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PROCEDURE FOR (TTO) 1. BUYER WRITE LETTER OF INTENT STATING THE QUANTITY TO BE PURCHASED. 2. SELLER GIVES OFFER AND ACCEPTANCE FOLLOWS. ...
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PROCEDURE FOR C.I.F a. SELLER ISSUE DRAFT COPY OF SPA FOR BUYER TO COUNTERSIGN AFTER LOI HAVE BEEN WRITTEN. b. ONCE BUYER AND SELLER EXEC...
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Monday, October 11, 2010
PROCEDURE ON TTO
PROCEDURE FOR (TTO)
1. BUYER WRITE LETTER OF INTENT STATING THE QUANTITY TO BE PURCHASED.
2. SELLER GIVES OFFER AND ACCEPTANCE FOLLOWS.
3. BUYERS SIGN SPA AND RETURN WITH POF IN FORM OF RWA/MT760/LC BY OFFICIAL BANK KEY TESTED AND APPROVED SWIFT.
4. SELLER LOAD VESSEL AND ISSUES MARINE ATB .
5. THE PRODUCT WILL BE RE-ASSIGNED AND CARGO BEEN OFFICIALLY PROGRAMMED IN BUYER'S NAME TO REFLECT ON THE LIFTING SCREEN NETWORK SYSTEM FOR BUYER CONFIRMATION AS THE CONSIGNEE OF THE CARGO.
UPON CONFIRMATION OF ATB BUYER BOARDS THE SUPERCARGO INSPECTOR AND FOR Q&Q FOR INSPECTION
BUYER PERFECT THE CHARTER PARTY AGREEMENT AND RELEASED THE FULL PAYMENT OF THE CARGO BY BANK TESTED TELEX/TRANSFER
VESSEL SAIL TO BUYER DESTINATION
1. BUYER WRITE LETTER OF INTENT STATING THE QUANTITY TO BE PURCHASED.
2. SELLER GIVES OFFER AND ACCEPTANCE FOLLOWS.
3. BUYERS SIGN SPA AND RETURN WITH POF IN FORM OF RWA/MT760/LC BY OFFICIAL BANK KEY TESTED AND APPROVED SWIFT.
4. SELLER LOAD VESSEL AND ISSUES MARINE ATB .
5. THE PRODUCT WILL BE RE-ASSIGNED AND CARGO BEEN OFFICIALLY PROGRAMMED IN BUYER'S NAME TO REFLECT ON THE LIFTING SCREEN NETWORK SYSTEM FOR BUYER CONFIRMATION AS THE CONSIGNEE OF THE CARGO.
UPON CONFIRMATION OF ATB BUYER BOARDS THE SUPERCARGO INSPECTOR AND FOR Q&Q FOR INSPECTION
BUYER PERFECT THE CHARTER PARTY AGREEMENT AND RELEASED THE FULL PAYMENT OF THE CARGO BY BANK TESTED TELEX/TRANSFER
VESSEL SAIL TO BUYER DESTINATION
PROCEDURE ON C.I.F
PROCEDURE FOR C.I.F
a. SELLER ISSUE DRAFT COPY OF SPA FOR BUYER TO COUNTERSIGN AFTER LOI HAVE BEEN WRITTEN.
b. ONCE BUYER AND SELLER EXECUTE AND SEAL SPA, AN ELECTRONIC DATA TRANSMISSION COPY IS EXCHANGED BY ELECTRONIC MAIL. THE ELECTRONICALLY TRANSMITTED COPY SIGNED BY BOTH PARTIES SHALL BE CONSIDERED LEGALLY BINDING AND ENFORCEABLE UNTIL HARD COPY INSTRUMENTS ARE EXECUTED AND EXCHANGED.
c. BUYER AND SELLER LODGE CONTRACTS WITH THEIR RESPECTIVE BANKS. WITHIN THREE (3) INTERNATIONAL BANKING DAYS , SELLER'S BANK SHALL ISSUE A PAYMENT ORDER/BANK COMFORT LETTER IN FAVOR OF THE BUYER AS COMMITMENT TO COVER BUYER'S BANK CHARGES AT 2% OF THE TOTAL BANK GUARANTEE/ LETTER OF CREDIT FACE VALUE.
d. WITHIN SEVEN(7) INTERNATIONAL BANKING DAYS OF RECEIPT AND CONFIRMATION OF SELLER'S BANK LETTER IN (C) ABOVE, BUYER BANK SHALL ISSUE AND TRANSMIT TO SELLER NOMINATED BANK VIA AN MT760 SWIFT TRANSMISSION , A BANK GUARANTEE FOR THE BENEFIT OF THE SELLER. THE VALUE OF THE BANK GUARANTEE SHALL BE ONE HUNDRED AND FIFTY MILLION UNITED STATE DOLLAR ($150,000,000) TO COVER THE PURCHASE OF TWO MILLION BARRELS +/-10% BONNY LIGHT CRUDE OIL CARGO. BUYER SHALL SEND A COPY OF THE SWIFT TRANSMISSION DIRECTLY TO THE SELLER FOR CONFIRMATION ONCE THE SWIFT IS SUCCESSFULLY TRANSMITTED.
