1. Buyer & Seller sign and seal Sales & Purchase Agreement (SPA) after due acceptance of terms and conditions contain therein by both sides. Both parties lodge the fully executed SPA with their respective banks. Buyer must issue their Client Information Sheet (CIS)/ KYC including passport/license data page.
2. Buyer’s issuing prime bank shall issue a Pre-advice via swift MT799 swift transmission to Seller fiduciary bank stating Buyer’s readiness to swift SBLC via MT760 transmission duration and agreed verbiage within send copy of SWIFT to Seller for immediate confirmation and authentication via bank-to-bank e-mail communication between bank officers.
3. Seller’s fiduciary bank authenticates and confirms the Pre-advice via MT799 sent from Buyer’s bank a pre-advice of 2% Performance Bond Guarantee. The 2% PB shall become ACTIVE upon receipt of MT760 SBLC for the full cargo from Buyer. Seller shall provide copy of SWIFT to Buyer for immediate confirmation and authentication via bank-to-bank e-mail communication between bank officers.
4. Buyer’s bank confirm and authenticate receipt of the pre-advice of 2%PB and swift S.B.L.C via MT760 swift transmission for the value of entire cargoto Seller fiduciary bank as per accepted verbiage and duration Buyer’s Bank provides carbon copy of SWIFT to Seller for immediate confirmation and authentication via bank-to-bank e-mail communication between bank officers and copy the Seller.
5. Buyer issues certified Authority to Load (ATL) and sends along full details of his vessel to include but not limited to:
b. CPAI nvoice.
d.Ship’s Particulars (Insurance club, anti-pollution, previous name certificate)
f. All Crew Effects List.
g. Ni lList.
j. Additional Narcotic List.
k.Ports of Call List.
NB: All above shipping chartering documents must be certified and verifiable from vessel operators or home office. All above shipping documents must be current and approval of its usage still subject to the verification, approval and acceptance of the Export office/marine transport department of the COMD/NNPC.
6. Seller processes the Issuance of the LAYCAN,Payment for Vessel Security, Tugging, Mooring etc. Certified Details &Document of Chartered Vessel is sent to NNPC Marine Transport Department for verification, Programming of Loading Window and issuance of LAYCAN. Within 10working days LAYCAN is issued, along with STEM no, Keyboard PIN no and Seller furnishes both Vessel Home office/Foreign Handler and The Buyers with the issued LAYCAN details for their records.
7. Seller clears vessel to terminal for Loading.Vessel is loaded and Seller Secures Full Cargo Documents/title to include:
a.Clean Ocean Bill of Lading, One (1) Original and Three (3) Copies
b.Seller’s Commercial Invoice, One (1) Original and Three (3) Copies
c.Certificate of Origin issued by NNPC, One (1) Original and Three (3) Copies
d.Certificate of Authenticity issued by NNPC, One (1) Original and Three (3) Copies
e.Certificate of Ownership (Title)
f.Cargo Manifest, One (1) Original and Three (3) Copies
g.Certificate of Quality, One (1) Original and Three (3) Copies
h.Certificate of Quantity, One (1) Original and Three (3) Copies
i.Master’s Receipt for Samples
j.Master’s Receipt for Documents
k.Tanker Ullage Report
l.Tanker Time Sheet
m.NNPC Authority to Sell (ATS)
n.Export Clearance Permit (NPA waiver, Custom Clearance Certificate etc.)
o.Other relevant documents related to the cargo.
p.Commercial Invoice for the transaction.
8. Loaded vessel captain position for Q&Q inspections. Inspection is done, calibration and sample for analysis is taken.
NB: Buyer Inspection agency must be one acceptable to Seller and NNPC.
Bank Guarantee issued to NNPC crystallizes and Seller pays 100% cost of cargo loaded on his vessel to NNPC.
9. Within 24-48 hours inspection Agency releases Q&Q Report and furnishes both Buyer & Seller with copies immediately.Seller releases Cargo documents as highlighted in NO.4 above. Then Buyer Bank confirms cargo docs even as Seller issues Commercial Invoice covering total cost of Cargo and Commission.
10. Buyer’s bank pays for the total cost of cargo via Swift MT103 in US dollars by Telegraphic Wire Transfer directly to Seller’s nominated bank account. Payment is confirmed.
11.. Vessel is escorted out of Nigerian water and sails to buyer disport.