TRANSACTION PROCEDURES FOR AGO TTT TTO NIGERIA-GHANA WITH SBLC BLOCKED FUNDS BG FOR TOTAL CARGO PLUS 2%PB 2%CW@N167 4NET &N475 10NET{ 1) BUYER SIGNS AND RETURNS WITH NNPC ACCREDITED S CARGO & INSPECTOR DETAILS, ATB NOR ETA FORMAT and VESSEL DETAILS. 2) BUYER'S BANK PREADVICES TO GIVE UNCONDITIONAL SBLC BG BLOCKED FUNDS FOR TOTAL CARGO AND RECEIVE 2%PB Show More...
TRANSACTION PROCEDURES FOR AGO TTT TTO NIGERIA-GHANA WITH BLOCKED FUNDS BG FOR TOTAL CARGO PLUS 2%PB 2%CW@N167 4NET &N475 10NET{ 1) BUYER SIGNS AND RETURNS WITH NNPC ACCREDITED S CARGO & INSPECTOR DETAILS, ATB NOR ETA FORMAT and VESSEL DETAILS. 2) BUYER'S BANK PREADVICES TO GIVE UNCONDITIONAL BG BLOCKED FUNDS FOR TOTAL CARGO AND RECEIVE 2%PB 2%CW FROM SELLER. SELLER RESPONDS VIA PREADVICE OF READINESS TO ISSUE 2%PB 2%CW. 3) BUYER ISSUE BG BLOCKED FUNDS FOR TOTAL CARGO & SELLER'S BANK RESPONDS WITH 2%PB 2%CW. 4) SELLER ISSUES MATB TO BUYER AND SELLER BOARDS BUYER'S S CARGO & INSPECTOR. SUPERCARGO & VESSEL CAPTAIN RELEASE ATTESTATION & INSPECTOR COMES DOWN WITH SAMPLE FOR QNQ. IF ON TTT BASIS: A) WITHIN 72 HRS, SEND MNOR ETA TO BUYER’S VESSEL, BUYERS VESSEL ACKNOWLEDGES THE NOR ETA & AGREE ON POSITION FOR TRANSHIPMENT. B) SELLER ORDERS HIS CAPTAIN TO PUMP THE PRODUCT ITO BUYER'S EMPTY VESSEL. 5) QNQ RESULTS IS RELEASED TO BOTH PARTIES & BG BLOCKED FUNDS TURNS TO MT103 PLUS THE 2%CASH WARRANTY THAT WAS GIVEN TO BUYER FOR PAYMENT TO SELLER & ALL AGENTS INVOLVED. 6) SELLER TRANSFERS ALL NECESSARY DOCUMENTS IN BUYER'S NAME & VESSEL SAIL TO BUYERS POD NEXT TRANSACTION!! 2) TRANSACTION PROCEDURE FOR AGO ON TTO TTT WITH N5M BANK DRAFT (LAGOS COTONOU LOME GHANA@N167 4 & $475 10NET), 1) BUYER SIGNS CONTRACT AND RETURN IT WITH ATB FORMAT, NNPC ACCREDITED SUPERCARGO AND INSPECTOR DETAILS AND ID. THE ELECTRONICALLY SIGNED DOCUMENTS BEAR THE SAME FORCE AND FUNCTION AS THE ORIGINAL AND IS LEGALLY BINDING. 2) BUYER ISSUES BANK DRAFT MANAGER’S CHEQUE OF N5,000,000.00 (FIVE MILLION NAIRA ONLY), IN FAVOUR OF SELLER'S BANK ACCOUNT AND WRITE AT THE BACK CASHABLE UPON PRODUCT CONFIRMATION THEN SEND SCAN COPIRS FRONT AND BACK FROM ISSUING BANK TO FIDUCIARY BANK ATTACH WITH BANK CONFIRMATION LETTER THAT ISSUING BANK IS HOLDING THE MANAGERS CHEQUE DRAFT AND THE MANAGER CHEQUE DRAFT IS NOT REVERSIBLE AND NOT CANCELABLE.* 3) UPON CONFIRMATION OF THE DRAFT SELLER ISSUES MATB AND CLEARANCE AND TAKES BUYER’S SUPERCARGO ON BOARD. 4) UPON SUCCESSFUL CONFIRMATION OF PRODUCT, RECEIVE OF ATTESTATION, THE DRAFT CRYSTALIZES TO CASH PAID INTO SELLER'S ACCOUNT AS BOARDING LOGISTICS. 5) AFTER ATTESTATION, THEN BUYER PLACES MT103 72 swift FOR TOTAL CARGO OR BUYER PAYS 30% CASH OF TOTAL CARGO TO SELLER. *IF BUYER PREFERS TO DO QNQ IN GHANA WATER*; AFTER ATTESTATION IN NIGERIAN WATER, BUYER PLACES BG MT103 72 SWIFT FOR TOTAL CARGO PAYS LOGISTICS OF N100M CASH TO SELLER. SELLER THEN MOVES CARGO TO GHANA WATER. UPON ARRIVAL IN GHANA WATER, SELLER ISSUES MARINE CLEARANCE AND MATB. ATTESTATION IS ISSUED AND BUYER’S INSPECTOR COMES DOWN WITH PRODUCT SAMPLE. *IF TTT; * AFTER ATTESTATION, BOTH VESSELS OPEN COMMUNICATION, THEN MOVE TO AGREED STS POINT; LONGSIDE AND TIE-UP READY FOR TRANSHIPMENT, THEN BUYER PAYS 50% CASH OF TOTAL CARGO TO SELLER. 6) UPON SUCCESSFUL Q & Q GENERALLY, BUYER MAKES FULL PAYMENT TO SELLER LESS ALL LOGISTICS INCURRED INITALLY, DEPENDING ON THE CASE. 7) SELLER ISSUES CARGO DOCUMENTS IN BUYER’S NAME AND BUYER TAKES OVER THE CARGO OR TRANSHIPMENT HAS BEEN DONE ALREADY 3) TRANSACTION PROCEDURE FOR AGO ON TTT TTO WITH N100M BLOCKED FUNDS WITH 2%PB 2%CW. 1) BUYER SIGNS AND RETURNS WITH NNPC ACCREDITED S CARGO & INSPECTOR DETAILS, ATB NOR ETA FORMAT and VESSEL DETAILS. 