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      You are in ::  Home > AGO/Gasoline > Read
  AGO/Gasoline Oil Read  
Sell :: 468
Buy :: 119
News :: 19
Count : 86
TFD with 2%PB 2018-11-09
 
FINANCIAL/OPERATIONAL PROCEDURE:

1. Seller issues SPA and blocked fund verbiage.

2. Buyer signs & returns with valid thruput agreement, Tank Storage Receipt (TSR) & MNOR format & both parties lodge with their respective banks.

3. Buyer's bank issue preadvice of 50m and s and seller bank respond with 2% RWA PB/BUYER issues N50m blocked fund & seller responds with 2% PB.

4. Seller within five (5) to seven (7) banking days upon the confirmation of blocked fund issues MNOR, naval/nimasa clearance and cargo documents.

5. Tank farm manager within 24 hours gives acknowledgement and jetty / port clearance.

6. Cargo moves to the jetty & the captain invites the buyer's inspector to board the vessel for product confirmation & sample taking for Q & Q.

7. Upon positive Q & Q result, the N50 m turn to cash and buyer pays 50% cash & IBPU for the remaining 50%.

8. Seller confirms the BG by SWIFT or 50% payment & IBPU for 50%.

9. Product is discharged, invoice and documents are released in buyer's name & the BG / IBPU crystallises to cash to the seller & all other beneficiaries as stated in the SPA upon discharge within 72hrs.
 
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