Blco Sellers Procedures: . . . . . . . . . . . . . . . . . . . PROCEDURE FOR FOB.... 1. Buyer and Seller sign and seal Contract including banking coordinates and exchange the signed copy by electronic mail and deposited with their banks. The electronic signed copy by both parties is considered legally binding and enforceable. 2. Buyer’s bank sends a Swift message MT199 to Seller’s bank requesting confirmation regarding the seller’s bank’s readiness to place a revolving 2% P.B. as buyer’s bank places a non-operative SBLC in favor of seller, revolving monthly for the same quantity and amount x 12 months with possible rollovers and extensions. 3. Seller’s bank responds via Swift message MT199 confirms to Buyer’s bank Their readiness to place the revolving 2% P.B. upon receipt of the Non- operative SBLC. 4. Upon receipt of Seller’s Bank SWIFT response, Buyer’s bank issues a revolving non operative SBLC by swift to sellers bank and seller’s bank activates it with the revolving 2% P.B. to Buyer’s bank, in favor of the Buyer. 5. upon placement and confirmation of the required bank instruments, Buyer provides a firm vessel nomination viz-a-viz Charter Party Agreement (CPA), Questionnaire 88 (Q88) and Authority to Load Letter (ATL). 6. Seller confirms the validity of the CPA, Q88 and ATL and then Seller provisions the issuance of LAYCAN and Programming for Buyers vessel to sail to loading port to load and conduct Q & Q analysis. 7. Buyer confirms LAYCAN and Programming in their favour and instructs his vessel captain to respond with 12 Hourly ETA messages to the stipulated loading terminal as he sails to the stipulated terminal for loading. 8. upon Buyer’s vessel’s arrival at the loading terminal and conclusion of the loading process, Quality and Quantity analysis is conducted aboard the Buyer’s loaded vessel and the report issued to both Buyer and Seller, copying their Banks. 9. Seller then issues complete document regiment in Buyer’s name. Payments are made by Swift Wire Transfer directly to the Seller’s bank account and commission beneficiaries accounts . Buyer’s vessel sets sail for Buyer’s nominated port of discharge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . POF MT799/2% WITH SBLC. CIF 9-3, TT0 13-4. 1. Seller and buyer sign and seal sales/purchase agreement and copies are sent to both parties’ bankers. 2. Buyer will issue POF (MT 799) to sellers bank on bank to bank, in sellers acceptable Verbiage. 3. Seller Places 2%PB. 4. Buyer and its bank within 48-72hrs swift a confirmed Standby Letter of Credit via MT 760 covering the total cost of cargo (2MBBL) thereby activating the 2%PB. 6. Seller immediately nominates vessel, and programs Vessel with NNPC for loading after confirmation of buyer placing of Full Bank Instrument that covers cost of cargo, Seller also sends ETA to buyers 7. Vessel sails to discharge port where Q&Q analysis is conducted by Buyer’s nominated Inspection Company. Inspection Company must be SGS, Saybolt or comparable inspection company. 8. Vessel discharges its cargo at Buyer’s designated port and within three (3) international banking days after Buyer has received the Discharge Report and all relevant documents presented by the Seller, as shall be confirmed by the vessel Captain, Buyer makes payment in United States Dollars by KTT Wire Transfer directly to Seller’s Nominated Bank Account . . . . Buyers Mandate and Facilitator Call or Whatsapp yemi odunaike on +2348171880300.
Posted on: Sat, 11 Oct 2014 09:45:58 +0000
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