The procedure for this transaction as indicated here under shall be as follows in its strictest terms. This is a TTO CONTRACT, with room for rolls and extensions subject to negotiations.
Seller and Buyer 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.
Buyer shall release to Seller: - The valid ATB FORMAT/TUG BOAT DETAILS/SCAN DOC OF INSPECTORS & SUPER CARGO and must be NNPC approved.
Upon receipt and confirmation of the items as mentioned above, Seller’s vessel Captain shall issue MATB/CLEARANCE and boards Buyer Super Cargo and upon confirmation of product and ATTESTATION from the Captain’s email domain, Buyer shall by swift block N50,000.000.00 for Logistics/Security and Documentation directly in favour of Seller’s Fiduciary: DIVINE CHRYSTAL VIEW LIMITED thru their account officer; RUKE ONOMU, email: ruke .firstname.lastname@example.org send details to us. Upon confirmation of the blocked fund, Seller’s vessel Captain shall send Marine NOR/ETA and on arriving in Cotonou waters, Announce her arrival to the Harbour Master and the Buyer.
Sellers gives MATB/CLEARANCE 10-12 nautical miles in Cotonou water for inspectors to come on board for sampling. Inspectors come down with sample for Q&Q analysis and Buyer unblock the N50,000.000.00 for Logistics/Security and Documentation into Seller’s Fiduciary account.
Upon a positive Quantity and Quality test, buyer makes full payment of the total cost of the cargo less the Logistics/Security and Documentation sum of N50,000.000.00via MT103/23 by SWIFT into seller’s account and simultaneously to the agents and facilitators account as stipulated in the SPA.
Seller confirms payment and releases all the necessary documents to buyer.
a) Original and 3 Copies of Commercial Invoice.
b) Full Set of 3 Original and non-negotiable Copies of Bill of Lading.
c) 1 Original and 3 Copies of Certificate of Quantity.
d) 1 Original and 3 Copies of Certificate of Quality.
e) 1 Original and 3 Copies of Certificate of Origin.
f) 1 Original and 3 Copies of Master’s Receipt of Samples
g) 1 Original and 3 Copies for Master’s Receipt of each one-copy document
h) 1 Original Ullage Report issued at loading Terminal.
i) 1 Original and 3 Copies of Cleanliness Report at loading Port.
j) 1 Original and 3 Copies of Customs clearance certificate
k) Charter Party Agreement (CPA)
L) Original and 3 Copies Certificate of Ownership & Warranty of Title
m) Authority to sell cargo on board
Seller introduces vessel’s owners, operators or agents to the buyer for payment of the charter and buyer pays for the charter.
Seller brings down all the security personnel on board and allows Vessel sail to buyer’s destination.
GROSS: US$12.00 LESS $4.00 P/B
NET TO BUYER: US$8.00/BBL
$2.00 to Seller Agents/Facilitators and
$2.00 to Buyer. ($1.70left)