BLCO

Description

PROCEDURE:

Nominations, Shipment & Procedures For C.I.F

1. Buyer & Seller Sign & Seals Contract and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.

2.  Both seller and Buyer deposit the signed SPA with their respective BANKS

3. Seller acknowledges receipt with verbiage and details of HIS NOMINATED FIDUCIARY BANK ACCOUNT to enable buyer issue MT**9/MT**0 of *0% of the TOTAL COST OF THE ENTIRE CARGO for NNPC to issue documentation of loading in the name of Buyer upon Reassignment of cargo .

4. upon confirmation by Buyer, Buyer’s Bank issues a full Standby LC (MT **0) in favor of NNPC/PPMC and JOINT VENTURE PARTNERS to its designated bank account.

5. upon confirmation of the placement of the Standby LC in favor of NNPC, seller advises Master of the vessel to set sailing to Buyer’s discharge port for destination inspection.

6. Vessel issues a Marine NOR/ETA to Buyers Port of discharge. Vessel sails.

7. upon arrival at Buyers Port of discharge, Buyers independent inspectors perform destination inspection to confirm out turn of barrels.

8. Buyers bank swifts’payment via wire transfer to NNPC and all other commissions to intermediaries.

9. Vessel discharges into buyers’Tank farm.