Sellers Published date: September 5, 2014 Modified date: January 2, 2015

The Gross Discount to the Buyer shall be [$12.00 gross per barrel and net $8.00 per barrel, $4.00 per barrel as commissions.
$2.00 to seller side ( closed).
and $2 to buyer side ( 100% free and open).

QUANTITY: 1 - 2 MILLION BARRELS

TRANSACTION PROCEDURES: TTO / TTT

1) SELLER/ BUYER SIGN AND SEAL THE SPA INCLUDING THEIR COMPLETE DETAILS (FULL NAME OF THE COMPANY, ADDRESS, LEGAL REPRESENTATIVE /PASSPORT NUMBER AND THE POSITION OF THE SIGNATORY ON BEHALF OF THE COMPANY) ALSO TO INCLUDE THEIR FULL BANKING COORDINATES (WITH THE NAME, DIRECT CONTACT/PHONE NUMBER AND E-MAIL OF THE ACCOUNT OFFICER ETC) BY BOTH PARTIES AND DEPOSIT SAME IN THEIR RESPECTIVE BANKS. AND ALL TRANSACTION DOCUMENTS WILL BE FORWARDED TO THE EFCC FOR AWARENESS. THE SIGNED COPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE.
BUYER RETURN SIGNED SPA WITH FULL NOR OR ETA FORMAT, SUPERCARGO DETAILS PASSPORT NO AND INSPECTOR DETAILS AND TUG BOAT DETAILS OR HELICOPTER DETAILS, OR THEIR VESSEL DETAILS INCLUDING VESSEL CPA, Q88, AUTHORITY TO LOAD AND CHARTER INVOICE, if TTT.

2) BUYER INFORMS HIS BANK OF SELLER’S BANK COMMUNICATION AND SELLER’S BANK SENDS DOCUMENTS (POP) TO BUYER’S BANK FOR VERIFICATION AND BUYER'S BANK ISSUE THE BANK COMFORT LETTER [BCL] WITHOUT DISCLAIMER OR BG OR MT799 BLOCKED FUNDS FROM THEIR BANK TO SELLER’S BANK, BANK TO BANK.
SELLER CONFIRMS THE [BCL/ BG/MT799 FROM HIS BANK AND SEND ETA TO THE BUYER TERMINAL FOR CLEARANCE FROM THE BUYER AND PROCEED TO BUYER’S TERMINAL (TEMA, OFFSHORE, GHANA) FOR Q&Q.

3) UPON SUCCESSFUL Q&Q WITHIN [48 HRS TO 72 HRS BANKING DAY] PLACE [LC OR MT103] FOR THE TOTAL CARGO VIA SWIFT TO SELLER’S BANK ,SELLER CONFIRM THE INSTRUMENT AND ASK HIS CAPTAIN TO DISCHARGE TO BUYER'S FARM TANK / SHIP OR ARRANGE FOR A TAKE OVER OF THE VESSEL BY THE BUYER.

4) AFTER SUCCESSFUL DISCHARGE OR TAKE OVER, THE [LC OR MT103] TURN TO CASH FOR SELLER.

5) SELLER ISSUES COMMERCIAL INVOICE (COMPUTED INLINE WITH THE Q&Q REPORT INCLUDING THE RELEVANT SHIPPING DOCUMENTS AND THEN TENDER AT BUYER’S BANK TO EFFECT PAYMENT WITHIN 24HRS ACCORDING TO THE SIGNED CONTRACT (S.P.A)

6) BUYER’S VESSEL SENDS ETA THEN SAILS OFF TO FINAL PORT OF DISCHARGE AND PROCEED FOR DISCHARGE.

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