Sellers Published date: March 26, 2016 Modified date: March 28, 2016

SALES & PURCHASE AGREEMENT (SPA)
FOR NIGERIAN BONNY LIGHT CRUDE OIL
(CHINA OFFSHORE TANK FARM CONTRACT/DELIVERIES)

ARTICLE 19. CHINA OFFSHORE TANK FARM PROCEDURE:

1. The Seller issues Sales & Purchase Agreement. The Buyer executes and returns SPA with ATB FORMAT. Both parties lodge the SPAs in their respective banks. The electronic copy is legally binding and enforceable.

2. Upon the buyer verification and confirmation of the seller Bulk ATS allocation, buyer issues MT199 Proof of Fund (POF) to seller’s nominated onshore fiduciary bank account.

3. Seller issues NON-OPERATIVE 2% Performance Bond to the Buyer’s Account and Buyer activates Seller’s Performance Bond with any of the bellow instruments from buyer:
DLC (MT700), SBLC (MT760), MT799 (BLOCKED FUNDS) or MT103/23 CONDITIONAL PAYMENT to the Seller’s Fiduciary bank account, for seller to send OFFSHORE TSR and other POP documents.

4. Seller issues Marine ATB for buyer’s Inspection team to conduct Q & Q.

5. Upon successful Q & Q, buyer issues MT103 to seller’s Fiduciary bank account for Buyer to receive Warranty of Title in buyer’s name to the value of the products paid for.

6. Buyer shall make final payment by T/T to the NNPC nominated bank account, as NNPC will nominate NNPC account for only final payment and commission to all the agents and facilitators bank accounts coordinates in the signed contract or as listed in the fee protection agreement, via TT.

7. Buyer evacuates product.

CONTRACT ROLLS OVER.

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.

20. GENERAL PROVISIONS
20.1 The agreement shall not be amended or modified or any provision thereof waived.

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• Publisher: TEBONG WN
• Company Name: TEBONG WN
• Country: SOUTH AFRICA

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