PROCEDURE FOR QINGDAO OFFSHORE TANK FARM STORAGE PRIC E: $10/4 NET$6 1. Buyer and Seller sign and seal the Sales and Purchase Agreement including full Banking coordinates of Seller and Buyer. 2. Buyer returns signed SPA with names of persons and inspectors authorized for CIQ inspection. 3. Seller provides the offshore POP (4) documents to buyer for verification and confirmation of product in storage with tank manager/Agent in Qingdao China. (1) Tank Receipt (2) Storage Certificate (3) Storage information (4) Discharge certificate Note: Certificate of entry will be provided when product is cleared to Onshore. 4. Seller gives direct contact information of tank farm agent/manager in Qingdao assist buyer to verify full cargo documents. After verification and Confirmation of Documents and reality of crude oil in Qingdao. 5. Buyer issue SBLC or BG MT760 for reassignment of documents and Warrantee of Title (W.O.T.) from buyer bank to seller fiduciary bank account according to sellers verbiage/text in amount of $1,000,000 via a bank account as per stipulated banking coordinates. Note: SBLC or BG is only for 30-45day only WOT means Warrantee of ownership is transferred to buyer. WOT will be issued within 2 WEEKS AFTER RECEIPT INSTRUMENT. Reassignment of the following documents will be made to buyer with the WOT. CLEAN OCEAN BILL OF LADING, ONE (1) ORIGINAL AND THREE (3) COPIES SELLER'S COMMERCIAL INVOICE, ONE (1) ORIGINAL AND THREE (3) COPIES SGS/SAYBOLT CERTIFICATE OF QUALITY AND QUANTITY, ONE (1) ORIGINAL AND THREE (3) COPIES CERTIFICATE OF ORIGIN ISSUED BY NNPC, ONE (1) ORIGINAL AND THREE (3) COPIESOF CERTIFICATE OF AUTHENTICITY ISSUED BY NNPC, ONE (1) ORIGINAL AND THREE (3) COPIES CERTIFICATE OF OWNERSHIP MASTERS RECEIPT FOR SAMPLES MASTERS RECEIPT FOR DOCUMENTS CARGO MANIFEST 6. Seller shall move the said offshore floating product to a NNPC Onshore China Tank Farm/Storage nearest to Buyers POD by Buyers nominated inspection team for CIQ inspection. Buyer conducts SGS/CIQ/QNQ at buyers onshore tank depot 7. Buyer and Seller shall receive CIQ Inspection report from the inspection. 8. Buyers Bank shall swift and effective MT103 or T/T covering the entire cargo within Twenty-four (24) hours upon receipt of positive CIQ Report from the Inspection Agency as stipulated in the SPA 9. Buyers Shipping/Forward Agent shall handle the transfer of cargo from NNPC onshore China Tank Farm/Storage to Buyers Tank Farm/Storage. Next transaction begins base on agreement between both parties NOTE; DISCHARGE WILL ONLY TAKE PLACE AFTER ALL FEES AND COMMISSIONS HAVE BEEN PAID ACCORDINGLY.
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