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||BLCO CIF WITH UPFRONT 2%PB, 2018/2019 NNPC BULK ALLOCATION ATS AND NNPC MANDATE LETTER. PRICE $10/6.
CIF PROCEDURE. FOR MT760 OR MT103/72
1. BUYER AND SELLER 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 RETURN SPA WITH NOR/ETA AND ATB FORMAT.
2.SELLER SEND HIS TWO NNPC CURRENT BULK ALLOCATION ATS AND NNPC MANDATE LETTER TO BUYER FOR BUYER'S INDEPENDENT VERIFICATION AND CONFIRMATION
3.BUYER'S BANK PRE-ADVICE SELLER'S BANK VIA SWIFT MT799 RWA ACCORDING TO SELLER APPROVED VERBIAGE [APENDIX A] TO THE BENEFIT OF SELLER NOMINATED FIDUCIARY BANK ACCOUNT IN THIS CONTRACT TO COVER THE VALUE OF 2MILLION BARRELS, AND SEND COPY TO SELLER.
4. SELLER VERIFIES AND CONFIRMS THE BUYERS SWIFT RWA. SELLER SWIFT 2% NON-OPERATIVE PERFORMANCE BOND TO BUYER BANK.
5. BUYER'S BANK CONFIRMS SELLER'S PB AND ISSUE MT760 (SBLC) TO ACTIVATE SELLER'S NON-OPERATIVE 2%PB.
SELLER/NNPC NOMINATES AND LOAD VESSEL OR NOMINATE VESSEL ALREADY IN CHINA OR ROTTERDAM OR ANY VESSEL CLOSED TO BUYER PORT OF DISCHARGE AND ASSIGNS THE CARGO DOCUMENTS IN BUYERS NAME SUCH AS:
2).BILL OF LADING
4).CERTIFICATE OF QUALITY.
5).CERTIFICATE OF QUANTITY.
7).MASTER RECEIPT OF SAMPLE.
8). CERTIFICATE OF ORIGIN
ALL DOCUMENTS TO BE IN BUYERS NAME,SELLER INSTRUCT VESSEL CAPTAIN TO ISSUE NOR/ETA TO BUYER, SAIL TO BUYER'S POD: , ANNOUNCE ARRIVAL TO THE HARBOUR IN FAVOR OF BUYER, NNPC'S VESSEL ISSUES ATB AND BUYER BOARD INSPECTORS FOR Q&Q/CIQ ANALYSIS.
5.UPON SUCCESSFUL INSPECTION ON NNPC VESSEL AND Q&Q/CIQ REPORT ISSUED BY SGS INSPECTORS WHICH IS RELEASED TO BOTH THE BUYER AND SELLER.
6. SELLER ISSUE COMMERCIAL INVOICE (CI) AND INSTRUCT VESSEL CAPTAIN TO DISCHARGE CARGO INTO BUYER'S STORAGE TANK.
7.BUYER CONFIRM UNLOADING OF CARGO AND MAKES FULL PAYMENTS BY MT103 DIRECTLY TO THE SELLER NOMINATED BANK ACCOUNTS AND COMMISSIONS WITHIN THREE (3) INTERNATIONAL BANKING DAYS AND SELLER ISSUE AND RELEASES ALL ORIGINAL DOCUMENTS IN BUYERS NAME TO BUYER.
8.NEXT SHIPPMENT COMMENCE.
PROCEDURE FOR MT700 (DLC) OR MT103/72
1. Buyer & Seller Sign & Seal the Contract and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable. Buyer return contract with NOR/ATB format.
2. seller issue his ATS/Allocation and NNPC mandate Letter to buyer for confirmation and verification, after confirmation,
3. Buyer Bank issue to Seller Bank 60 million dollars IRDLC via MT700 within Five Bank working Days (5 days) and upon confirmation of Buyer IRDLC via MT700 .
4. SELLER issues: Any outstanding shipping documents to buyer NOR, ETA, SELLER ensures that the cargo is FULLY documented, registered and obtains certificate of ownership/title of warranty and program in Buyer’s name.
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 Ullage report issued at loading terminal.
h. 1 Original and 3 copies of cleanliness report at loading port.
i. Certificate of Ownership
5. Vessel issues a Marine NOR/ETA to Buyer’s Port of discharge. The Dip Test Authority letter will also be provided to the Buyer.
6. Seller advises Master of the Vessel to set sailing to Buyer’s discharge port. Destination inspection shall be at Buyer’s discharge port.
7. Discharged into buyer’s nominated tanks and buyer arrange the CIQ inspection.
8. At receipt of the CIQ report, buyer make the full payment by MT103/TT within 3 banking days and both parties pay their respective agents as stipulated in the contract within 72hrs after product delivery to buyers nominated port of discharge against presentation of stated shipping documents, CIQ reports, commercial invoice. (Non-negotiable) at buyer's bank.
9. The title of cargo is to be changed to buyer.
10. Agent’s commissions will be provided simultaneously in the form of pay orders, which will be irrevocable, through the banks for the benefit of the following agents and brokers who are to be paid simultaneously with payment completion.