on Buyer’s account.
 
7. On satisfactory verification of Q&Q, Buyer's bank places a Letter of Credit/ MT 103 to Seller's bank thatincludes all payments for All intermediaries on the IMFPA.
 
8. Re-assignment of cargo is done in Buyer's name and revised CPA issued that is signed by Buyer andreturned to the Seller within 2 working days of receiving a positive Q & Q report.
 
9. All Original documents are handed over to the Buyer’s bank. Within 48hours the cargo will be officiallyreassigned in Buyer’s name.
 
 
Note:
Be informed that payment of CIF from China is not acceptable at this moment from any China Bank because Seller has an ongoing 10 million barrels contract of supplying with Chinese govt. and it's one of the clause in the signed contract.

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• Publisher: kazeem Bolanta
• Company Name: Al-Amin oil and gas
• Country: Nigeria

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