PROCEDURE: CIF 1. Buyer and Seller sign Contract (this Agreement). 2. After signing of Agreement between buyer and seller. Buyers bank contact sellers bank requesting sellers bank readiness to give an operative 2%PB upon the receipt of buyer irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Standby Letter of Credit via MT 760. 2a. Sellers Bank reply to buyers bank Stating their readiness to give an operative 2%PB to activates buyer Non-Operative irrevocable, divisible, Revolving, Transferable, confirmed Standby Letter of Credit. 3. Buyer and its bank within 48-72hrs swift an irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Standby Letter of Credit via MT 760 covering the total cost of cargo (2MBBL) for each month delivery, which shall be revolving for 12Months delivery to the designated account of the seller. 4. Upon the receipt of buyer irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Standby Letter of Credit via swift MT 760, sellers bank response within 3-5 banking days with their 2%PB to activates the irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via swift MT 760 and makes it operative. 5. Appointed NNPC Seller immediately nominates vessel and program vessel with NNPC for loading after confirmation of buyer placing of Full Bank Instrument that cover cost of cargo. Seller load vessel through NNPC terminal. 6. Seller notifies Buyer with copies of documents, within (72 hours) after complete loading of vessel from the NNPC Bonny Terminal. Seller issue one voyage charter party agreement and Q88 in favour of buyer and buyer signs the CPA and return within 48hours. 7. Buyer confirms the vessel with the vessel owners/Managers and opens full communication with the captain/Master, while cargo sails to buyer port of destination to discharge the product. At discharge port, Vessel issue ATB to buyer’s inspector to board the vessel and conduct Q&Q at buyer’s cost. Upon Q&Q, discharge commences. 8. Buyer pays for total cost of product by MT-103 into the nominated sellers account by the Nigerian National Petroleum Corporation as stated herein the approval contract on the out-turn barrels discharged. 9. Roll Over.CIF TRANSACTION 2 1. Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer signs the contract and return with his official NOR format/Storage details. 3. Buyers issue through his bank by swift MT799 in favour seller to seller’s bank. 4. Seller confirms the POF instrument, nominate vessel, load and issue preliminary document in buyer’s name and Q&Q done at the loading terminal and send to the buyer. 5. Buyer confirms the documents and issue acceptance to seller. Upon receipt of buyer’s letter of acceptance, Vessel master issue a marine NOR to buyer storage. 6. Storage/Harbor master open communication with the vessel master and confirm readiness to receive her. 7. Buyer issue by swift fully funded Standby Letter of Credit (SBLC OR LC) in favour of seller to seller’s bank. 8. Seller confirms the instrument and vessel issue final ETA to storage and sail accordingly. 9. Vessel master issue 24hours, 12hours ETA until she arrive storage. 10. Buyer obtains all necessary clearance for the vessel to berth safely at storage. 11. Vessel master issue ATB to buyer inspector for Q&Q. Inspector board and take sample and issue inspection report and copy seller. 12. Vessel commences discharging into buyer’s storage. 13. Upon successful discharge, buyer makes payment on the out-turn barrels discharged within 72hours. 14. Roll over CIF TRANSACTION 3 1 Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer countersigns the contract and dispatches a duplicate copy to the Seller in form of e-mail. Buyer and Seller deposit same at their respective Banks. 3. Buyer’s bank request by swift from seller’s bank readiness to receive instrument in favour his client for the transaction and seller’s bank within bank 48 respond by swift to receive the instrument and commence the transaction as agreed and on schedule 4. Buyer’s bank raises a 20 % (total value of product) Standby LC in favor of Seller to his bank. (Text Format for SBLC on the last page). 