Sellers Published date: September 3, 2014 Modified date: January 2, 2015

The Procedure.

1. Seller and Buyer sign/seal the contract and deposit in their respective banks.

2. Sellers Financiers Bank within 3 Banking Days sends an email to Buyers Bank confirming readiness to issue 2% pb to Buyers Bank and request Buyers bank confirmation to receive 2% pb and confirm that Buyer has funds for total product value and Buyer is ready to issue BG/SBLC within 72 hours of receiving the 2% pb.

3.Buyers Bank responds with Bank email confirming availability of funds and readiness to receive 2%pb and issue SBLC/BG of full product fees.

4. Within 3 banking days Sellers Financiers Bank issues 2% performance bond as per the approved verbiage accepted by both Banks.

5. Within 3 banking days, Buyers bank send MT760 SBLC/BG for full product value to seller financier's bank as per sellers financiers Bank verbiage.

6. Seller nominates vessel in Buyer's favor, issues Notice of
Readiness (NOR), Expected time of arrival ETA to the buyer's port of discharge, Vessel commence voyage to buyers port .

7.On arrival, Vessel Tanker's Captain issues marine Authorization to Board (ATB) to buyer to conduct Q.Q analysis.

8.Seller's bank send to Buyers bank all valid shipping documents,in Buyers name (Clause 15).

9.Buyer's Inspector conduct Inspection and product discharges to buyer's tanks

10.Within 5 banking days, Buyer's bank TT payment for cargo received with SGS or CIQ Quality & Quantities report. Seller's bank has a right to collect money using SBLC if Buyer failed to have inspection reports at discharge port within 5 banking days using SGS's Quality & Quantities report at loading port.

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• Publisher: Zerrick Henderson
• Company Name: Jefnoe/Standardized Realty Ventures
• Country: USA/Nigeria

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