e. WITHIN FIVE (5) BUSINESS DAYS FROM THE DAY OF RECEIPT AND CONFIRMATION OF THE COPY OF THE MT760 BANK GUARANTEE SWIFT TRANSMISSION, SELLER SHALL OFFICIALLY PROGRAM IN BUYER'S NAME THE CARGO TO REFLECT ON THE SHELL NETWORK SCREEN FOR BUYER 'S CONFIRMATION AS THE CONSIGNEE OF THE CRUDE OIL AND ALL NECESSARY DOCUMENTATION SHOWING THE BUYER AS THE ASSIGNEE AND OWNER OF THE PRODUCT (BILL OF LADING, CERTIFICATE OF ORIGIN, CARGO INSPECTION REPORT, CARGO MANIFEST AND CERTIFICATE OF QUALITY) WHICH SHALL ALL BE ENDORSED BY THE VESSEL CAPTAIN, THE A COPY FORWARDED TO BUYER'S BANK FOR EFFECTIVE PAYMENT ON OUTTURN BARRELS AT BUYER'S NOMINATED DESTINATION.
f. THE VESSEL SHALL PROCEED TO BUYER'S NOMINATED UNLOADING PORT (ASWP). ONCE VESSEL GET S CLOSE TO BUYER'S PORT, SELLER SHALL CAUSE HIS VESSEL HIS CAPTAIN TO ISSUE AN AUTHORIZATION FOR BUYER 'S INSPECTORS TO BOARD THE VESSEL. BUYER SHALL THEN ARRANGE FOR AN SGS/SAY BOLT INSPECTION, THE Q & Q REPORT OF WHOM SHALL BE USED IN THE FINAL COMPUTATION OF PAYMENT ON OUTTURNED BARRELS.
g. THE SELLER DELIVER THE CRUDE OIL TO THE BUYER'S NOMINATED PORT AND UNLOADS THE VESSEL. FULL SHIPPING DOCUMENTS ARE DELIVERED TO BUYER BANK VIA BUYER'S BANK TO EFFECT AN IMMEDIATE PAYMENT . IF BUYER PREFERS TO EFFECT PAYMENT VIA AN MT103/23 BANK INSTRUMENT ,
h. THE PAYMENT ARE MADE BY SWIFT WIRE TRANSFER DIRECTLY TO SELLER'S NOMINATED BANK ACCOUNT WITHIN FIVE (5) BUSINESS DAYS AFTER DELIVERY OF THE CRUDE OIL AT THE BUYER'S NOMINATED DISCHARGING PORT AGAINST PRESENTATION OF STATES SHIPPING DOCUMENTS TO BUYER'S BANK
INDEMNITY CLAUSE
THIS INDEMNITY IS BINDING ON BOTH PARTIES FROM THE DATE OF SIGNING OF THIS SPA. SELLER AND BUYER AGREED TO PAY THE SUM OF UNITED STATE DOLLAR OF FIVE HUNDRED THOUSAND TO /BY ANY DEFAULTING PARTY .($500,000.00). THE DEFAULTING WOULD BE RECORDED AFTER FIVE WORKING DAYS AFTER THE EXCHANGE OF BANKING INSTRUMENT.
PRICE FOR C.I.F
THE DISCOUNT TO BUYER SHALL BE USS FIVE(5.00) DOLLAR PER BARREL GROSS BELOW DTD BRENT /BUYER NET USS TWO(2.00)DOLLAR , WHILE COMMISSION US $ THREE (3.00) DOLLAR TO THE BUYER'S AND SELLER'S AGENTS/CONSULTANTS RESPECTIVELY
a. SELLER ISSUE DRAFT COPY OF SPA FOR BUYER TO COUNTERSIGN AFTER LOI HAVE BEEN WRITTEN.
b. ONCE BUYER AND SELLER EXECUTE AND SEAL SPA, AN ELECTRONIC DATA TRANSMISSION COPY IS EXCHANGED BY ELECTRONIC MAIL. THE ELECTRONICALLY TRANSMITTED COPY SIGNED BY BOTH PARTIES SHALL BE CONSIDERED LEGALLY BINDING AND ENFORCEABLE UNTIL HARD COPY INSTRUMENTS ARE EXECUTED AND EXCHANGED.
