Buyer is to pay the seller and all agents/facilitators
2. Buyer and Seller sign the contract SPA and buyer returns signed SPA with complete NOR/ETA formats, with Throughput agreement and Tank Farm details. Both parties deposit copies of signed SPA with their respective banks.
3. Seller gives POP to buyer and buyer blocks 50 million in seller's account.
4. Seller confirms buyer's block funds and then nominates and loads vessel with first shipment volume of , in the buyer's name. Seller shall also send soft copies of cargo documents to the buyer via email.
5. Seller sends NOR/ETA to buyer's Tank Farm Storage Master, stating time of arrival of vessel to Jetty.
6. Buyer's Tank Farm Storage Master acknowledges NOR; and also states buyer's readiness to berth loaded vessel at the Jetty.
7. Seller's loaded vessel moves to buyer's Jetty for discharge of cargo.
8. Upon arrival of the pregnant vessel, seller's vessel captain issues MATB to Buyer's Supercargo and Inspectors for confirmation and withdrawal of cargo samples for Quality and Quantity Analysis and also positions vessel for Q & Q.
9. Buyer's inspectors conduct Q & Q analysis and send reports to both Buyer and Seller.
10. Buyer places full MT103/23 for final payment based on Q & Q report; and releases fifty million naira (N50,000,000.00) logistics fee to the seller's nominated account for documentation.
11. Seller's vessel discharge cargo into Buyer's storage facility; and then issue relevant cargo documents in Buyer's Company name.
12. Within 48 banking hours, Buyer effects final payment for cargo to seller's nominated account and pay all commission to all nominated agents' accounts. Seller shall confirm all payments and then revert for subsequent ship
NOTE: IF SELLER SUPPLY PRODUCT WHICH IS DIFFERENT FROM PURE AGO OR AFTER BUYER PAY THE CASH TO SELLER TO ISSUE MARINE ATB AND BOARD BUYER INSPECTOR,THE SELLER IS LIABLE TO PAY TWO MILLION TO BUYER,IF BUYER BOARD HIS INSPECTOR,CONFIRM THE PRODUCT AND THE PRODUCT IS PURE AGO AND BUYER COULD NOT RAISE BG,HE IS LIABLE TO PAY TWO MILLION TO SELLER
NOTE: END BUYERS ALONE
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