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BLCO TTO 10/7 2M BBLS
We need the below commitment letter on Buyer's letterhead along with NCNDA /MPFA , seller sends ATB to the buyer as per below procedure
Commission USD 1.50 seller side closed
Buyer side USD 1.50 (closed with .70 cents)
"Price, Procedure NON NEGOTIABLE"
LETTER OF COMMITMENT AND INTENTION
Dear Sir,
We, do, hereby, with corporate authority and responsibility offer to buy the Bonny Light Crude Oil under terms as specified hereunder, subject to final contract.
Commodity: CRUDE OIL;
Origin: NIGERIA
Quantity: 2, 000, 000 M BBLS
Delivery: TTO
Discount: US$10.00 GROSS AND US$7.00 NET TO BUYER.
Payment: By irrevocable, confirmed or confirmable, assignable, letter of credit, from a top USA, European or African Bank, 100% payable against presentation of documents to be acceptable to the Seller’s Bank;
BANKING DETAILS: ?
CONDITIONS: a. Issuance of Authority to Board.
B. Successful boarding of Buyer’s Supercargo and supercargo’s confirmation of location of vessel and cargo.
C. Buyers places a non-operable Bank instrument (LC/BG/MT 760) which shall be activated by the seller’s 2% performance Bond.
D. Seller organizes ATB for Buyers Inspectors for Q and Q analysis at Buyer’s preferred Location.
E. Upon receipt of satisfactory Q and Q, Sellers re-registers all documentation in Buyers name and also reprograms cargo.
F. At presentation of documentation at buyers bank, payments is made after verification by KTT transfer.
Yours Faithfully,
Name
Position.
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