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      You are in ::  Home > Crude > Read
Crude Oil Read
Sell :: 856
Buy :: 188
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Count : 45
Kindly see the Sellers procedure for TTO-West African coast.
The procedure is not subject to change; only interested parties should reach me: 07083249082.

T.T.O-West African coast procedure.

1. Buyer and seller execute and seal this agreement, and exchange facsimile copy by fax or electronic mail. The electronically transmitted copy, signed by both parties in counterparts, shall be considered legally binding and enforceable. These signed electronic copies shall be lodged with their respective banks.

2. Buyer returns contract with full vessel or port facility nor details and marine atb format; buyers bank shall within days issue to buyer, copied the seller and the sellers nominated fiduciary bank RWA/bank confirmation letter (see attached sample: annex A1 or B2, via MT199 or account officers e-mail.

3. The receiving fiduciary bank will respond stating RWA to receive the MT799 (block fund) or MT760 SBLC -annex A or B2 and issue 2% performance bond.

4. Then within 3-days the issuing buyers bank will issue the MT799 (block fund) or MT760 SBLC for the entire cargo.

5. Within 3-days of validation and confirmation of buyers MT799 (block fund) or MT760 SBLC, sellers fiduciary bank shall issue 2% bank performance bond (PB) on behalf of the seller. Seller shall then nominate and load vessel in buyers name.

6. Seller shall within 3 banking days of issuance of the 2% PB issue an operative marine nor to buyer's Ghana or Lome port facility.

7. Seller move loaded vessel to 12 nautical miles of Lome/Ghana waters, and instruct captain, to issue MATB to buyers inspector and super cargo within 6 hours of arrival.

8. After confirmation of the marine ATB by the buyer, the seller shall release the following partial documents in buyer's name to buyer before vessel arrives the takeover point, : customs outward clearance, tank ullage report, bill of laden, vessel q88,master's receipt, cargo manifest, certificates of quality & quantity, N.N.P.C certificate of authenticity/warranty of title, marine ATB. All outstanding documents shall be issued after Q & Q analysis at the takeover point.

9. Buyer within 24 hours of receipt of MATB gets clearance from Ghana govt authorities and boards their inspector and supercargo.

10. Via attestation from captain, supercargo and inspector confirm cargo. The inspector disembarks with sample. Attestation is copied: the banks, the buyer and the seller.

11. The inspectors release the inspection report within 24 hours of disembarkation, to both buyer and seller and their banks. Seller on the basis of the report computes the final invoice for payment.

12. The seller shall immediately release the authority letter to vessel owner that enables buyer to undertake full charter of vessel for tanker takeover.

13. In addition, the seller re-assigns all remaining shipping documents under buyers name and presents all original documents to buyer's bank for payment.

14. The buyer's bank shall release payment and commissions to all nominated beneficiaries by MT103 or swift telegraphic wire transfer within 48- 72 hours upon receipt of shipping documents.

15. Upon confirmation of payment at seller's fiduciary bank, the vessel will be given full clearance to sail to her final port of discharge under buyer's discretion, authority and control.

16. Note: the signatures on this contract by the buyer and by seller means both accept all the content as for quantity, discount and procedures.

Kindly see the Sellers procedure for TTO-West African coast.
The procedure is not subject to change; only interested parties should reach me: 07083249082.

 Contact Information
Name   Mr. IBID IBID 
Company   Member : Greevalley Oil 
Email   Log In to See Email 
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Tel   TBN 
Fax   NA 
Mobile   TBN 

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