BLCO TTO PROCEDURE - OFFSHORE TEMA WATERS:
1. Seller issues Contract. Buyer signs and seals and sends back to the Seller along with NOR/ETA/ATB formats.
2. Buyer’s bank issues Bank Letter to seller bank demanding for 2% performance bond of $300,000 being value for logistic of moving vessel to Ghana Waters and that buyer’s bank will place after the receipt of the performance bond from the seller bank as follows: DIAMOND BANK PLC, USD ACCOUNT NO. 0023382151 IFO KG KENTEL ASSOCIATES LIMITED; After the exchange of letter between the banks and placement of 2 % performance bond by seller’s bank and receipt of $300,000 from buyer’s bank .The seller shall commence process of moving products to buyer in Ghana Waters.
3. Upon confirmation of the 2 above,Seller shall within 10banking days nominate and load vessel, then instruct vessel captain to issue via email NOR/ETA. Upon vessel's arrival, vessel captain must announce arrival via VHF Channel 16 to the port authority on behalf of Buyer and vessel master must switch on the vessel AIS system/Transponder. Buyer through his agent confirm vessel announcement and presence.
4. Buyer will clear the vessel at his own cost. Buyer will provide copies of the clearance to Seller and vessel captain.
Vessel captain will issue via email marine ATB from vessel domain and Buyer will board his supercargo and inspector to conduct Q/Q at his own cost.
5. Upon physical confirmation of product and release of Attestation by Buyer’s supercargo, the Inspector shall takes sample and conduct Q&Q, with copies of report sent to Buyer and Seller.
6. Seller issues full cargo documents in Buyer's name or to his Assignee, along with Commercial Invoice. Buyer within 72 hours make Direct swift MT103 (wire transfer) payment for product to the Seller's bank upon presentation of the final trade commercial invoice and pay Commission to Intermediaries as stated on this Contract. Minus the $300,000
7. Seller confirms payment and release hard copies of full cargo documents in Buyer's name and/or Buyer Assignee name.
8. Seller assists Buyer to re-charter vessel. Once CPA is obtained, vessel is cleared to sail to Buyer's POD.
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