PAYMENT / BANKING PROCEDURES- DELIVERY TO LAGOS/PH/CALABAR TANK FARM. #165 LESS 2
1. Seller issues SPA and Buyer signs and return with acceptance Letter along with Tank Farm details and NOR FORMAT, and the tank farm manager's phone number.
2. Buyers Bank writes to Sellers Bank on readiness to issues an Irrevocable Bank Guarantee to Sellers nominated account upon receipt of a 1% Performance Bond
3. Seller confirms Buyers Bank letter and issues a 1% Performance Bond to the Buyers Bank
4. Buyers Bank confirms 1% Performance Bond and issues an Irrevocable Bank Guarantee for the total product
5. Seller confirms BG and issue marine NOR, bunkers and moves the vessel to buyer's tank farm.
6. Vessel arrives tank farm anchorage, and captain issues Marine ATB to invite buyer's inspectors for confirmation and Q & Q analysis.
7. Upon Q & Q buyer discharges product into Buyer's Tanks.
8. Upon completion of Discharge, Buyer pays the cost of the entire cargo to seller, agent and facilitators simultaneously, according to agreed terms on the Bank Guarantee.
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