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      You are in ::  Home > AGO/Gasoline > Read
  AGO/Gasoline Oil Read  
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Buy :: 113
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Count : 75
IBPU/BAL/LC ACCEPTABLE: TANK FARM DELIVERY: N150/2, TTO:N140 TTT:N140/2 2018-01-10
 
IBPU/BAL/LC ACCEPTABLE: TANK FARM DELIVERY: N150/2, TTO:N140 TTT:N140/2

PROCEDURE FOR TANK FARM DELIVERY.   
(A). Seller and Buyer signs SPA with banking coordinators and lodge in with their respective banks. The electronically signed documents are legally binding and enforceable in the court.   
(B). Buyer returns the signed SPA and return with Authority to board (ATB) format/Notice of Readiness (NOR) format, Full Tank Farm Information, including throughput receipt/agreement or Proof of ownership to Seller with Phone number of tank manager.   
(C)Buyer Bank Issues IBPU(Irrevocable bank Payment Undertaken) for Total Cargo.   
and Deposit copy to Sellers Bank Through Bank to Bank for Seller’s Bank to Confirm.   

OR  

Block N5Million Naira to get NOR/ETA, which becomes cashable after 48hrs,And then proceeds to issue IBPU for the entire cargo.  


(D) Within 72hrs seller’s Bank \Capt delivers full cargo docs. Marine NOR, ETA, ATS to buyer and cargo stations at Outside Bar of buyer’s Tank Farm.   

(E) Inspectors Conduct Q&Q test.Buyer’s bank issue Payment Instrument to Seller and intermediaries as stated in Contract. Then cargo is discharged into buyer’s Tank Farm.   

(F) Buyer’s bank pays for total cargo in full after deliverythrough MT103.   

(G) And upon receipt of full document from seller, vessel untied and sail
 
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