5. Seller upon confirmation of the 20% SBLC, loads vessel and issue preliminary cargo documents in buyer’s name. 6. Upon completion of loading, Seller issues ATB to buyer’s Inspectors. Vessel sails to agreed point for inspection. 7. Sellers bank send valid shipping documents which shall include the following: A). Notarized Commercial Receipt naming Buyer, contract number, goods and quality indicating transfer of the title. B). Shipping advice indicating ,designated vessel name, loading port, estimated loading time, estimated time of departure, estimated time of arrival in destination port ( FULL ETA). C). Signed commercial invoice indicating the contract number and the name of the carrying vessel. (3 originals and 3 copies) D). Quality and Quantity certificate issued at the loading port. E). Charter party agreement and Full set( 3 originals and 3 copies) of clean on-board Bills of lading made out to order; bank endorsed and marked “freight pre-paid” , indicating the name of the carrying vessel with the Buyer as the “ Notifying party”. 8. Seller’s loaded vessel arrives buyer’s port of discharge. Buyer obtain all necessary clearance for the safe berthing of the vessel at buyer’s disport. 9. At disport, vessel master issue ATB to buyer inspector to board and take sample for quality and quantity analysis. Buyer’s inspectors board and conducts Q&Q inspection at buyer’s expenses and raises the remaining 80%(total value of product) in a Standby LC or MT 103 for the entire product. 10. Seller confirms instrument as in clause 9 above and discharge commence. Upon successful discharge, full payments are made via swift at out-turn of barrels discharge within 5 banking daysPROCEDURE: TTO 1 1. Buyer and Seller sign Contract (this Agreement). 2. After signing of Agreement between buyer and seller. Buyers bank contact sellers bank requesting sellers bank readiness to give an operative 2%PB upon the receipt of buyer irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via MT 760. 2a. Sellers Bank reply to buyers bank Stating their readiness to give an operative 2%PB to activates buyer Non-Operative irrevocable, divisible, Revolving, Transferable, confirmed Letter of Credit. 3. Buyer and its bank within 48-72hrs swift an irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via MT 760 covering the total cost of cargo (2MBBL) for each month delivery, which shall be revolving for 12Months delivery to the designated account of the seller. 4. Upon the receipt of buyer irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via swift MT 760, sellers bank response within 3-5 banking days with their 2%PB to activates the irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via swift MT 760 and makes it operative. 5. Appointed NNPC Seller immediately nominates vessel and program vessel with NNPC for loading after confirmation of buyer placing of Full Bank Instrument that cover cost of cargo. Seller load vessel through NNPC terminal. 6. Seller notifies Buyer with copies of documents, within (72 hours) after complete loading of vessel from the NNPC Bonny Terminal. 7. Buyer confirms the vessel with the vessel owners/Managers and opens full communication with the captain/Master. Buyer’s inspector and supercargo board for independent sampling for Q&Q. 8. Upon Q&Q, Buyer pays for total cost of product by MT-103 into the nominated sellers account by the Nigerian National Petroleum Corporation as stated herein the approval contract. 9. Payment is done via swift at out-turn of barrels. PROCEDURE TTO 2 1 Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer countersigns the contract and dispatches a duplicate copy to the Seller in form of e-mail. Buyer and Seller deposit same at their respective Banks. 