1. The final agreed contract (SPA) in electronic version which is binding both Parties is mutually signed, sealed and registered in Sellers and Buyers banks within 1(one) 2(two) Banking Days after signing. Both banks must be Top50World listed and act under full banking responsibility, except Chinese banks, or others mutually agreed. Seller issues Proforma Invoice plus Platts daily price index and send with SGS / Storage Facility information (including contact details) for Buyer to verify Sellers Ownership verbally at tank storage or SGS no report just a call to them. *) The Buyer and the Seller sign Invoice.
2. Within 5 (five) banking days from contract been lodged in the banks, the seller shall deliver by express courier mail an envelope with original POP documents, to the buyer�?�´s Bank with electronic copy to the buyers email. The set of POP documents to be enclosed after receiving the RWA from the buyers bank are including the following documents:
a. Commercial Invoice together with Copy of Platts price indication for the day of issue
b. Copy of TSR
c. Injection Report pumping in Tanks (SGS Q&Q)
d. Fresh Q&Q issued by SGS or similar at Rotterdam
e. The ATSC issued by NNPC as per delivered format
f. The Certificate of Origin
g. Confirmation for Tank farm, that Seller has full control on this Cargo to be issued by NNPC in Original
h. Unconditional Dip Test Authorization
i. ATV.
j. The NNPC statement that the TSA (at least with 3 day�´s free, if tanks are longer needed we have to pay for, three days are free to discharge), will be delivered after SPA is mutually signed and sealed
k. Written consent from the Storage Company for the existing storage contract with the seller, to be assigned to the Buyer. The Insurance Policy in three copies assigned to the Buyer as beneficiary while an original to be lodged at the sellers bank, to be exchanged for payment
3. The Buyer dips the tanks
4. The Seller issue Final Invoice together with updated daily Platts index extract
5. Within 3 (three) banking days from receipt and verification of the POP documents Buyers bank issues to the Sellers bank the Ready, Willing and Able (RWA) to secure payment for the commodity
6. Within 3 (three) banking days Sellers bank after verification of RWA, transfers the set of payment documents and Buyers bank issue the Pay Order in DAP (Documents Against Payment) format
7. Buyer takes over the Commodity inside the Storage Tanks.
