BLCO CIF NNPC / FINANCIER LIFTING PROCEDURE CIF a. Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable. b. Buyer /Buyer’s bank request from seller a written permission or authorization letter to contact seller’s bank to verify and confirm the 2% PB in letter of credit format from the sellers bank. c. Buyer‘s bank verifies the 2% PB in letter of credit format from the sellers bank. d. Buyer’s bank upon the confirmation of 2% performance bond credit format from seller’s bank, shall within five banking days open irrevocable, confirmed, revolving, divisable BG/SBLC of the total value of cargo in favour of seller revolving for one year one month e. Within (14) banking days the Seller issues the confirmable POP and PROVISIONALLIFTING RIGHT and NOMINATED VESSEL details in Buyer’s name for one way voyage charter orfull charter to Buyer’s port of dis-charge. f. Within the next sixteen (16) banking days, Seller furnishes Buyer with CPA & Q88and the following documents are provided to Buyer and/or Buyer’s bank: a. Clean – on – Board Ocean Bill of Lading b. Certificate of Quantity (SGS or equivalent) c. Certificate of Analysis (optional) d. Certificate of Origin e. Certificate of Quality f. Seller’s Commercial Invoice g. Vessel Ullage Report {optional} h. Receipt of Samples (optional) i. Cargo Manifest g. After the vessel has discharged its cargo at Buyer’s designated port outlined above and Buyer has received the Port Discharge Q & Q Report from SGS Inspectors, including all relevant documents presented by the Seller after the time of cargo delivery as required by the payment instrument, Buyer must make the payment by MT103 OR SWIFT Wire Transfer to Seller’s Bank Account for this transaction and to all Payees named herein. h. Payments are made by MT103 OR Swift Wire Transfer directly to the Seller’s bank accounts and all parties as stipulated in this agreement within three (3) international banking days after product delivery and discharge at Buyer’s nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyer’s bank. i. The signatures on this contract by the Buyer and by Seller mean both parties accept all the contents as for Quantity, Price and Procedure
Posted on: Mon, 03 Nov 2014 10:30:46 +0000
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