3. Buyer’s bank request by swift from seller’s bank readiness to receive instrument in favour his client for the transaction and seller’s bank within bank 48 respond by swift to receive the instrument and commence the transaction as agreed and on schedule 4. Buyer’s bank raises a 10 % (total value of product) Standby LC in favor of Seller to his bank. (Text Format for SBLC on the last page). 5. Seller upon confirmation of the 10% SBLC, loads vessel and issue preliminary cargo documents in buyer’s name. 6. Upon completion of loading, Seller issues ATB to buyer’s Inspectors. Vessel sails to agreed point for inspection. 7. Sellers bank send valid shipping documents which shall include the following: A). Notarized Commercial Receipt naming Buyer, contract number, goods and quality indicating transfer of the title. B). Shipping advice indicating ,designated vessel name, loading port, estimated loading time, estimated time of departure, estimated time of arrival in destination port ( FULL ETA). C). Signed commercial invoice indicating the contract number and the name of the carrying vessel. (3 originals and 3 copies) D). Quality and Quantity certificate issued at the loading port. E). Charter party agreement and Full set( 3 originals and 3 copies) of clean on-board Bills of lading made out to order; bank endorsed and marked “freight pre-paid” , indicating the name of the carrying vessel with the Buyer as the “ Notifying party”. 8. Seller’s loaded vessel arrives at the agreed point, Buyer conducts Q&Q inspection at buyer’s expenses and raises the remaining 90%(total value of product) in a Standby LC or MT 103 for the entire product. Upon successful taking over the vessel, full payments are made. 9. Payment is done via swift at out-turn of barrels. PROCEDURE TTO 3 BOARDING FOR Q&Q WITHIN NIGERIA WATER 1 Seller signs and seals the contract and dispatches to the Buyer in form of email. 2 Buyer signs the contract and return with his official ATB format. 3 Buyer’s Bank issue a Manager Cheque/Bank Guarantee for 20 Million Naira or 200,000USD only in favour of seller to seller’s Bank for logistics. 4 Seller confirms the BG/Manager Cheque through his bank and within 72hours issue a marine ATB in buyer’s format and copy only the authorized e-mails. 5 Buyer’s inspector confirm the ATB and upon confirmation, seller board buyer’s supercargo personnel and inspector within Nigeria water to confirm product and take sample for Q&Q. 6 Upon Q&Q, seller draw down the 20Million Naira or $200,000USD BG and Buyer’s bank within 3-5banking days issues by swift full funded Letter of Credit (LC/SBLC) for the entire cargo. 7 Seller confirms the LC/SBLC and issue cargo document and advice buyer. Seller issue a one way voyage charter on the vessel through NNPC marine department to buyer and buyer signs and return within 72hours. 8 Buyer confirms documents and issue acceptance and seller’s bank send final copies of the document to Buyer’s bank for final payment. 9 Seller confirms payment and vessel is cleared to sail to final destination. PROCEDURE TTO 4 BOARDING FOR Q&Q OUTSIDE NIGERIA WATER 1. Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer signs the contract and return with his official ATB format. 3. Buyer’s Bank issue a Bank Guarantee for 60 Million Naira or $400,000USD only in favour of seller to seller’s Bank for logistics. 4. Seller confirms the BG through his bank and within 72hours issue a marine ATB in buyer’s format and copy only the authorized e-mails. 5. Buyer’s inspector confirm the ATB and upon confirmation, seller board buyer’s supercargo personnel within Nigeria water to confirm product. 6. Seller clears vessel to agreed point and notify buyer’s inspection company of her current co-ordinates. Buyer’s inspector open communication and board the vessel within 48hours on arrival for Q&Q. 7. Upon Q&Q, seller draw down the 60Million Naira or $400,000USD BG and Buyer’s bank within 3-5banking days issues by swift full funded Letter of Credit (LC/SBLC) for the entire cargo less the initial logistics of 60Million Naira or $400,000USD. 8. Seller confirms the LC/SBLC and issue cargo document and advice buyer. Seller issue a one way voyage charter on the vessel through NNPC marine department to buyer and buyer signs and return within 72hours. 