1. Buyer & Seller sign and seal this contract and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable.
2. Buyer's bank issues bank guarantee (BG) with $______ to the shipping company's bank in China VERBIAGE OF SBLC OR MT799. This document will be effective within 5 bank days while your Documents to be sent.
In case we fail to make the payment to you within 10 days from the date the CIQ Certificate to be issued （5 days grace)
(Revolving or not, you make the decision)
3. Seller confirms the BG and issue full set of delivery cargo documents as pop in the name of buyer/seller to buyer's bank together with DA(Documents against Acceptance) (bank to bank).
4. Buyer upon receipt of delivery cargo documents (bank to bank) as POP, issues port of discharge details and NOR/ETA format to seller.
5. Seller’s vessel Captain issues NOR/ ETA to buyer’s port of discharge as vessel sails to buyer's storage location.
6.CIQ Certificate to be issued.
7.The Bank instrument from the refineries/end-buyer’s bank to Pacific Int’l Group’s
bank to be shown to seller.(Bank instrument for entire cargo value)
8.The Buyer pays for the crude oil as per the Final Q & Q Report issued by CIQ, independent inspector at the port of discharge(in within 5-8 days)
Next shipment from step 4 to 8 or 5 to 8 (In case the first shipment is the trial and the BG is not revolving)
In case seller’s bank fail to deliver the documents within 5 bank days mentioned in step 3 above, $300k shall be paid to buyer.
In case seller’s bank neither deliver the documents within 5 bank days mentioned in step 3 above, nor return the BG, 1m$ shall be paid to buyer
This procedure shall be confirmed by ICC Nigeria two arbitrators
ONLY SELLER/MANDATE SHOULD CONTACT. MAILS WITHOUT IDENTITY WOULD NOT BE RESPONDED.