The SELLER and the BUYER, under corporate authority and responsibility respectively represent that the SELLER is the lawful owner of the commodity, in quantity and quality as hereunder specified, and the BUYER has the full capability to purchase the said commodity. The BUYER desires to purchase Crude Oil (hereinafter called product) of Nigeria Origin. The Nigerian National Petroleum Corporation (THE SELLER) has sold and the BUYER has bought on Cost Insurance and Freight (CIF) basis to Any Europe or Caribbean Port, the total quantity of 6,000,000.00 BBLS (six million barrels)per month in shipments of 2,000,000 BBLS on a Spot after Spot Contract basis for 12 months. PROCEDURES FOR CIF / PAYMENT INSTRUMENT: NOMINATIONS, SHIPMENT & PROCEDURES I. SELLER SIGN AND SEAL THIS CONTRACT AND RETURN BACK TO SELLER ELECTRONICALLY. THE SIGNED CONTRACT COPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE. II. BUYER SEND STORAGE FACILITY/NOR FORMAT, CLIENT INFORMATION SHEET, PASSPORT COPY AND CERTIFICATE OF BUSINESS REGISTRATION TO SELLER. III. SELLER CONDUCT DUE DILIGENCE ON THE BUYER THROUGH COMMUNICATION WITH ACCOUNT OFFICER BY PHONE AND EMAIL OR BUYER SWIFT CONFIRMED BANK RWA TO SELLER (SEE ATTACHED FORMAT) IV. NNPC/SELLER IF SATISTIED WITH THE FINDING WILL PROCESS AND ISSUE COMPLETE CARGO DOCUMENTS AVAILABLE IN CHINA OR ON THE WAY TO CHINA. BUYER BANK ISSUES CONFIRMED, IRREVOCABLE, UNCONDITIONAL, DIVISIBLE, TRANSFERABLE, CASH BACK MT760/SBLC BY SWIFT IN FAVOR OF THE SELLER, WITHIN 72 HRS, ACCORDING TO SELLERS BANK VERBIAGE OR MT 799 BLOCKED FUNDS SELLER BANK CONFIRMS THE INSTRUMENT AND RESPOND TO BUYERâ??S BANK. THOUGH NNPC DOES NOT ACCEPT MT700(DLC),WE NOW HAVE SPECIAL ARRANGEMENT TO ACCEPT MT700(DLC) FROM OUR BUYERS AND ON OUR OWN ISSUE NNPC DESIRABLE TO THEM BUT ALL THE INSTRUMENT S INCLUDING THE DLC MUST COME FROM PRIME BANK V. AFTER CONFIRMING THE INSTRUMENT ,SELLER PAYS FOR THE NOR/ATB TO BE ISSUED FROM VESSEL OR ISSUES SHIPMENT SCHEDULE FOR FIRST MONTH DELIVERY OF 2M BARRELS SHIPMENT.NEXT SHIPMENT SCHEDULE COMES BEFORE PAYMENT OF LAST DELIVERY VI. NOTE THAT IF THE BUYER WANTS TO BOARD BEFORE ISSUING INSTRUMENT HE HAS TO TAKE CARE OF THE LOGISTICS AND NOR/ATB VII. NNPC/SELLER ISSUES CONFIRMATION LETTER ON RECEIPT OF INSTRUMENT TO BUYER. VIII. SELLER ENSURES THAT THE CARGO IS DOCUMENTED, REGISTERED AND OBTAIN CERTIFICATE OF OWNERSHIP/TITLE OF WARRANTY IX. VESSEL SAILS TO BUYERâ??S STORAGE LOCATION FOR DISCHARGE X. BUYER CONDUCTS INSPECTION ON VESSEL UPON ARRIVAL AND GET CIQ REPORT. XI. WITHIN 72 HOURS AFTER DISCHARGE OF CRUDE OIL AT BUYERâ??S PORT OF DESTINATION/STORAGE, THE BUYER PAYS FOR THE CRUDE OIL AS PER THE FINAL CIQ REPORT ISSUED BY INDEPENDENT INSPECTOR AT THE PORT OF DISCHARGE.