CIF CONTRACT PROCEDURE
?7.1 ?? ??? BUYER AND SELLER EXECUTE AND SEAL THIS AGREEMENT, AND EXCHANGE A FACSIMILE (EDT) COPY BY FAX OR ELECTRONIC MAIL. THE ELECTRONICALLY TRANSMITTED COPY, SIGNED BY BOTH PARTIES IN COUNTERPARTS, SHALL BE CONSIDERED LEGALLY BINDING AND ENFORCEABLE. THESE SIGNED ELECTRONIC COPIES SHALL BE LODGED WITH THEIR RESPECTIVE BANKS.
7.2??? ??? BUYER ISSUES SWIFT Bank Guarantee (BG) via SWIFT MT760 or Proof Of Fund via SWIFT MT799 FOR THE VALUE OF THE CARGO TO THE SELLER?S DESIGNATED BANK VERBIAGE AS PROVIDED BY THE SELLER.
7.3 ?? ??? SELLER NOMINATES AND CHARTERS A VESSEL IN BUYER’S NAME AND FURNISHES BUYER WITH CPA/Q88 WITH AUTHORIZATION TO OPEN COMMUNICATION WITH VESSEL OWNER/HANDLER.? BUYER PROVIDES COMPLETE DETAILS OF THEIR PORT OF DISCHARGE FULL DETAILS FOR N.O.R.
7.4 ?? ??? SELLER LOADS THE VESSEL AND PROVIDES SGS REPORT AND SHIPPING DOCUMENTS MADE IN BUYER?S NAME WHEN LOADING OF VESSEL IS COMPLETED AND Q&Q IS ASCERTAINED.
7.5 ?? ??? MASTER OF VESSEL SHALL SEND E.T.A./N.O.R. TO BUYER?S DISCHARGE PORT MAKING HER AVAILABLE TO BUYER.
7.6 ?? ??? VESSEL SAILS AND ARRIVES AT THE DISCHARGE PORT TO DISCHARGE CARGO INTO NOMINATED TANK FARM STORAGE(S).
7.7 ?? ??? PAYMENTS ARE MADE BY SWIFT WIRE TRANSFER DIRECTLY TO SELLER?S AND INTERMEDIARIES?
NOMINATED BANK ACCOUNTS WITHIN THREE (72HRS) BUSINESS DAYS AFTER DELIVERY OF THE CRUDE OIL AT THE BUYER?S NOMINATED DISCHARGE PORT AGAINST SUCCESSFUL Q&Q AND PRESENTATION OF STATED SHIPPING DOCUMENTS ENDORSED TO BUYER/BUYER?S BANK AS INSTRUCTED BELOW.
?Source:?CIF GROSS DISCOUNT: US$8.00
????????? US$5.00 NET TO BUYER
US$1.50 TO SELLER?S SIDE (Closed)
US$1.50 TO BUYER?S SIDE
TTO TRANSACTION PROCEDURE:
- Seller issues Sales Purchase Agreement (SPA) to be executed by both parties. Buyer and Seller sign and seal this Contract including banking coordinates, forwarded by Electronic Document Transmissions (EDT). The electronic (EDT) signed copy by both Parties is considered legally binding and enforceable in respect of any provisions of this contract and must not be changed.
- Buyer?s Bank issues to Seller?s Bank a Bank Guarantee (BG) or Proof Of Fund MT-799 via SWIFT (as per Seller?s verbiage ?Annex A?). Capacity to pay for cargo.
- Buyer supplies their Inspection Company and Supercargo details.
- Seller send notification of loading to Buyer.
- Once vessel is loaded Seller provides cargo loading documents and ATB to Buyer for Boarding?? and verification.
- Buyer verifies POP (Buyer verifies cargo documents as well as verify the vessel’s position vessel name, IMO number and current position).
- Seller takes Supercargo to vessel.
- Buyer?s Inspectors perform Q&Q analysis on cargo in Benin, Cotonou or Tema- Ghana Waters.
- Seller introduces Buyer to vessel handler to place a voyage charter for vessel.
- Transfer of clear warranty, title and all cargo documents to Buyer and send the originals to Buyers bank for payment.
- Upon confirmation of Q&Q Report, Buyer makes payment of the full Cargo. Payment is made per outturn barrel by Buyer to?? Seller?s and all Brokers Accounts Simultaneously (as per IMFPA) by Swift Wire Transfer within 72hrs.
- Vessel Sail to its destination.
TTO GROSS DISCOUNT: US$10.00
????????? US$6.00 NET TO BUYER
US$2.00 TO SELLER?S SIDE (Closed)
US$2.00 TO BUYER?S SIDE