1. Seller issues signed SPA to the buyer and buyer signs and return back, such document remains binding upon buyer appendage of his signature. 2. Upon the receipt of 1 above, Buyer returns the signed contract to Seller together with: (a)Details of Port of Discharge Harbour Master NO and Name to receive the PRODUCT and any other relevant information. (b Show More...
1. Seller issues signed SPA to the buyer and buyer signs and return back, such document remains binding upon buyer appendage of his signature. 2. Upon the receipt of 1 above, Buyer returns the signed contract to Seller together with: (a)Details of Port of Discharge Harbour Master NO and Name to receive the PRODUCT and any other relevant information. (b) NOR ETA ATB format .( c) Buyer gives a corporate RWA to seller attesting that upon Seller Nomination of Fiduciary Accounts holder details that his bank will issue instrument OPERATIVE FULLY FUNDED DOCUMENTARY VIA MT700 and seller upon receipt of the corporate RWA from Buyer, Seller shall nominate fiduciary Account holder details and confers the bank with power to receive instrument on its behalf and upon receipt of seller nominated fiduciary account details holder. The electronically signed and sealed contract is legally binding and enforceable 3 Buyer and Seller deposit copies of the signed SPA with their respective Banks. 4.The Buyer bank shall within 72hours issues by swift an, irrevocable, confirmable,and divisiable operative FULLY FUNDED DOCUMENTARY via MT700 to the seller nominated fiduciary account for one shipment and Seller’s bank immediately makes confirmation of its authenticity The( MT700)Fully funded Documentery must come from Bank of Agriculture China European Hong Kong Bank, and seller fiduciary 5. Upon confirmation of the financial instruments by the seller banks, the Seller shall nominate a 2 million barrels Loaded capacity vessel, procure lay can, programme and loaded vessel in the Buyer’s name and forward to the Buyer, the soft copies of the shipping and cargo documents issued in the name of the Buyer as “CONSIGNEE” 6. The Seller instructs his vessel captain to issue a Marine Notice of Readiness (NOR) and Estimated Time of Arrival (ETA) to Buyer’s discharge port VIA the Harbor Master. 7. The captain shall confirm his ETA to arrival, to buyer POD 48 hours and 12 hours before arrival to the Buyer’s discharge port( Harbor Master) in order to facilitate easy and timely discharge of cargo. Vessel captain set sail for Buyer’s discharge port 8 On arrival at the Buyer’s Port of Discharge, the buyer has to make all necessary clearances as required for the vessel to berth and the vessel captain shall issue marine Authority to Board (ATB) to the Buyer’s designated Inspectors to board and conduct Q and Q and product verification before the cargo shall be discharged. Seller put Invoice for payment. 9 Upon confirmation of final Quality and Quantity report, Buyer’s Bank releases Payment Instrument via SWIFT MT103 in favor of Seller’s nominated bank account through KTT and pays Commission at the same time to all agents as in the spa invoice and seller vessel discharges to buyer tanks and seller hand over the original hard copy of the cargo documents. price USD$7.00 GROSS,USD$4.00 NET TO BUYER AND USD$3.00 TO SELLER AND BUYER AGENTS AND FACILITATORS 1.50 1.50 CIF DISCHARGE COMPLETED, END OF TRANSACTION
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