PROCEDURE
Seller issues procedures and price to the Buyer. If Buyer is in agreement, he then issue a LOI with Sellers procedures included as well as requested quantity and desired delivery port.
Seller issues CONTRACT to Buyer
Buyer and Seller sign the CONTRACT and both parties lodge with their banks within 36 hours of signing the CONTRACT. The contract is considered legally binding and enforceable and must not be changed without mutual consent of both parties.
• Within 3 banking days Buyers Bank to issue by SWIFT to Sellers Bank via a MT199 RWA to issue, DLC MT700 or SBLC MT760 with Sellers approved verbiage. Sellers Bank confirms by SWIFT MT199 that the Seller is ready to supply and to issue 2% PB. If Buyer fails to issue MT199 within the allotted time, Seller will consider the contract null and void.
• Upon receipt by Buyers Bank from Sellers Bank their MT199 stating they are ready to issue the 2% performance bond upon receipt and successful validation of genuine and acceptable financial instrument from Buyers bank, the Buyers Bank will issue their conditional DLC MT700 or SBLC MT760 within three banking days. If Buyer does not issue their instrument within the time stipulated in the procedure, the contract will be cancelled and considered in default.
• Within five (3-5) banking days, after receipt and positive confirmation of Buyers instrument, DLC MT700 or SBLC MT760 in accordance with attached verbiage, Seller issues a verifiable VLCC nomination.
• Seller within 3 to 5 banking days has Sellers Bank to issue a 2% PB to Buyer's Bank, to activate Buyers financial instrument.
Seller issues ship estimated time of arrival to Buyers discharge Port, in Standard Laycan dates and times; 72, 48 and 24 hours before arriving at destination.
Buyer issues ATB format to Seller at 72 hour Laycan date or not less than 36 hours; Seller has ship captain issue Marine ATB, and clearance documents, to board the ship.
Buyer has Inspection Company and Supercargo board ship to conduct Q&Q.
On successful conclusion of Q&Q, Buyer remits inspectional documents to Seller and Seller issues commercial invoice, authorizes Captain to discharge the cargo and provides Shipping documents to Buyers Bank.
Payment is released to the Seller within 3 days after discharge via SWIFT MT103 or TT Wire Transfer covering the total US Dollar amount of USD $60, 000, 000.00(Estimated).
Seller transfers title to Buyer and hands over Title docs.
• Documents to be provided as issued
• Clean Ocean Bill of Lading, One (1) Original and three (3) copies • Sellers Commercial Invoice, One (1) Original and three (3) copies • Certificate of Origin issued by NNPC, One (1) Original and three (3) copies • Certificate of Authenticity issued by NNPC, One (1) original and three (3) copies • Certificate of Ownership • Masters receipt for Documents • Cargo Manifest • Charter Party Agreement Q & Q Certificate • ATS Authority to sell document • Receipt of payment to NNPC
SPECIFICATIONS OF BONNY LIGHT CRUDE OIL BLCO
NNPC TECHNICAL SPECIFICATIONS:
Specific Gravity @ 60
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F/ 15.55
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C 0.8397 to 0.8498
API Specific Gravity @ 60
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