PROCEDURE FOR 1M BARRELS BLCO TTO FOR TRACKING/N10M DRAFT FOR BOARDING
CLAUSE 8: VESSEL NOMINATIONS, SHIPMENT & PROCEDURE
8.1. Seller sends signed and sealed SPA to Buyer. The electronic signed copy by both parties is considered legally binding and enforceable & must not be changed without the written consent of the parties. Seller Sends to buyer vessel details for tracking and confirmation
8.2. Buyer signs the SPA and return with Buyer’s NOR/ATB Format, including A scanned N10 Million (TEN MILLION NAIRA BANK DRAFT) in favor of seller bank to bank
8.3. Seller Raises ATB/CLEARACE in favor of buyer team to board the seller pregnant vessel for Q&Q right there in Ghana Waters
8.4. Against Seller's vessel captain's issued ATB, Buyer’s independent inspectors comes on board the vessel, conducts physical inspection and depart vessel with sample of Cargo for Q+Q Laboratory analysis to produce Q+Q Report within 72hrs maximally, while Buyer’s Super Cargo remains on board vessel.
8.5. Buyer, against receipt of Q&Q Report submitted by Buyer's appointed independent inspectors, along with a copy of vessel’s captain’s Letter of Attestation, stating that Buyer's inspectors has left with cargo sample for Laboratory Analysis to produce Q&Q Report, Buyer instructs his Bank to within 72hrs of inspectors departures from loaded vessel, release payment of the MT103 cash backed for full cargo, for Seller’s nominated Bank account.
8.6. Against Seller's Bank confirmation of receipt of such payment, Seller facilitates loaded vessel's re-chartering agreement between authorized agent of vessel owner and Buyer, for a fresh CPA on the loaded vessel.
8.7. Seller presents his duly signed Sales commercial invoice, to which is attached copies of relevant shipping documents including Bill of Lading made out in Buyer's name, or endorsed to the order of Buyer as consignee of cargo, Buyer's Bank release full payments for cargo within 72hrs, by Swift via MT103, to Seller's Bank Account, This payment must be made simultaneously with payments for commission earning agents fees to their individuals nominated Banks accounts.
8.8. Seller’s Bank releases to Buyer’s Bank, originals of all sets of relevant shipping documents including bill of lading, all made out in Buyer’s name or endorsed to the order of Buyer as consignee of cargo.
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