Sellers Published date: June 24, 2020

Please review and advise asap
Thanks
Batubo M
for BOG Logistics and Global Resources Ltd
+8328741010

TRANSACTION PROCEDURE ON CIF
1. Upon delivery of executed SPA by BUYER, SELLER will execute SPA and provide fully executed document.

2. Buyer and Seller lodge contract in their respective Banks. Buyer submits inspector and supercargo details and ATB/NOR format to the Seller or provides.

3. Buyer SWIFT's Pre-advice MT799 to Seller's Bank. Seller confirms the pre-advice MT799 via reference SWIFT. The RWA is pre-advice to MT 760.

4. Within 72 hours Seller issues full cargo documents to Buyer with the name of Seller and Buyer as consignee. Vessel master issues NOR to Buyer.

5. Buyer confirms full cargo documents and within 72 hours issues a Standby Letter of Credit (SBLC) MT 760 in favor of Seller to Seller's Bank.

6. Seller confirms SBLC and then issues ETA to Rotterdam Harbor Master in and state its arrival time (10 to 15 Nautical miles in Rotterdam waters). Vessel master will announce arrival to Harbor master and receives confirmation from Harbor master. The loaded vessel will anchor in international waters pending clearance from Buyer's shipping agent. Any expenses, such as port charges, levies, security, tugging etc., that might arise as a result of vessel coming into the port of take over country harbor/port/terminal/storage or waters will be borne by the Buyer. All clearing processes will be carried out by the Buyer's shipping agent.

7. Vessel sails to confirmed position in Rotterdam waters for Q&Q.

8. Vessel captain issues ATB to inspectors and supercargo to board the vessel and collect samples. NNPC issues UDTA /clearance to inspectors and supercargo to board the vessel perform Q&Q.

9. Samples of product collected on board vessel. Vessel captain issues attestation to confirm times of arrival and departure of inspectors and supercargo to/from the vessel.

10. Q&Q report submitted/released to both Buyer and Seller.

11. Seller issues Commercial Invoice according to the report of the Q&Q and payment is made by swift MT103 for the full cargo to Seller's specified account. Title is transferred to Buyer within 72 hours. Concurrently. Commissions are paid to agents.

12. Vessel captain connects Buyers to Shipping Company Office / Ship owners for tanker take over/Buyer’s Tank Farm for discharge.

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• Publisher: Batubo
• Company Name: BOG Logistics and Global Resources Ltd
• Country: USA

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