I HAVE BLCO FOR SALE
Our organization, hereby confirm with full corporate responsibility that the seller’s company are willing and able to enter into a contract for selling of BLCO commodity as specified below:
*** CIF Procedure ***($10gross, $7Net to buyer)
1. Seller sends SCO and commodity specifications
2. Buyer signs SCO and returns with CP and ICPO. Seller complete Compliance & DD
3. Seller issues draft SPA. Seller’s & Buyer’s Mandate set up the NCNDA/ IMFPA.
Seller and Buyer sign sales / purchase agreement and NCNDA/ IMFPA
4. Seller and Buyer send a copy of signed Spa and NCNDA/IMFPA to their respective banks. The electronic copy is legally binding
5. Buyer’s bank shall within (2) banking days swifts RWA letter by MT799 to the seller nominated bank and transmit the copy of the swift for seller confirmation.
6. Upon confirmation of RWA, Seller will proceed with loading of the cargo vessel.
7. Seller will provide loading vessel details and buyer confirms and place SBLC MT760(BLOCKED FUNDS) or BG, all loading clearance documents and title transfer shall be issued in the buyer’s name.
8. After the vessel has discharged its cargo at Buyer’s destination port and Buyer has received the post discharge Q&Q Report from SGS and After all documents are presented by the seller after the time of cargo delivery as required, Buyer shall make payment by MT103 to Seller nominated Bank Acount for Crude Oil and to Seller and Buyer beneficiaries as named in the Master Fee Agreement in the contract for fees.
9. Seller, upon the confirmation of full payment by Seller’s Bank and agent as stipulated in the SPA contract, Seller releases all Shipping documents directly in the Buyer’s name along with a new ATS to the buyers and transfers of title to the Buyer.
10. Seller confirms final discharge documents at the Buyer’s port of discharge.
*** TTO Procedure ***($12gross, $8Net to buyer)
11. Seller sends SCO and commodity specifications
12. Buyer signs SCO and returns with CP and ICPO. Seller complete Compliance & DD
13. Seller issues draft SPA. Seller’s & Buyer’s Mandate set up the NCNDA/ IMFPA. Seller and Buyer sign sales / purchase agreement and NCNDA/ IMFPA
14. Seller and Buyer send a copy of signed Spa and NCNDA/IMFPA to their respective banks. The electronic copy is legally binding
15. Buyer returns to the Seller:
Ø The signed SPA
Ø ATB format,
Ø Inspector’s company details, and scanned copies of supercargo and inspector passport/id.
Note: The buyer shall ensure that their super cargo is registered and board-able per the list provided by NNPC.
16. Buyer will pay for all logistics:
Ø Clearance for super cargo and Authority to board the vessel.
Ø Tug boat or Chopper.
17. NNPC Terminal will issue the clearance authorizing:
Ø Captain of nominated vessel issues ATB to invite the inspector and super cargo for verification of the product and quantity and quality ( Q & Q )
Ø Buyer’s inspector and super cargo to board the seller’s vessel
Note: ATB expires after 72 hours, so Buyer shall make necessary logistics’ arrangements. If the ATB expires, the cost of a fresh ATB goes to the Buyer.
18. Upon completion of Q&Q analysis, the report is presented to both buyer and seller.
19. Vessel to sail to the blue line international waters and FULL payment of the cargo is released by Buyer into seller nominated bank account via MT 103 WIRE TRANSFER and to all Agents, facilitators and consultants.
20. The seller confirms verification of funds with their bank and releases all cargo documents to the buyer. The vessel is then allowed to sail to port of discharge.
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- Publisher: OLUWALADE JAMES
- Company Name: JAMOLU INTL VENTURES LTD
- Country: NIGERIA
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