9. Buyer confirms documents and issue acceptance and seller’s bank send final copies of the document to Buyer’s bank for final payment. 10. Seller confirms payment and vessel is cleared to sail to final destination. PROCEDURE: TTT 1 1 Seller signs and seals the contract and dispatches to the Buyer in form of email. 2 Buyer countersigns the contract and dispatches a duplicate copy to the Seller via e-mail and return with valid vessel details (CPA, Q88, ATL AND RECEIPT OF CHARTER) 3 Buyer’s bank open communication with Seller’s bank requesting readiness to receive instrument in favour of seller and to activate it with 2%PB. 4 Upon successful communication, Buyer’s bank raises a 10 % (total value of product) Standby LC in favor of Seller to his bank (SBLC Text format shall be issue) and seller issue 2%PB in favour Buyer to Buyer’s bank. 5 Seller confirms the instrument Operative, load the vessel at the terminal and issues a marine NOR to buyer’s vessel. 6 Buyer vessel master open communication and confirms readiness to receive product, acknowledge receipt of NOR and issues ETA for agreed point for STS. 7 Upon successful communication, seller’s vessel master at the instruction of seller issues final ETA to buyer’s vessel master and sail accordingly. 8 Two vessel berth along each other and tie up for transshipment at agreed point for STS. 9 Seller vessel master issues invitation to buyer’s inspectors to cross over form buyer’s vessel to seller’s vessel and take sample for Q&Q. 10 Upon successful Q&Q, Seller draw down 10% SBLC and Transshipment commences. 11 Upon transshipment, seller issues documents for the cargo to buyer and copy sent to the buyer bank. 12 Buyer shall make payment with 48hours by swift of the balance 90% by MT103 to all account as contain in the transaction contract. 13 Upon confirmation of payment, buyer’s vessel is release to sail. 14 Roll over. TTT TRANSACTION 2 1 Seller signs and seals the contract and dispatches to the Buyer in form of email. 2 Buyer countersigns the contract and dispatches a duplicate copy to the Seller via e-mail and return with valid vessel details (CPA, Q88, ATL AND RECEIPT OF CHARTER) 3 Buyer pays N3Million naira only to seller nominated account. Upon confirmation of payment, seller vessel within 72hours issue official marine NOR to buyer’s receiving vessel. 4 Both vessels master open communication and agreed at a safe point for STS. 5 Buyer issue Fully Funded LC/SBLC/BG in favour seller to seller’s bank. 6 Upon successful confirmation, seller’s vessel master at the instruction of seller issues final ETA to buyer’s vessel master and sail. 7 Two vessel berth along each other and tie up for transshipment at agreed point for STS between buyer and seller. 8 Seller vessel master issues invitation to buyer’s inspectors to cross over form buyer’s vessel to seller’s vessel and take sample for Q&Q. 9 Upon successful Q&Q, Seller apply for a draw down an amount as shall be agreed by the two parties for logistics and documentation. 10 Seller issues cargo documents as contained in the contract including WOT in buyer’s name and send to buyer. Transshipment commences. 11 Upon transshipment, seller’s bank issues documents for the cargo to buyer’s bank. 12 Buyer shall make payment with 72hours by swift of MT103 to all account as contain in the transaction contract. 13 Upon confirmation of payment, buyer’s vessel is release to sail. 14 Roll over. TTT TRANSACTION 3 1 Seller signs and seals the contract and dispatches to the Buyer in form of email. 2 Buyer countersigns the contract and dispatches a duplicate copy to the Seller via e-mail and return with valid vessel details (CPA, Q88, ATL AND RECEIPT OF CHARTER) 3 Buyer’s bank open communication with Seller’s bank and issue a letter of undertaking to issue by swift an irrevocable, divisible, unconditional, Operative, Revolving, Transferable, confirmed Letter of Credit via swift MT 760 in favour of seller upon receipt of a Marine NOR to their vessel. 