19.1 Seller issues SPA Contract to buyer. 19.2 Buyer & Seller sign and seal this Contract Agreement. 19.3 Within 2-3 international banking days, after both parties sign this contract, buyers bank will issue Swift MT 199 PRE ADVICE (SEE APPENDIX A) to sellers bank and sellers bank replies back via Swift MT 199 (SEE APPENDIX B) confirming its readiness. 19.4 Upon confirmation of sellers bank response to buyers bank via Swift MT199, buyers bank immediately issue its Swift MT799 Cash Blocked Funds according to the verbiage attached on (APPENDIX C) covering the entire cargo cost. 19.5 Copy of the sent Swift MT799 must be submit to us for follow up with our bankers for further actions on cargo re-assignment of loading/shipping documents in the name of buyer as consignee, while hard copy of issued Swift MT799 must be send via courier from buyers’ bank to seller’s bank as stated herein contract. 19.6 Upon confirmation of buyer Swift MT799 cash blocked funds, seller nominates different vessel of four million barrel capacity, and get LAYCAN for vessels. Vessels shall be programmed for loading in the name of buyer as assigned consignee of product and delivery. 19.7 Naval / Custom clearance are obtained for nominated vessels, while loading commence without any further delays. 19.8 Within 5-7days of confirming buyer Swift MT 799 Cash blocked funds with sellers bank, the vessel of 4,000,000 Barrels, will be officially assign in Buyer’s name as the consignee of product by the officers in marine and shipping department of the Nigerian National Petroleum Corporation (NNPC) Bonny Terminal. (proof of product) the complete full set of original shipping documents in favor of the Buyer including: 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. 19.3 Seller notifies Buyer with copies within (48 hours) following the Agreement upon confirmation of complete loading, then Nigerian National Petroleum Corporation issue to the buyer and Managers/owners of the chartered vessels formal written permission to the buyer to speak with each loaded vessel captains. 19.4 Seller notifies Buyer with the vessel particulars/ crew list (Q88) and location with Master’s official written confirmation to the buyer. 19.5 Buyer confirms the vessels with the owners/Managers and opens full communication with the each vessel captain, confirm the cargo of 4,000,000 Barrels and issue Authority To Board (ATB)) to the Buyer inviting buyer inspectors agent on board loaded vessels and carry out the Q&Q inspection, upon confirmation of Q&Q inspection each vessel captain shall issue Estimated Time of Arrival (ETA) and Notice of Readiness (NOR) to buyer exit Refinery ports. 19.6 Buyer takes over the cargo 4,000,000 Barrels with the Ownership and Warranty of Title, as the consignee with full set of the shipping documents. 19.6 Payment is made by Swift Wire Transfer through Seller’s commercial presented after Q&Q ascertained by buyer’s inspection agents at buyer discharge port against presentation of the original shipping documents to the buyer.
Posted on: Sat, 15 Jun 2013 15:47:49 +0000
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