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      You are in ::  Home > Crude > Read
Crude Oil Read
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Count : 293
ESCROW BASED PROCEDURE WITH PENALTY 2020-09-24
 
Seeking a CAPABLE seller of BLCO who actually understands and can work with escrow.
Please.....we are not interested in mandates, sellers or agents who do not understand how escrow works. You will get caught out early if you intend to lie about your understanding, we have experienced this many times.
A capable seller will understand the security of escrow, particularly when it will be held with Citibank NY, a top ten bank.
Buyer wants to verify product before payment, but will escrow 1 million dollars as a penalty if they do not proceed after the dip test.
Vessel must be in China waters near Qingdao port for buyer to send team to dip test
CIF Procedure as follows:

1. Seller issues Contract for buyer signing. Buyer signs SPA and returns with CIS/CP with passport copy both party lodge contract into buyers and sellers bank respectively.

2. Buyer and Seller finalize escrow agreement and lodge with Citibank New York. Buyer deposit ($1,000,000.00) ONE MILLION US DOLLARS into Citibank New York Escrow account (see step 7).

3. Upon Sellers confirmation of Escrow via bank secured emails from bank domain, seller authorises loaded vessel captain to immediately issue NOR to buyers pod. Seller provides all loaded cargo pop in buyers name.

4. Captain issues sailing advice and ETA to buyers POD and loaded vessel proceeds to buyers POD with periodic ETA of six (6) to twelve (12) hour intervals.

5. Upon arrival at buyers POD, captain request for buyers inspection SGS,ATB FORMAT,and captain issues to buyers inspection team MATB for Q&Q analysis.

6. Buyers inspection team board vessel for Q&Q in Chinese waters. On completion of buyer inspection, Q&Q report is presented to both buyer and seller.

7. (a) Upon satisfaction of the Q&Q report seller issues invoice for final payment of the cargo and buyers bank issues MT103/72 (or DLC MT 700 for contract) to NNPC/ seller within 5 days of the completion of Q&Q analysis. NNPC/ seller instructs the vessel captain to proceed and discharge at the buyers nominated storage

(b) If buyer fails to issue MT 103/72 or DLC (MT 700) within 5 days after completion of Q&Q analysis, the full amount of ONE MILLION US DOLLARS ($1,000,000.00) held in Citibank New York Escrow account, will transferred to sellers account.

8. Following confirmation of discharge of the product into buyers tank MT 103/72 immediately converted to cash for final payment to sellers account or payment to be made via MT103 TT (in the case buyer issues MT700 as payment guarantee) and all intermediaries involved in the contract agreement.

 
 Contact Information
Name   Mr. Dean Longworth 
Company   Member : DNL Commerce Pty. Ltd. 
Email   Log In to See Email 
   Inquire Now 
Tel   0424483395 
Fax   6787867867 
Mobile   0424564564 
Web    
IP   101.114.169.187 

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