CONTRACT SALE AND PURCHASE OF BLCO u2013 CIF (USA) This Agreement is made on this day 27TH AUGUST, 2010 and entered into BY AND BETWEEN SAIMATIS LIMITED 11, ADA GEORGE ROAD, PORT HARCOURT. (Hereinafter referred to as u201cSELLERu201d) AND Show More...
CONTRACT SALE AND PURCHASE OF BLCO u2013 CIF (USA) This Agreement is made on this day 27TH AUGUST, 2010 and entered into BY AND BETWEEN SAIMATIS LIMITED 11, ADA GEORGE ROAD, PORT HARCOURT. (Hereinafter referred to as u201cSELLERu201d) AND (Hereinafter referred to as u201cBUYERu201d) CLAUSE 1 - Scope of the Contract 1.1 The BUYER has agreed to buy on MONTHLY basis, a Quantity of 280,000MTx5 (5MBLS) of BONNY LIGHT CRUDE OIL of Nigerian origin. Specifications will be adhered to on spot contract basis. CLAUSE 2 - Quality 2.1 The SELLER guarantees that the quality of the product sold will conform to the guaranteed specifications as of the NNPC which constitutes as integral part of this agreement. CLAUSE 3 u2013 Delivery (CIF) 3.1 Delivery Terms 280,000MTx5 (5MBLS) of BONNY LIGHT CRUDE OIL Nigerian origin. Specifications will be adhered to as agreed by both the SELLER and the BUYER. 3.2 The date of cargo assessment, as reported in the Bill of Lading is cons the date of Purchase. CLAUSE 4 u2013 Terms 4.1.1 Spot purchase 280,000MT x5 (5MBLS) of BONNY LIGHT CRUDE OIL, monthly for Twelve (12) months revolving under INCOTERM 2000 with latest edition. 4.1.2 Contract revolving renewable from the (9) ninth month annually for five years CLAUSE 5. CIF u2013 PROCEDURE 1. BUYER AND SELLER SIGNS SPA. 2. SELLER CHARTERu2019S VESSEL IN BUYERu2019S NAME. 3. BUYER ISSUE STANDBY IN FAVOUR OF SELLER. 4. SELLER LOADS VESSEL AND SENDS EXPECTED TIME OF ARRIVAL TO BUYERu2019S STORAGE (ETA) 5. ON ARRIVAL AT BUYERu2019S PORT OF DISCHARGE BUYER CONDUCTS Q Q ANALYSIS AND MAKES PAYMENT TO SELLER AND ALL AGENTS. FOR MORE INFORMATION PLEASE CALL OR
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