c. BUYER AND SELLER LODGE CONTRACTS WITH THEIR RESPECTIVE BANKS. WITHIN THREE (3) INTERNATIONAL BANKING DAYS , SELLER'S BANK SHALL ISSUE A PAYMENT ORDER/BANK COMFORT LETTER IN FAVOR OF THE BUYER AS COMMITMENT TO COVER BUYER'S BANK CHARGES AT 2% OF THE TOTAL BANK GUARANTEE/ LETTER OF CREDIT FACE VALUE.
d. WITHIN SEVEN(7) INTERNATIONAL BANKING DAYS OF RECEIPT AND CONFIRMATION OF SELLER'S BANK LETTER IN (C) ABOVE, BUYER BANK SHALL ISSUE AND TRANSMIT TO SELLER NOMINATED BANK VIA AN MT760 SWIFT TRANSMISSION , A BANK GUARANTEE FOR THE BENEFIT OF THE SELLER. THE VALUE OF THE BANK GUARANTEE SHALL BE ONE HUNDRED AND FIFTY MILLION UNITED STATE DOLLAR ($150,000,000) TO COVER THE PURCHASE OF TWO MILLION BARRELS +/-10% BONNY LIGHT CRUDE OIL CARGO. BUYER SHALL SEND A COPY OF THE SWIFT TRANSMISSION DIRECTLY TO THE SELLER FOR CONFIRMATION ONCE THE SWIFT IS SUCCESSFULLY TRANSMITTED.
e. WITHIN FIVE (5) BUSINESS DAYS FROM THE DAY OF RECEIPT AND CONFIRMATION OF THE COPY OF THE MT760 BANK GUARANTEE SWIFT TRANSMISSION, SELLER SHALL OFFICIALLY PROGRAM IN BUYER'S NAME THE CARGO TO REFLECT ON THE SHELL NETWORK SCREEN FOR BUYER 'S CONFIRMATION AS THE CONSIGNEE OF THE CRUDE OIL AND ALL NECESSARY DOCUMENTATION SHOWING THE BUYER AS THE ASSIGNEE AND OWNER OF THE PRODUCT (BILL OF LADING, CERTIFICATE OF ORIGIN, CARGO INSPECTION REPORT, CARGO MANIFEST AND CERTIFICATE OF QUALITY) WHICH SHALL ALL BE ENDORSED BY THE VESSEL CAPTAIN, THE A COPY FORWARDED TO BUYER'S BANK FOR EFFECTIVE PAYMENT ON OUTTURN BARRELS AT BUYER'S NOMINATED DESTINATION.
f. THE VESSEL SHALL PROCEED TO BUYER'S NOMINATED UNLOADING PORT (ASWP). ONCE VESSEL GET S CLOSE TO BUYER'S PORT, SELLER SHALL CAUSE HIS VESSEL HIS CAPTAIN TO ISSUE AN AUTHORIZATION FOR BUYER 'S INSPECTORS TO BOARD THE VESSEL. BUYER SHALL THEN ARRANGE FOR AN SGS/SAY BOLT INSPECTION, THE Q & Q REPORT OF WHOM SHALL BE USED IN THE FINAL COMPUTATION OF PAYMENT ON OUTTURNED BARRELS.
g. THE SELLER DELIVER THE CRUDE OIL TO THE BUYER'S NOMINATED PORT AND UNLOADS THE VESSEL. FULL SHIPPING DOCUMENTS ARE DELIVERED TO BUYER BANK VIA BUYER'S BANK TO EFFECT AN IMMEDIATE PAYMENT . IF BUYER PREFERS TO EFFECT PAYMENT VIA AN MT103/23 BANK INSTRUMENT ,
h. THE PAYMENT ARE MADE BY SWIFT WIRE TRANSFER DIRECTLY TO SELLER'S NOMINATED BANK ACCOUNT WITHIN FIVE (5) BUSINESS DAYS AFTER DELIVERY OF THE CRUDE OIL AT THE BUYER'S NOMINATED DISCHARGING PORT AGAINST PRESENTATION OF STATES SHIPPING DOCUMENTS TO BUYER'S BANK
INDEMNITY CLAUSE
THIS INDEMNITY IS BINDING ON BOTH PARTIES FROM THE DATE OF SIGNING OF THIS SPA. SELLER AND BUYER AGREED TO PAY THE SUM OF UNITED STATE DOLLAR OF FIVE HUNDRED THOUSAND TO /BY ANY DEFAULTING PARTY .($500,000.00). THE DEFAULTING WOULD BE RECORDED AFTER FIVE WORKING DAYS AFTER THE EXCHANGE OF BANKING INSTRUMENT.
PRICE FOR C.I.F
THE DISCOUNT TO BUYER SHALL BE USS FIVE(5.00) DOLLAR PER BARREL GROSS BELOW DTD BRENT /BUYER NET USS TWO(2.00)DOLLAR , WHILE COMMISSION US $ THREE (3.00) DOLLAR TO THE BUYER'S AND SELLER'S AGENTS/CONSULTANTS RESPECTIVELY
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