PROCEDURE: CIF DELIVERY FOR TRANSACTION VIA SWIFT MT700 DLC
GROSS DISCOUNT US$10.00 per Barrel.
NET DISCOUNT TO THE BUYER US$6.00 per Barrel
THE SELLER'S FACILITATORS US$2.00 PER BARREL.
THE BUYER'S FACILITATORS US$2.00 PER BARREL.
TRIAL QUANTITY: 2 MILLION BARRELS.
1. Seller releases his signed SPA.
2. Buyer confirms the SPA and signs and seals the Contract with
banking coordinates and exchanges the signed copy by electronic mail.
The electronic and signed copy by both Parties is considered legally
binding and enforceable and must not be changed.
3. The executed SPA is lodged with their respective banks.
4. Buyer issues DLC via MT700 to Sellers Fiduciary Bank Account with
Sellers agreed Verbiage.
5. Upon receiving Buyer's DLC, Seller's Fiduciary Bank verify and
confirms the DLC.
6. Sellers Fiduciary Bank issues 2% Performance Bond.
7. Seller loads the vessel in Buyers Name and issues full POP bank to
bank basis only and NOR/ETA to buyers shipping agent.
8. Seller authorizes vessel Captain to issue MATB/DTA to Buyers
Inspectors while Buyer clears the vessel and boards Inspectors who
performs timely Q&Q/CIQ analysis/inspection at Buyers expense.
9. Immediately after successful Q&Q analysis, Vessel discharges into
buyer tank farm.
10. Seller releases loaded cargo documents in favor of the Buyer and
hard copy delivered to Buyer.
11. Buyer makes full Payment via Swift MT103 Wire Transfer for total
cargo to Sellerâ??s nominated bank account within 72 hours. Seller shall
pay all commissions to agents and facilitators the same day.
