Specific Gravity at **0c, kg/1 ASTMD***8/P
0.*****9.***8
API at *0 Degrees F ASTM Table *1 *7 - *1
Salinity ASTMD ***6/1P **8 *@********************
Color Dark Brown
BS & W Content [Vol. %] ASTMD **3/1P *3 0.*5
Average
Sulfur %WT ASTMD 0.*4% wt
Pour Point Degrees F ASTMD *7/1P.*5 *0º[F] Degrees
F
Water Content: 0.2% Vol. Max
REIB Vapor Pressure: 6.*2PSIG
QUANTITY:
Shipments of One Million (1,**0,**0.*0) - Four Million
(4,**0,**0.*0) US Barrels +/- 5% per month and for the period of *2
months.
DESTINATION:
Tanker-To-Tanker (TTT) or Tanker-Take-Over (TTO)
or CIF.
PRICE:
The price for each Barrel of Bonny Light Crude Oil delivered
out-turned barrels shall be Dated Brent” on the date of Bill of
Lading as published by McGraw Hill market, wireless
discount:
1) For TTT or TTO Delivery:
2) For CIF Delivery: Discount according port of
destination
DETERMINATION OF QUANTITY AND QUALITY:
Quantity & Quality to be ascertained by an independent
Inspector appointed by the Buyer at the Loading point. His
certificate of Quantity & Quality should be judged as the final
Quantity & Quality of the oil delivered in to the Buyer’s
tanker and the payment will be issued according to
it.
PROCEDURE: TTO (TTT) DELIVERY
1. Seller issues contract and signs commercial invoice with space
for buyer to sign.
2. Seller releases ATS, Q*8, BILL OF LADING and CARGO MANIFEST and
Send NOR to buyer.
3. Buyer’s bank issue SWIFT MT**9 message to seller’s bank,
requesting 2% PB.
4. Seller’s bank issue 2% PB to buyer’s bank.
5. Buyer places SWIFT MT**0 Bank Guarantee or MT**0 transferable
Letter of Credit for total cargo value o.
6. Loaded vessel sails to Canary Island waters for Q&Q
analysis.
7. On arrival ATB is issued and buyer boards his inspectors for
Q&Q analysis.
8. On receipt of Q&Q report, Buyer places SWIFT MT**3 for the
entire Cargo, Shipping documents and title are transferred on
buyers name on confirmation of instrument by
Seller.
9. Buyer re-charters vessel.
*0. Payment made by swift via MT **3 and commissions paid
respectively.
*1. Vessel sails to buyer’s destination port.
OR
PROCEDURE: CIF DELIVERY
1. Buyer and Seller sign and seal Contract (this Agreement)
including banking coordinates, exchange the signed copy by
electronic mail and deposit with their banks. The electronic signed
copy by both parties is considered legally binding and
enforceable.
2. Buyer’s Bank sends communication via SWIFT MT **9 to Seller’s
Bank advising their readiness to issue operative, Irrevocable,
Transferable, Revolving Documentary Letter of Credit (ITRDLC) in
favor of Seller, for the value of the monthly volume of Product
valid for a period of Twelve (*2) months plus Sixty (*0) days, upon
receipt of Seller’s non-operative, Two Percent Performance Bond
(2%PB) issued or Confirmed by a Top *5 World Prime
Bank.
3. Seller has the non-operative 2%PB issued or Confirmed by a Top
*5 World Prime Bank and sends to Buyer’s Bank.
4. Buyer’s Bank issues operative revolving monthly ITRDLC by SWIFT
to Seller’s Bank and this automatically makes the non-operative
2%PB Operative. The verbiage of the 2%PB as well as the verbiage of
the ITRDLC will reflect this condition.
5. Seller releases Authority to Sell (ATS) to Buyer, Nominates a
Vessel and load in Buyer’s name, prepare all the cargo
documentations and the Nominated vessel for one way voyage charter
agreement to Buyer’s Port of Destination (POD).
