PRODUCT: BLCO QUANTITY: 2 MILLION BBLS PER MONTH x 12 MONTHS PRICE: $12/$8; COMMISSION $4 (50/50) DELIVERY: CIF CLAUSE 9 – CONTRACT & BANKING PROCEDURE A. Seller and Buyer sign and seal the Contract and exchange the Contract via e-mail. Along with a signed contract copy, the Seller shall provide the Buyer with an verifiable Authority to Sell issued by the NNPC in favor of the Seller, confirming the availability and Seller’s authority to sell the Goods in the quantity and quality as stipulated in this Contract. B. Upon signature and exchange, the Parties lodge the Contract copies and Seller’s Authority to Sell with their respective banks. C. Seller’s bank confirms by SWIFT their readiness to Buyer’s bank to issue a non-operative PB in the amount of USD 4,000,000 (United States Four Million Thousand) in accordance with this Contract and Buyer’s bank confirms to Seller’s bank by SWFT their readiness to accept said PB. D. Seller’s bank issues Non-Operative PB in accordance with Clause 8 of this Contract. E. Buyer’s bank issues SBLC in accordance with Clause 7 of this Contract, to activate Seller’s PB. F. (First) shipment commences in accordance with Clause 3 and the provisions of this Contract. G. Buyer’s bank pays the (first) shipment on basis CIF out-turn Barrels in accordance with Clause 6 and Clause 7 of this Contract. H. Upon completion of the first monthly shipment of Two Million (2,000,000) Barrels in March 2014, the next monthly shipment of Two Million (2,000,000) Barrels shall follow in April 2014 beginning with step C of this procedure and every month until the Contract has been completed and the total contract
Posted on: Thu, 27 Mar 2014 23:00:48 +0000
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