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      You are in ::  Home > Crude > Read
Crude Oil Read
Sell :: 1043
Buy :: 275
News :: 46
Count : 37
BLCO - TTO GHANA WATERS - NAIRA TRANSCATION 2018-04-17
 
DISCOUNT: #49/4

TTO TRANSACTION PROCEDURE

A. BUYER AND SELLER EXECUTE SPA, SIGN AND SEAL THE AGREEMENT AND EXCHANGE COPIES VIA FACSIMILE OR ELECTRONIC MAIL. THE ELECTRONICALLY TRANSMITTED COPY SIGNED AND SEAL BY BOTH PARTIES SHALL BE CONSIDERED LEGALLY BINDING AND ENFORCEABLE COPIED TO THEIR BANKS AND ALSO RETURN WITH NOR/ETA/ANNOUNCEMENT FORMAT.

B. BUYERS BANK ACCOUNT OFFICER SENDS EMAIL TO SELLERS FIDUCIARY ACCOUNT OFFICER STATING THE NEED FOR NOR AND ALSO STATE THAT UPON RECEIVING NOR FROM THE LOADED VESSEL, BUYER WILL BLOCK THE SUM OF NGN100,000,000 NAIRA TO FIDUCIARY ACCOUNT WITHIN 24 HOURS AFTER NOR.

C. AFTER RECEIPT OF EMAIL FROM BUYERS BANK, SELLER INSTRUCTS VESSEL CAPTAIN TO ISSUE NOR TO GHANA HABOUR MASTER ACCORDING TO BUYERS NOR/ETA/ATB FORMAT WITHIN 72 HOURS.

D. BUYER ACKNOWLEDGES THE MARINE NOR AND BLOCKS NGN100,000,000 NAIRA FOR LOGISTICS TO SELLERS DESIGNATED FIDUCIARY ACCOUNT IN THIS CONTRACT WITHIN 24HOURS AFTER RECEIVING M/NOR

E. SELLERS CONFIRMS BUYERS INSTRUMENT AND INSTRUCT LOADED VESSEL CAPTAIN TO ISSUE ETA TO BUYER ACCORDING TO BUYERS SUBMITTED NOR/ETA/ATB FORMAT.

F. THE LOADED VESSEL MASTER ON THE INSTRUCTION OF THE SELLER SAILS TO THE POINT OF QNQ AT 10 TO 12 NAUTICAL MILES OFF TEMA PORT IN GHANA WATERS, WHERE HE WILL ANNOUNCE HIS ARRIVAL, DECLARES HIS PRESENCE TO THE PORT CONTROL ON VHF RADIO CHANNEL------- AND ----- ON BEHALF OF -----, COPY ALL EMAILS IN THE FORMAT.

G. BUYERS AGENT CLEARS VESSEL IN AND CAPTAIN DROPS ANCHOR AND ISSUES MARINE AUTHORITY TO BOARD (MATB) TO BUYERS INSPECTION TEAM AND STATE ITS LONGITUDE ---- AND LATITUDE ----- CLEARLY FOR EASY BOARDING AND OPEN THE VESSEL VHF CHANNEL FOR PROPER COMMUNICATION WITH THE INSPECTOR

H. BUYERS INDEPENDENT INSPECTION COMPANY (SGS) SHALL BOARD AT AGREED LOCATION. SUPERCARGO CONFIRMS PRODUCT AND ATTESTATION SENT TO ALL EMAILS THROUGH CAPTAINS DESK, INSPECTOR DISEMBARK WITH PRODUCT SAMPLE.

I. BUYER INSPECTORS CONDUCTS QUALITY AND QUANTITY TEST ANALYSIS (Q&Q) AND ISSUE CONFIRMED POSITIVE RESULT REPORT SENT TO BOTH BUYER AND SELLER VIA E-MAIL, BUYER RELEASES NGN100,000,000 NAIRA FOR LOGISTICS.

J. THE LOADED VESSEL, WILL BE OFFICIALLY REASSIGN IN BUYER'S NAME AS

THE CONSIGNEE OF PRODUCT BY THE OFFICER IN MARINE AND SHIPPING DEPARTMENT OF THE NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC) BONNY TERMINAL ( PARTIAL PROOF OF PRODUCT) THE COMPLETE FULL SET OF ORIGINAL SHIPPING DOCUMENTS IN FAVOR OF THE BUYER INCLUDING:
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.) 1 Original and 3 Copies Certificate of Ownership & Warranty of Title.

K. SELLER NOTIFIES BUYER WITH COPIES OF PPOP WITHIN (48 HOURS) FOLLOWING THE

AGREEMENT UPON SUCCESSFUL COMPLETION OF Q&Q AND RECEIPT WITH COMMERCIAL INVOICE FOR PAYMENT.

L. BUYER PLACES SWIFT MT103/72 TO NNPC/TERMINAL NOMINATED ACCOUNT IN FAVOUR OF SELLER, SELLERS ASSIST BUYER TO RECHARTER VESSEL. BUYER TAKES OVER THE CARGO OWNERSHIP AND WARRANTY OF TITLE, AS THE CONSIGNEE WITH FULL SET OF THE SHIPPING DOCUMENTS.

M. BUYER PAYS FOR ENTIRE CARGO COST VIA TRANSFERABLE MT103 WIRE

TRANSFER INTO TERMINAL/NNPC NOMINATED ACCOUNT AND PAY COMMISSION TO

AGENTS ACCOUNTS WITHIN 72 HOURS BASED ON OUT TURNED BARREL AS PER Q&Q REPORT AFTER SELLER’S PRESENTATION OF SHIPPING DOCUMENTS, SELLER’S COMMERCIAL INVOICE, AS STATED IN THIS CONTRACT WHICH IS ALREADY IN BUYER’S NAME AND DEDUCT N100,000,000 MILLION NAIRAFOR LOGISTICS.

N. LOADED VESSEL SAILS TO BUYER’S DESTINATION AND NEW TRANSACTION BEGINS.

O. NEXT TRANSACTION BEGINS.

+60166955412
 
 Contact Information
Name   Mr. Joe C.Y. 
Company   Member : JP INT'L PTY LTD 
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Tel   +65100 
Fax   +65200 
Mobile   +65100 
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IP   123.136.116.196 

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