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      You are in ::  Home > AGO/Gasoline > Read
  AGO/Gasoline Oil Read  
Sell :: 468
Buy :: 119
News :: 19
Count : 69
TTT/TTO PROCEDURES 2018-11-08
 
TTT

1. SELLER ISSUES SPA, BUYER SIGNS AND RETURNS WITH VALID VESSEL DETAILS INCLUDING CPA, Q88, ATL, CI, ATB/NOR FORMAT

2. BUYER ISSUES BLOCK FUND OF 50 MILLION NAIRA, SELLER ISSUES NOR AND BOTH VESSELS LONGSIDE AND TIE-UP, BLOCK FUND CRYSTALLIZES INTO CASH

3. TRANSSHIPMENT COMMENCES AND UPON SUCCESSFUL TRANSSHIPMENT, FINAL PAYMENT IS MADE LESS 50 MILLION NAIRA

4. SELLER CONFIRM PAYMENT AND RELEASES HARD COPY OF DOCUMENTS TO BUYER

5. VESSEL IS RELEASED TO SAIL TO POD

TTO
1.BUYER AND SELLER SIGN AND SEAL THE SALES AND PURCHASE AGREEMENT INCLUDING FULL BANKING CO-ORDINATES. BUYER RETURNS SIGNED SPA, ATB FORMAT,DETAILS OF SUPERCARGO AND INSPECTORS, INCLUDING IDS AND CONFIRMATION COPY OF N50M BLOCK FUND INTO SELLER'S ACCOUNT. (NB: BLOCK FUND MUST BE EXCHANGED BETWEEN BUYER AND SELLER ACCOUNT OFFICERS USING SECURE BANK EMAILS INCLUDING SIGNATURE TAGS )

2.SELLER CONFIRM BLOCK FUND AND OPERATORS INSTRUCTS THE VESSEL CAPTAIN TO ISSUE A MARINE AUTHORITY TO BOARD/CLEARANCE AND BOARD SUPERCARGO AND INSPECTORS.

3.UPON ATTESTATION BY SUPERCARGO, ENDORSED BY VESSEL CAPTAIN, BLOCK FUND CRYSTALLIZES INTO CASH IN SELLER ACCOUNT.INSPECTORS CARRY OUT QNQ.

4.UPON SUCCESSFUL RELEASE OF QNQ RESULT TO BUYER AND SELLER, BUYERS BANK SHALL EFFECT PAYMENT FOR ENTIRE CARGO WITHIN 48-72 HOURS VIA MT103/SWIFT TRANSFER TO SELLER NOMINATED ACCOUN AND ALL FACILITATORS ACCOUNT AS IN SIGNED SPA SIMULTANEOUSLY LESS N50M LOGISTICS.

5.SELLER RELEASES FULL CARGO DOCUMENTS TO BUYER.

6.SELLERS VESSEL SAIL BACK TO PORT OF DESTINATION.

7. NEXT TRANSACTION BEGINS.

PRICE #157/2

 
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