Free boarding Nigerian waters
TTO GHANA PROCEDURES:
1. Seller and buyer sign this contract and deposit with their respective banks. Buyer returns the signed SPA with ATB format, inspector's and NNPC approved supercargo’s details and scanned IDs.
2. Seller issues MATB and invites buyer’s supercargo to board loaded vessel in Nigeria waters for confirmation of product. Buyer immediately pays and secures an NNPC/NAVY tugboat for boarding the supercargo in Nigeria waters.
3. Seller boards the supercargo on pregnant vessel, and upon confirmation of product and receipt of attestation, buyer blocks $500,000.00 (Five Hundred Thousand US Dollars) in Buyer’s account and send proof to seller and seller’s bank for logistics and documentation.
4. Upon confirmation of blocked funds for logistics by seller and seller’s bank, seller instructs captain to move the loaded vessel to Ghana international waters while buyer’s supercargo remains onboard.
5. Upon vessel arrival at Ghana international waters, Seller boards buyer’s inspection team in Ghana waters at buyer's expense.
6. Buyer's inspector conducts Q&Q on loaded vessel.
7. Upon successful Q and Q, buyer instructs their bank to release the $500,000.00 blocked funds for logistics and documentation to seller’s bank.
8. Upon confirmation of the release of $500,000.00, seller transfers entire cargo documents to Buyer's name and issues commercial invoice to Buyer and Buyer's bank.
9. Within 72 hours, Buyer's bank effects payment for the entire cargo less the half a million dollars ($500,000.00) already paid for logistics, via MT103 to Seller's account, and pays commissions to all intermediaries involved.
10. Seller confirms payments, assists Buyer to re-charter the vessel, and transfers title / ownership to buyer, and the loaded vessel sails to buyer’s port of discharge.
11. Next transaction is scheduled.
This Contract shall not be modified unless via mutual agreement of the principals hereto.