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

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

ARTICLE 19. CHINA ONSHORE TANK FARM PROCEDURE:
1. The Seller issues Sales & Purchase Agreement. The Buyer executes and returns SPA with ATB FORMAT. Both parties lodge the SPA 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 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 either the bellow instrument:
DLC VIA MT700, SBLC VIA MT760, MT799 BLOCKED FUNDS or MT103/23 CONDITIONAL PAYMENT to the Seller’s Fiduciary bank account, for seller to send Onshore TSR and other documents which include DTA for buyer to conduct Dip Test Analysis on the Onshore Tank Farms.

IMPORTANT NOTE:
NNPC does not release onshore tank farm TSR documents and DTA for dip test without buyer issuing instrument to the seller.

The seller’s 2% PB to the buyer is a top guarantee to the buyer that seller will deliver onshore product to the buyer without failure.

4. Upon buyer successful dip test analysis, buyer issues MT103 to Seller’s Fiduciary bank account for Buyer to get warrant title in buyer’s name to the value of the products paid for.

5. 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.

6. Buyer evacuates products from the onshore tank farm.

7. Contract rolls over and revolves monthly with deliveries from Tank Farm.

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 except in writing and accepted by both parties.
20.2 Any provision of this agreement, which is declared unlawful or unenforceable by court of competent jurisdiction, shall not affect any other provision herein.
20.3 This agreement contains the entire understanding between the parties with respect to the transactions contemplated hereby and can only be amended by a written agreement. Any prior agreement, written or verbal is deemed merged herein and shall be superseded by this agreement.
20.4 The parties having exerted and continue to exert their best effort to avoid any action.

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

Contact this Company

You need to login/register to contact this company

               

Important information

• Avoid scams and never pay with Western Union, Moneygram or any other payment services
• We are not responsible for any decisions you make to contact any company. We are not associated with any company listed here.