ARTICLE 19: PROCEDURE TTO COTONOU.
NOTE: WE NEED TO KNOW THE FINAL DESTINATION OF THE CARGO.
( THIS IS VERY IMPORTANT).
1. Buyer/ Seller sign spa
2. Buyer returns spa with Nor/Eta/ Announcement format including shipping agent details - name and telephone no, supercargo and inspector details (NNPC Accredited).
3. Buyer issues a N100m block funds
4. Seller confirms buyer's block funds , issues NOR/ETA, sail to 12NM Cotonou/Ghana waters and announce its arrival to port control/harbor master in favour of the buyer and shipping agent.
5. Buyer's shipping agent clears the vessel to Q&Q position.
6. Buyer pays N100m logistics before boarding.
7. Seller confirms N100m ogistics payment and issues MATB to buyer's inspection team and boarding at Buyer's expense.
8. Buyer's supercargo issues confirmation of product on board via attestation through the vessel captain's email domain and send to the buyer/ seller and their respective banks.
9. Buyer's inspector conducts Q&Q and within 48 hours send result to the buyer/ seller and their banks.
10. Seller issues commercial invoice as per Q&Q result.
11. Buyer effects full payment into seller's , agents and faciitators nominated accounts as stipulated on the spa less N100m for logistics.
12. Seller confirms payment and releases the product papers to the buyer and buyer recharters the vessel.
13. All demurrage at the port of discharge is for the buyer's account