1. Buyer and Seller sign and seal Contract and indemnity including banking coordinates and exchange signed copy by electronic mail.
2. The electronic signed copy by both Parties is considered legally binding and enforceable and MUST not be changed. The executed SPA is lodged in their respective banks.
3. Buyer return signed SPA with Valid Tank Farm Document. Valid thru-put, valid tank farm agreement, tank farm receipt and invoice, tank farm manager name & phone number, NOR/ETA FORMAT.
4. Buyer place BG or IBPU or Block fund (N100 million) on total cargo in favor of seller fiduciary account Verbiage attach: Thru: . The blockage must be for 15 working days minimum.
5. Seller confirms Instrument BG or Block-fund in favor of seller Fiduciary account, and activates the instrument with 2%Pb as agreed upon.
6. Upon Confirmation of both agreed parties (Seller & Buyer) financial agreement.
7. Seller get cargo loaded and instructs his Captain’s to issue Marine NOR/ETA to buyer Tank Farm.
8. Buyer’s tank farm Manager or Operational manager, confirms and acknowledges the NOR/ETA.
9. Upon Acknowledgement of NOR/ETA by Tank farm management, Vessel sail to Buyer tank-farm for delivery.
10. (Please Note: Since it’s a small Vessel, is 50% Payment after QnQ before transshipment and remaining 50% balance within 48hrs after transshipment).
11. Upon successful item 8 above, Cargo documents are release to the buyer and returned for re=loading to another designated tank farm.