BLCO CIF or TTO China or Rotterdam
ARTICLE 19. BLCO CIF or TTO China or Rotterdam 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
Article 2.1 above.
ARTICLE 7. PRICE / DISCOUNT:
7.1 PRICE: The net barrels delivered to Buyer shall be Barrel priced on basis as published by LONDON MCGRAW HILL MARKET PLATT’s, minus a discount USD $10.00 per barrel, $6.00 NET to buyer, $2.00 commission to seller agents & $2.00 commission to buyer’s agents.
7.2 PLATT’: The price Platt's is calculated considering the average rate of the sale-purchase of commodity of three days, so much of the unloading day on port of destination, as well as of the two days prior to such unloaded, which will provide average of the three days by which the Buyer will invoice.
7.3 DISCOUNT: The discount of USD $10.00 per barrel, $6.00 NET to buyer, $2.00 commission to seller agents closed & $2.00 commission to buyer’s agents open of commodity that the seller under this agreement grants and guarantees to the Buyer, shall be maintained and fixed during 60 months under SPA with its possible rollovers and extensions, based on the Platt's before specified.
ARTICLE 8. PAYMENT:
8.1 Payment shall be made in accordance with terms and conditions of this Agreement upon presentation of the complete full set of original each unloading documents made out in favor of the Buyer, at the counter of the Buyer’s bank, (with copies transmitted electronically to buyer following delivery and receipt thereof, and after certificate by SGS or SAYBOLT as to quantity and quality of each unload.
8.2 Inside before mentioned documents, will be presented to the Buyer:
a) Seller’s signed invoice evidencing the price minus discount and quantity as per the contractual terms in one original plus three copies;
b) Full set of clean on board bill of lading "Freight Prepaid" and signed by the vessel master and made out or endorsed to the Buyer, evidencing (2,000,000 Barrels) per shipment of Nigerian Bonny Light Crude Oil from Bonny terminal to the buyer destination port in one original plus three copies;
c) Signed Certificate of quantity and quality by SGS or SAYBOLT in one original plus three Copies;
d) Master’s receipt for samples taken on board in one original plus three copies;
e) Cargo manifests one original plus three copies;
f) Tanker Ullage reports in one original plus three copies; and
g) Tanker time sheet in one original plus three copies.
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- Publisher: TEBONG WN
- Company Name: TEBONG WN
- Country: South Africa
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