BLCO-CIF

PROCEDURE 1- FOR CIF WITH MT799 BLOCKED FUNDS

1- Buyer issues LOI with Bank details, Company profile, Business certificate and Passport copy

2- Seller issues SPA, buyer signs and returns + Bank RWA given to the Buyer (TOP 25 BANK) + Authority to verify (ATV); the signed SPA received and exchanged through electronic mail attached document shall be deemed a legally binding contract and enforceable. Both parties shall submit same to their respective banks.

3- Buyer sends MT199 to Seller’s nominated Bank to confirm readiness to receive Buyer’s MT799 CASH BACKED BLCOKED FUNDS. Seller’s nominated bank responds via MT199 to confirm its readiness to receive the MT799

4-Buyers bank confirm seller’s bank pre-advice and within three (3) banking days, Buyer’s bank Sends Swift Operative Irrevocable Confirmed CASH BACKED BLOCKED FUNDS via Swift MT799 to Seller Fiduciary Bank account for entire cargo from a prime rated top world commercial bank.

5- Seller verifies and confirms buyer’s instrument, loads a vessel in buyer’s name and issues NOR/ETA to the buyer’s port and after which the vessel sets sail.

6. The vessel and the shipping Agent will be in contact and upon arrive at buyer’s port, the shipping agent must clear her in within 24 hours or arrival.

7. Seller instructs the captain to issue MATB to enable Buyer’s inspection team to board and conduct QnQ/CIQ.

8 Upon completion of the QnQ, the report is given to both Seller and Buyer. Seller gives commercial invoice for the amount of the total cargo. Buyer’s bank shall issue payment via MT103 or T/T for the full cargo and commissions are paid commission to all within three banking days as per separate IMFPA.

9. The vessel is instructed to discharge into buyer’s tank farm or awaiting vessel and all the titles of the product handed over to the buyer.

10. Any demurrage incurred as a result of unreasonable delay after three (3) banking days of Q & Q /SGS/CIQ report shall be paid by the Buyer, such amount to be calculated as applicable to the marine laws. Buyer places MT760 SBLC to cover subsequent deliveries.

11. Next Shipment Commences.

PROCEDURE 2- FOR CIF WITH CONDITIONAL PAYMENT MT103/23

  1. BUYER ISSUES LOI WITH HIS BUSINESSREGISTRATION AND OR INCORPORATION DOCUMENT AND PASSPORT DATA PAGE
  2. SELLER ISSUES SPA FOR BUYER TO SIGNAND RETURN WITH CIS OF THE ACCOUNT HOLDER THAT WILL ISSUE MT103/23.THE SEAL SIGNED CONTRACT IS EXCHANGED BY ELECTRONIC MAIL. THE ELECTRONIC SIGNEDCOPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE.3
  3. BUYER SENDS DETAILED NOR/ETA/ATBFORMATS AND BUYER BANK PRE-ADVICE TO SELLER’S BANK WITH HIS READINESS TO ISSUEA CONDITIONAL PAYMENT FOR THE TOTAL CARGO.
  4. SELLER’S BANK – PREADVICE BUYER’SBANK HIS READINESS TO RECEIVE THE CONDITIONAL PAYMENT.
  5. BUYER BANK SENDS THE CONDITIONALPAYMENT VIA SWIFT MT103/23.
  6. UPONCONFIRMATION OF THE CONDITIONAL PAYMENT, SELLER LOADS CARGO AND ISSUES DOCUMENTS ISSUES COMPLETE CARGO REASSIGNMENT DOCUMENTS IN FAVOR OF BUYER INCLUDING DTA/CUSTOMS CLEARANCE/TANK ACCESS CODE FOR DIP TIN BUYER’S NAME; CAPTAIN ISSUES NOR/ETA AND SAILS TO BUYER’S PORT OF DESTINATION.
  7. AT ARRIVAL SELLER INSTRUCTS THE CAPTAIN TO ISSUE MATB AND NNPC ISSUES CLAREANCE FOR BUYER INSPECTORS FOR DIP TEST EXERCISE
  8. UPON Q&Q, BUYER MAKES FINAL PAYMENT VIA SWIFT MT103 PER OUT TURN BARRELS TO THE SELLER AND ALL INTERMEDIARIES IN SEPARATE IMFPA.
  9. CARGO COMMENCES DISCHARGE INTO BUYER’S TANK.

CIF PROCEDURE WITH SBLC/MT760 AND 2% PB

1- Buyer issues LOI with Bank details (For Seller’s approval of the Bank) Or ICPO as attached.

2- Seller issues SPA, buyer signs and returns CIS, Business certificate and Passport copy, detailed company profile + Authority to verify (ATV); the signed SPA received and exchanged through electronic mail attached document shall be deemed a legally binding contract and enforceable. Both parties shall submit same to their respective banks.

3- Buyer sends MT199 to Seller’s nominated Bank to confirm readiness to receive and fund against Buyer’s SBLC. Seller’s nominated bank responds via MT199 to confirm its readiness to receive the Buyer’s SBLC.

4-Buyers bank confirm seller’s bank pre-advice and within three (3) banking days, Buyer’s bank Sends Swift Operative Irrevocable Confirmed Standby letter of Credit (SBLC) via Swift MT760 to Seller Fiduciary Bank account for entire cargo from a prime rated top world commercial bank.

5- Seller, verifies and confirms buyer’s instrument and swifts 2% Cash PB into the Buyer’s nominated account, loads a vessel in buyer’s name, programs the Buyer’s purchase on Shell Screen and issues NOR/ETA to the buyer’s port and after which the vessel sets sail.

6. The vessel and the shipping Agent will be in contact and upon arrive at buyer’s port, the shipping agent must clear her in within 24 hours or arrival.

7. Seller instructs the captain to issue MATB for them to board and conduct QnQ/CIQ.

8 Upon completion of the QnQ, Seller gives commercial invoice for the amount of the total cargo. Buyer’s bank shall issue payment via MT103 or T/T for the full cargo and commissions are paid commission to all within three banking days as per separate IMFPA.

9. The vessel is instructed to discharge into buyer’s tank farm or awaiting vessel and all the titles of the product handed over to the buyer.

10. Any demurrage incurs as unreasonable delay after three (3) banking days of Q & Q /SGS/CIQ report shall be paid by the Buyer, such amount to be calculated as applicable to the marine laws.

11. Next Shipment Commences.