Description
CIF Procedure Price *0 less 5
1. Seller sends spa.
2. Buyer Sign and return with
necessary discharge port details.
3. Buyer bank send RWA letter to buy
the product as per contract.
4. Seller sends pop. Buyer verifies
and places SBLC.
5. Seller places
2%pb.
6. Seller send NOR and ETA and moves
vessel to discharge port.
7. QandQ done.
Payment
.........................................
Product: Bonny Light Crude Oil
Price: *2 less 5
TTO
1. Buyer sends to Seller bank an RWA to issue SBLC on receiving and
verifying loaded cargo documents and also requests seller bank
to give 2%PB on receiving buyers SBLC. Seller bank reply
positively.
2. Seller issues SPA and loaded cargo documents for buyers
verification.(POP)
3. Buyer verifies the documents and RETURNS SIGNED CONTRACT
WITH ATB FORMAT WITH FULL DETAILS OF INSPECTORS AND SUPERCARGOES.
Buyer issues SBLC. Seller issue 2%PB.
4. Seller issues MATB and Clearance to Buyer/ buyer
supercargo and inspectors
5. Buyer confirms the MATB and clearance and boards.
6. Seller moves vessel to Ghana waters.
UPON CONFIRMATION OF PRODUCT BY SUPER CARGO, BUYERS INSPECTORS TAKE
SAMPLE FROM THE VESSEL FOR THE Q&Q ANALYSIS.
7. INSPECTORS RELEASE INSPECTION REPORT TO BOTH PARTIES.
8. Seller arranges in favor of Buyer the
modality for take over via vessel handlers.
9. Buyer issues full cargo MT **3 payable after
Q&Q report is complete; Seller transfers and reassigns all
vessel documents in Buyer name.
*0. Buyer makes payment via Swift
Transfer, or MT**3 covering the entire value of cargo. Commission
for Agents and Facilitators are paid at the same time.
