LAGOS TANK FARM DELIVERY N152/2. BUYER SIDE OPEN.
VERY EASY PROCEDURE. NOTE: IF YOU/BUYER CANNOT DO THIS PROCEDURE PLS DONT BOTHER CALLING.
1. The Seller issues a signed Sales and Purchase Contract. Buyer returns signed SPA with valid Tank Farm throughput and nor format. The executed contract is exchanged by Electronic Data Transmission (EDT), e−mail. The electronically transmitted copy, signed by both parties shall be considered legally binding and enforceable until hard-copy instruments are executed and exchanged. Copies are deposited with both parties respective Bank officers.
2. Buyer Bank preadvice it readiness to issue Bank Guaranty (BG) of the entire transaction quantity, that will get activated by seller's 1%PERFORMANCE BOND (PB).
3. Seller Bank confirms it readiness to issue 1% PB upon receipt of Buyer's Bank BG.
4. Buyer’s Bank issues BG of the entire transaction quantity, and seller's Bank respond by issuing 1% PB, and Buyer’s BG gets activated.
5. Seller instructs Captain, and Captain Sends Notice Of Readiness (NOR) to buyer’s tank farm manager.
6. Buyer’s Tank Farm manager acknowledges NOR.
7. Seller’s Captain move vessel to buyer's jetty for Q&Q. Seller's vessel arrives buyer’s Storage, and tie. (Seller's vessel arrives buyer’s Storage after 4 - 5 days of receiving BG).
8. Buyer inspector conducts QNQ test at buyer’s expense. Q&Q test comes out positive, Buyer’s BG crystallizes to cash.
9. Seller instruct his Captain to discharge product into buyer’s Storage facility.
10. Buyer makes payment to seller nominated account, and the facilitators account in the SPA via MT103.
11. Seller releases product documents to Buyer and Business Close.