2) BUYER'S BANK PREADVICES TO GIVE N100M BLOCKED FUNDS AND RECEIVE 2%PB 2%CW FROM SELLER. SELLER RESPONDS VIA PREADVICE OF READINESS TO ISSUE 2%PB 2%CW. 3) BUYER ISSUE BLOCKED FUNDS OF N100M & SELLER'S BANK RESPONDS WITH 2%PB 2%CW. 4) SELLER ISSUES MATB TO BUYER AND SELLER BOARDS BUYER'S S CARGO & INSPECTOR. SUPERCARGO & VESSEL CAPTAIN RELEASE ATTESTATION & INSPECTOR COMES DOWN WITH SAMPLE FOR QNQ.THE BLOCKED FUNDS BECOME CASH PAID TO SELLER’S ACCOUNT AFTER ATTESTION. IF ON TTT BASIS: 4) WITHIN 72 HRS, SEND MNOR ETA TO BUYER’S VESSEL, BUYERS VESSEL ACKNOWLEDGES THE NOR ETA & AGREE ON POSITION FOR TRANSHIPMENT. 4B) THE BLOCKED FUNDS BECOMES CASHABLE AND BUYER PAYS 30% OF CARGO OR PLACES MT103 72 SWIFT FOR ENTIRE CARGO THEN SELLER ORDERS HIS CAPTAIN TO PUMP THE PRODUCT ITO BUYER'S EMPTY VESSEL. 5) QNQ RESULTS IS RELEASED TO BOTH PARTIES AND BUYER RELEASES MT103 FOR PAYMENT TO SELLER & ALL AGENTS INVOLVED. 6) SELLER TRANSFERS ALL NECESSARY DOCUMENTS IN BUYER'S NAME & VESSEL SAIL TO BUYERS POD NEXT TRANSACTION!! 4) TRANSACTION PROCEDURE FOR AGO ON TTT ONLY WITH N5M BANK DRAFT(LAGOS@N160 4 & $460 10NET), COTONOU&LOME@N164 4 & $465 10NET),GHANA@N166 4 & $470 10NET). 1)Seller sends SPA, Buyer signs and Returns with Valid Vessel Details. 2) Buyer also issues a Bank Draft of N5,000,000.00(Five million naira ONLY) to Seller account nominated, and sends scanned copy to Seller’s Bank and also to Seller for confirmation and the hard copy remains with the account officer of the issuer. Buyers account officer write to sellers’ bank confirming that the hard copy is with the Bank and accessible to seller upon meeting the requirement as enshrined in the procedure. 3) Seller upon confirming the Bank Draft of N5, 000,000(Five million naira only), instruct the captain of loaded vessel to open communication with Buyer’s Vessel. NOTE: IF BUYER'S VESSEL CAPTAIN FAILS TO ACKNOWLEDGE THE MNOR, THE N5M BECOMES CASHABLE WITHIN 48HRS OF THE EXPIRY OF THE MNOR. 4)Buyer's vessel captain acknowledges MNOR and Both vessels move to the agreed STS point, long side and tie up for transshipment of cargo. 5) Upon the two vessels longside & Tie-Up, the Bank Draft of N5, 000,000.00(FIVE MILLION NAIRA ONLY) turns to Cash in Seller account nominated. 6) Buyer then pays for 50% of the cargo cost before transshipment of the cargo. 7) Seller confirms the payment and instructs the captain to transship the cargo to Buyer’s vessel. 8) Buyer upon confirmation of the transshipment PAYS for total cargo LESS ANY INTIAL PAYMENT made to Seller nominated account and also pay ALL the facilitators. 5) TRANSACTION PROCEDURE FOR AGO ON TTT ONLY WITH N100M BLOCKED FUNDS WITH 2%PB 2%CW (LAGOS@N160 4 & $460 10NET), COTONOU&LOME@N164 4 & $465 10NET),GHANA@N166 4 & $470 10NET). 1)Seller sends SPA, Buyer signs and Returns with Valid Vessel Details. Seller gives loaded vessel details to confirm. 2) Buyer also issues A Blocked Funds of N100m (ONE HUNDRED MILLION NAIRA) non-cashable to Seller account nominated, and sends a copy to SELLER for confirmation. 3) Seller upon confirming the BLOCKED FUNDS OF N100,000,000(ONE HUNDRED million naira only), instruct the captain of loaded vessel to open communication with Buyer’s Vessel. Note: IF BUYER VESSEL CAPTAIN FAIL TO ACKNOWLEDGE THE MNOR, THE BLOCKED FUNDS BECOMES CASHABLE BECOMES CASHABLE WITHIN 48HRS OF THE EXPIRY OF THE MNOR. 4) Both vessels move to the agreed STS point, long side and tie up for transshipment of cargo. 