PROCEDURE TTO COTONOU WATER:
1. Buyer signs, seals and returns this SPA including its Banking Coordinates to the Seller with MATB Format, NOR Format and Details of its Supercargo and Inspector and the scanned copies of their International Passports.
2. The Electronic Copy signed by both Parties is legally binding and enforceable and must not be changed. The Electronic Copy of this Contract or SPA signed by both parties shall operate as the Original copy and shall have the same full force, power and effect as the Original copy and shall be lodged in their Banks.
3. PRICE SHALL BE LESS A GROSS DISCOUNT OF USA $12:00/BRL. OF WHICH $8:00/BRL SHALL BE NET TO BUYER AND $4:00/BRL AS COMMISSION ON THE BASIS OF USA $2.00/BRL TO SELLER’S SIDE AND USA $2.00/BRL TO BUYER’S SIDE.
4. Seller issues Marine NOR/ETA To BUYER BASED ON ITS NOR FORMAT . BUYER CONFIRMS AND BLOCK N100,000,000.00 (ONE HUNDRED MILLION NAIRA ONLY) for the purpose of Seller moving the loaded Vessel to Cotonou Water. Buyer’s Bank forwards to Seller’s Bank, a Letter of Confirmation of the Blocked Fund of N100,000,000.00 as per Seller’s Verbiage.
5. After Seller’s Bank verification of the Buyer’s Bank letter of Confirmation of Blocked Fund of N100,000,000.00, the Seller’s loaded Vessel Proceeds To 10-12 Nautical Miles Cotonou Waters . Makes Announcement In Seller’s / Buyer’s Name.
6. Captain issues Clearance and MATB to Buyer or his shipping agent. Buyer's team boards at Buyer's cost (port clearance and tugboat), and confirms product.
7. Upon successful Q&Q, on COTONOU Waters, the Buyer unblocks the Fund of N100,000,000.00 (ONE HUNDRED MILLION NAIRA ONLY) and pay the N100,000,000.00 into Seller’s nominated Account.
8. PLEASE NOTE: That the Buyer shall Irrevocably release and pay immediately or within 24 (Twenty Four) Hours after Buyer’s confirmation of product and Q&Q, theagreed sum of USA $1, 000,000.00 (One Million Dollars Only) into the Seller’s Account stated in this SPA or Contract for Logistics.
9. Within 72 hours after receipt of the Quality and Quantity (Q&Q) Report meeting NNPC Specification, Buyer shall Irrevocably pay into the Seller’s Account stated in this SPA the Total Cost of the Cargo via MT 103 less logistics of USA $1, 000,000.00 (One MillionDollars Only) and N100M (One Hundred Million Naira Only) already paid.
10. Original Copies of Cargo Documents are issued to the Buyer in the Buyer’s name and All commissions are paid.
11. Vessel is re-chartered to Buyer and sails to final Buyer's destination.