4 Upon confirmation by seller’s bank, seller loaded vessel within 72hours issue a confirmed Marine NOR to buyer receiving vessel and copy buyer’s bank and other authorized mails not more than four. 5 Buyer vessel master acknowledge the Marine NOR and open communication with the seller pregnant vessel for an agreed point within Nigeria International free water. 6 Upon successful communication, Buyer’s bank raises by swift an irrevocable, divisible, unconditional, Operative, Revolving, Transferable, confirmed Letter of Credit via swift MT 760 in favour of seller to seller’s bank. 7 Upon successful communication, seller’s vessel master at the instruction of seller issues final ETA to buyer’s vessel master and sail accordingly 8 Two vessel berth along each other and tie up for transshipment at agreed point for STS. 9 Seller vessel master issues invitation to buyer’s inspectors to cross over from buyer’s vessel to seller’s vessel and take sample for Q&Q. 10 Upon successful Q&Q, Transshipment commences. 11 Upon transshipment, seller issues documents for the cargo to buyer and copy sent to the buyer bank. 12 Buyer shall make payment with 48hours by swift for the entire cargo by MT103 to all account as contain in the transaction contract on the out-turn barrels discharged as shall be signed by the two masters in the discharged certificate. 13 Upon confirmation of payment, buyer’s vessel is release to sail. 14 Roll over. PROCEDURE TTT 4 1. Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer countersigns the contract and dispatches a duplicate copy to the Seller via e-mail. 3. Buyer and Seller deposit same at their respective Banks. 4. Buyer’s bank open communication with seller’s bank and raises Proof of Fund by MT799 or MT760 swift in favor of Seller to his bank upon verification of Buyers nominated vessel. 5. Seller vessel send NOR to buyer’s vessel. 6. Two vessel berth along each other and tie up for transshipment at agreed point for STS between buyer and seller. 7. Seller vessel master issues invitation to buyer’s inspectors to cross over form buyer’s vessel to seller’s vessel and take sample for Q&Q. 8. Upon successful Q&Q, Seller apply for a draw down an amount as shall be agreed by the two parties for logistics and documentation. 9. Seller issues cargo documents as contained in the contract including WOT in buyer’s name and send to buyer. Transshipment commences. 10. Upon transshipment, seller’s bank issues documents for the cargo to buyer’s bank. 11. Buyer shall make payment with 72hours by swift of MT103 to all account as contain in the transaction contract. 12. Upon confirmation of payment, buyer’s vessel is release to sail. 13. Roll overOPTION WITH MT799 (TTT/TTO) 1. SELLER ISSUESS SPA FOR BUYER TO REVIEW, SIGN AND RETURN WITH NOR/ETA DETAILS INCLUDING THEIR BROKERS BANKING DETAILS AND FORWARD TO THEIR RESPECTIVE BANKS. 2. BUYER ISSUES MT799 BY SWIFT TO SELLER NOMINATED BANK. 3. UPON CONFIRMATION OF SWIT MT799 SELLER SENDS VESSEL FOR TERMINAL DISCHARGE VETTING AND APPROVAL. 4. UPON ACCEPTANCE OF VESSEL, SELLER LOAD VESSEL AND ISSUES NOR OR ATB TO BUYER’S VESSEL OR INSPECTOR 5. VESSEL ARRIVES AGREED POSITION FOR Q&Q. 6. UPON A POSITIVE Q&Q REPORT, BUYER RELEASE PAYMENT INSTRUMENT MT103, MT760 OR STANDBY LETTER OF CREDIT TO SELLER’S BANK FOR THE FULL CARGO BASED ON THE Q&Q ANALYSIS REPORT. 7. SELLER COLLATES A FULL SET OF THE CARGO DOCUMENTS AND APPROPRIATE COPIES IN BUYER’S NAME AND DISPATCHES SAME TO THE BUYER’S BANK FOR CONFIRMATION, INCLUDING THE OUT-TURNED REPORT WHICH WILL CONFIRM THE ACTUAL GROSS AMOUNT IS TO BE PAID OUT TO THE SELLER. 8. UPON BUYER’S BANK’S CONFIRMTION OF THE CARGO DOCUMENTS AND THE Q&Q REPORT, VESSEL DISCHARGES INTO BUYER’S VESSEL. BUYER SHALL EFFECT FINAL PAYMENT IN US DOLLARS VIA SWIFT MT103 AT SIGHT TO SELLER’S NOMINATED BANK ACCOUNT FOR THE OUT-TURN BARRELS DISCHARGED AS SIGNED BY THE TWO VESSEL MASTER. 