5) Upon the two vessels longside & Tie-Up ready for transshipment, the Buyer then pays for 50% of the cargo cost before transshipment begins. 6) Seller confirms the payment and instructs the captain to transship the cargo to Buyer’s vessel. 7) Buyer upon confirmation of the transshipment PAYS for total cargo LESS ANY INTIAL PAYMENT made to Seller nominated account and also pay ALL the facilitators NEXT TRANSACTION 6) TRANSACTION PROCEDURE FOR AGO TANKFARM WITHIN NIGERIA WITH BANK GUARANTEE(BG) AND 2%PERFORMANCE BOND(PB) FOR TOTAL CARGO @N175 2(FOR LAGOS, OGHARA), N177 2(PORT HARCOURT, CALABAR). 1. Seller issues SPA by electronic means, Buyer signs and returns with throughput agreement and ATB NOR format, TANKFARM documents and Hiring Receipt. 2. Buyers bank issues a PREADVICE for total amount for the Cargo in favour of the Sellers Nominated Bank Account. Seller responds via PRE-ADVICE on readiness to issue 2%PB upon receipt of Buyer’s BG. 3)Buyer bank issues a 100% Unconditional Bank Guarantee (BG) and Seller places 2%PB covering the total cargo. 4) Upon Verification of Buyer's Instrument, Seller confirms the throughput agreement and other documents from Buyer and within 48hrs and instruct the Delivery Vessel Captain to issue NOR ETA to Buyer's Tank Farm facility. 5) Buyer's TANKFARM manager acknowledges the NOR ETA by confirming availability of space at the Jetty to receive the cargo. Seller then instructs Vessel Captain to sail cargo to Buyers designated Tankfarm. 6) Upon arrival of vessel at the designated Tankfarm, the Captain tenders NOTICE OF ARRIVAL(NOA) and issue ATB to buyer's Inspection Team to board for Calibration and sampling of product for lab analyses. 7) Upon presentation of successful QNQ report, Vessel discharges immediately. After the discharge, seller presents original cargo documents and payment advice to Buyer his bank. 8) Buyer pays for total cargo within 48 banking Hours. 9) Upon confirmation of payments, transaction closes and parties can on mutual agreement reengage for subsequent deliveries 7)TRANSACTION PROCEDURE FOR AGO TANKFARM WITHIN NIGERIA WITH BLOCK FUNDS OF N100M AND 2%CASH WARRANTY(CW) OR 2%PERFORMANCE BOND(PB). {N0.50K IS OPENED ON MY SIDE TO YOU}. 1. Seller issues SPA by electronic means, Buyer signs and returns with throughput agreement and ATB NOR format, TANKFARM documents and Hiring Receipt with a copy of the issued BLOCKED FUNDS OF N100M. 2. Seller confirms the N100M Blocked funds and gives CASH WARRANTY OF 2% OF THE BLOCKED FUNDS TO BUYER. Seller then confirms throughput agreement and other documents from Buyer and within 48hrs send NOR ETA to Buyer's Tank Farm facility. 3. Buyer's TANKFARM manager acknowledges the NOR ETA and Seller then instructs Vessel Captain to sail cargo to Buyers designated Tankfarm. 4. Upon arrival of vessel at the designated Tankfarm, the Captain tenders NOTICE OF ARRIVAL(NOA) and issue ATB to buyer's Inspection Team to board for Calibration and sampling of product for lab analyses. 5. Upon presentation of successful QNQ report BLOCKED FUNDS TURNS TO CASH PAID TO SELLER AND BUYER PAYS 30% OF TOTAL CARGO COST BEFORE DISCHARGE. Vessel discharges immediately. After the discharge, seller presents original cargo documents and payment advice to Buyer his bank. 6. Buyer pays for total cargo within 48 banking hours Less the sum of any initial payment 7. Upon confirmation of payments, transaction closes and parties can on mutual agreement reengage for subsequent deliveries. ALL CLEARANCE INTO THE TANKAFRM WILL BE BORNE BY THE BUYER!!
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