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BLCO (Bonny Light Crude OIL),REMCO, SLCO(Saudi) |
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We have supplier for crude.
Seller has agreed to sell and Buyer has agreed to buy Nigerian Petroleum Product origin especially of the lighter streams in the total volume of gross (1) million barrels on spot with possibility of extension to two millions (+/- 10%) barrels per month for twelve months.
SPECIFICATION (PETROLEUM PRODUCT)
a. As per the mutually agreed and shall be determined by SGS International whose Report shall be acceptable and binding on the Seller and Buyer.
2. DESTINATION:
Ship to Ship Transshipment (hereinafter TTT).
3. QUANTITY AND TERM:
One (1) million barrels on spot with possibility of rolls and extensions
4. PRICE:
Selling price (Brent), 3 days average of the date of the invoice the day before and the day after. Invoice shall be dated for the date of transshipment. Discount shall be as follows: USD NINE Dollars ($9.00) gross and USD Five $5.00 NET to Buyer. Buyer must pay a total commission of USD FOUR ($4.00) to all nominated paymasters as per clause 12 of this contract. Buyers vessel will not leave the TTT location until all commissions are paid to the nominated accounts.
5. VALIDITY OF CONTRACT:
This Agreement shall be valid immediately from the date of original signature by both Buyer and Seller and delivery via courier.
6. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of England.
7. PUBLIC ANNOUNCEMENTS
No public announcement or press release concerning the arrangements contemplated in this Agreement shall be made by either of the Parties without the prior written consent and joint approval of the other Party.
8. COMMISSION
Buyer must pay commissions as provided for in this contract Irrevocable master fee protection and pay order agreement (AT THE SAME TIME AND IN THE SAME MANNER BUYER PAYS FOR PRODUCT) Seller shall not be responsible or liable for the payment of commissions or fees to intermediaries.
9. PAYMENT
After transfer as per quality and quantity inspection carried out on the receiving Vessel nominated by the Sellers/Buyers Mandate groups. Payment in full for product and commission by swift wire transfer is made for the total value of product at the price as set forth in clause 4. Payment shall be made within 48 hours of transshipment.
10. PROCEDURE
1. Seller and Buyer sign the contract with full banking details and each party submit a copy to his bank
2. Buyer�s Agent presents the CPA of his receiving vessel together with ATL addressed to Seller
3. The Captain of the Sellers loaded vessel opens communication with the Buyers Captain and Buyer�s Captain responds with ETA and confirms his location to Seller�s Captain.
4. The 2 Vessels come alongside at Togo Triangle at a safe TTT point as agreed by the 2 Captains.
5. Buyer releases a photocopy of Security/Logistics money in the sum of Ten Million Naira only. The Bank Draft should be made in favor of Verile Nigeria Limited. The original copy of the said bank draft shall be handed over to the Seller upon discharge into the buyer�s vessel.
6. The product is discharged into the Buyer�s Vessel and Buyers Captain confirms his receipt of product to Buyer.
7. Buyer�s appointed Inspectors (SGS International) conduct Q&Q on the Buyer�s vessel and issues report to Buyer and Seller simultaneously.
8. Buyer�s Bank issues an Irrevocable, Operative DLC covering One million barrels in favor of Seller and simultaneously, Buyer�s Bank swifts Irrevocable Pay-Order to into the bank accounts of all the named Intermediaries as included in the IMFPA section of this contract.
9. Documents are presented to Buyers Captain who then endorses the documents.
10. Payment for product and Commission shall be simultaneously made in full within 48 hours to nominated Banks by swift transfer.
11. DOCUMENTS
Buyer�s DLC will call for only the under listed documents
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