Buyer and Seller sign and seal the Sales and Purchase Agreement (SPA) including full Banking co-ordinates.
2. Buyer returns signed SPA with Tank Farm documents, NOR Format and Tank Farm Details.
3. Upon confirmation of the Tank Farm Details, Seller shall issue an Attorney-notarized Indemnity of N50,000,000.00 WITHIN 24hrs.
4. Upon confirmation of indemnity, Buyer issues Bank Gaurantee(BG) or Irrevocable Bank Payment Undertaking (IBPU).
(Note: If Buyer doesn't want to do BG or IBPU, BCL is acceptable to issue NOR and move product to Tank Farm but with NO UPFRONT INDEMNITY)
5. Within 72hrs, Seller moves cargo to Tank Farm for Q and Q analysis and discharge. (NOTE: With only BCL, Seller is to pay 50% of the total value or place total BG before discharge)
6.Within 48hrs, Buyer pays for the value of the entire product. Buyer also pays the Commission to all agents, as reflected in Sales and Purchase Agreement (SPA), which he signed with the Seller.