Product: Nigerian Bonny Light Crude Oil (OFFERED ON FIRST COME FIRST SERVED BASIS)
Quality: NNPC Export Standard Grade
Contract/ Quantity: 2m Barrels x 12 months.
Delivery Terms : CIF : CHINA
Performance Guarantee: Buyer issue Genuine MT799 Block Funds or SBLC for $100m by Prime Bank while Seller Issue2% P/Bond.
Mode of Payment : CASH WIRE TT VIA MT103 AFTER Q/Q BASED ON-3DAYS AVG OF Q/Q REPORT
Discount: PLATT MINUS (BRENT BENCHMARK) $6PER BARREL TO THE BUYER (10/6)
Commission: seller pays $4 Commission split Between Seller Side and Buyer Side
PROCEDURE FOR CIF -PLS FOLLOW STRICTLY (CHANGES WILL VOID SPA)
3.1. Buyer issue LOI and Seller issues SPA while Buyer signs and returns SPA with port of discharge agent details, ATB/NOR/ETA formats.
3.2. Seller loads or assign an exclusive vessel in Buyer’s name; issues full set of vessel and cargo documents to the Buyer in the name of Buyer as the Consignee of record and authorizes Vessel Captain to move vessel to Buyer’s port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent.
3.3. Buyer’s prime Bank Swift via MT799 BLOCK FUNDS for $100M to Seller’s nominated Bank to guarantee Buyer’s performance with Seller’s verbiage valid for 90 days…for first shipment,
3.4. Seller’s Bank validates MT799 BLOCK FUNDS, if successful issues 2% performance Bond to the Buyer’s Bank.
3.5. At the Buyer’s discharge port, Buyer clears the vessel while the Captain Issues Authority To Board (ATB) to enable Buyer’s independent inspectors to perform Q/Q at mutually agreed location.
3.6. Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties while Seller Issue Commercial Invoice to the Buyer with exact Q/Q report figures.
3.7. Buyer releases full payment for cargo to Seller's nominated bank within 48 hours after inspection against CIQ Report, Commercial Invoice and Cargo Documents byMT-103 (cash wire).
3.8. Seller confirms payment & authorize Captain to discharge cargo into Buyer’s storage tank.
3.9. Seller pays commission to all agents involved in the transaction per the contract.
3.10. Buyer issue MT799 Block funds for $100m valid for duration of the contract (366 days) while Seller issue 2% Performance Bond and commence next subsequent shipments.
Thanks much, speak soon.
CEO,Dotolaf Investment Group