NOTE: 

PROCEDURES ARE NON-NEGOTIABLE AND INCLUDES A 2%PB TO BUYER AND OTHER INTERMEDIARIES STATED ON CONTRACT UPON FAILURE TO DE

 

1. Buyer and Seller sign Contract (this Agreement).

 

2. After signing of Agreement between buyer and seller. Buyers bank contact sellers bank via Swift MT999 requesting sellers bank readiness to give an operative 2%PB upon the receipt of buyer irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via MT 760.

 

2a. Sellers Bank reply to buyers' bank via swift MT 999 Stating their readiness to give an operative 2%PB to activates buyer Non-Operative irrevocable, divisible, unconditional, Revolving, Transferable, confirmed Letter of Credit.

 

3. Buyer and its bank within 48-72hrs swift an irrevocable, divisible, unconditional, Non Operative, Revolving,  Transferable, confirmed Letter of Credit via MT 760 covering the total cost of cargo (2MBBL) for each month delivery, which shall be revolving for 12Months delivery to the designated account of the seller.

 

4. Upon the receipt of buyer irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via swift MT 760, sellers bank response within 48-72hrs their 2%PB to activates the irrevocable, divisible, unconditional, Non Operative, Revolving, Transferable, confirmed Letter of Credit via swift MT 760 and makes it operative.

 

5. Appointed NNPC Seller immediately nominates vessel, and program vessel with NNPC for loading after confirmation of buyer placing of Full Bank Instrument that cover cost of cargo. (proof of product) documents, including:

 

    a.)  Bill of Lading

    b.)  Certificate of Quantity and Quality from SGS & NNPC.

    c.)  Master’s receipt for samples

    d.)  Cargo Manifest

    e.)  Tanker Ullage Report

    f.)  Tanker Time Sheet

    g.)  Customs clearance certificate  

    h.)  Charter Part Agreement for Nominating Vessel  

    i.)  Q88 of Chartered Vessel   

 

6. Seller notifies Buyer with copies, within (48 hours) after complete loading of vessel from the NNPC Bonny Terminal.

 

7. Buyer confirms the vessel with the vessel owners/Managers and opens full communication with the captain/Master, while cargo sails to buyer port of destination to discharge the product.

 

8. Buyer pays for total cost of product by MT-103 into the nominated sellers account by the Nigerian National Petroleum Corporation as stated herein the approval contract.

 

NOTE: PROCEDURES ARE NON-NEGOTIABLE AND INCLUDES A 2%PB TO BUYER AND OTHER INTERMEDIARIES STATED ON CONTRACT UPON FAILURE TO DELIVER.