9. (NOTE BUYER IS SOLELY RESPONSIBLE FOR, AND SHALL PAY, ANY AND ALL DEMURRAGE CHARGES INCURRED IF AFTER Q&Q, BUYER’S VESSEL IS NOT READY FOR TRANSHIPMENT. FOB PROCEDURE 1. PROCEDURE: 1. Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer countersigns the contract and dispatches a duplicate copy to the Seller via e-mail. 3. Buyer and Seller deposit same at their respective Banks. 4. Buyer nominates vessel, Send CPA, Q88, ATL & RECEIPT OF CHARTER to seller. Seller confirms. Seller issue letter of acceptance and invoice. 5. Buyer’s bank open communication with seller’s bank and raises a 10 % (total value of product) Standby LC in favor of Seller to his bank upon verification of Buyers nominated vessel (SBLC Text TO BE AGREED BY BOTH PARTIES). 6. Seller calls in buyer’s vessel into the NNPC Terminal and loads vessel. 7. Upon successful loading, vessel sail to a safe location, Marine ATB is issued and Buyer’s inspectors conduct Q&Q on loaded vessel. 8. Seller‘s Bank sends valid shipping documents to Buyer’s Bank. 9. Payment is done via Swift transfer and vessel is cleared to sail. FOB PROCEDURE 2 PROCEDURE: 1. Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer countersigns the contract and dispatches a duplicate copy to the Seller via e-mail. 3. Buyer and Seller deposit same at their respective Banks. 4. Buyer nominates vessel, Send CPA, Q88, ATL & RECEIPT OF CHARTER to seller. Seller confirms. Seller issue letter of acceptance, invoice and Terminal invitation to the vessel master and copy buyer. 5. Buyer’s bank open communication with seller’s bank and raises Letter of Credit in favor of Seller to his bank upon verification of Buyers nominated vessel. 6. Seller calls in buyer’s vessel into the NNPC Terminal and loads vessel. 7. Upon successful loading, vessel sail to a safe location, Marine ATB is issued and Buyer’s inspectors conduct Q&Q on loaded vessel. 8. Seller‘s Bank sends valid shipping documents to Buyer’s Bank. 9. Payment is done via Swift transfer and vessel is cleared to sail. FOB PROCEDURE 2 PROCEDURE: 1. Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer countersigns the contract and dispatches a duplicate copy to the Seller via e-mail. 3. Buyer and Seller deposit same at their respective Banks. 4. Buyer nominates vessel, Send CPA, Q88, ATL & RECEIPT OF CHARTER to seller. Seller confirms. Seller issue letter of acceptance, invoice and Terminal invitation to the vessel master and copy buyer. 5. Buyer’s bank open communication with seller’s bank and raises Documentary Letter of Credit in favor of Seller to his bank upon verification of Buyers nominated vessel. 6. Seller calls in buyer’s vessel into the NNPC Terminal and loads vessel. 7. Upon successful loading, vessel sail to a safe location, Marine ATB is issued and Buyer’s inspectors conduct Q&Q on loaded vessel. 8. Seller‘s Bank sends valid shipping documents to Buyer’s Bank. 9. Payment is done via Swift transfer and vessel is cleared to sail. FOB PROCEDURE 3 PROCEDURE: 1. Seller signs and seals the contract and dispatches to the Buyer in form of email. 2. Buyer countersigns the contract and dispatches a duplicate copy to the Seller via e-mail. 3. Buyer and Seller deposit same at their respective Banks. 4. Buyer nominates vessel, Send CPA, Q88, ATL & RECEIPT OF CHARTER to seller. Seller confirms. Seller issue letter of acceptance, invoice and Terminal invitation to the vessel master and copy buyer. 5. Buyer’s bank open communication with seller’s bank and raises Proof Of Fund by MT799 swift in favor of Seller to his bank upon verification of Buyers nominated vessel. 6. Seller calls in buyer’s vessel into the NNPC Terminal and loads vessel. 7. Upon successful loading, vessel sail to a safe location, Marine ATB is issued and Buyer’s inspectors conduct Q&Q on loaded vessel. 8. Seller‘s Bank sends valid shipping documents to Buyer’s Bank. 9. Payment is done via Swift transfer and vessel is cleared to sail.
Posted on: Wed, 30 Oct 2013 19:41:33 +0000