BLCO CHINA WATER CARGO

Procedures 1. Seller issues completely filled out and signed draft SPA plus Seller Company Registration Certificate to buyer. Buyer signs and seals the SPA within â??forty eight (48) hoursâ?� and returns the SPA together with Buyerâ??s NOR/ATB format to the Seller. The electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable. The SPA is lodged with the Buyerâ??s and Sellerâ??s banks respectively. 2. Within Seventy Two (72) hours, Seller provides the Account Nomination Letter and the following POP/shipping documents copies to Buyer as follows: · Certificate of Origin issued by NNPC; · Certificate of Quality Report; · Certificate of Quantity Report; · Masterâ??s Receipt for Documents; · Certificate of Authenticity issued by NNPC; · Cargo Manifest; · Masterâ??s Receipt for Samples; · Authority to Sell (ATS); · Clean Ocean Bill of Lading; · TANKER ULLAGE REPORT. 3. Upon verification of the POP/shipping documents, Buyer within Forty Eight (48) hours, issues SWIFT MT799 Blocked Funds for total cargo value. Please note that upon receipt of the Seller's Commercial Invoice, along with the Inspectors Q&Q/CIP Report, the Buyer will deliver MT103 TT of the total cargo value, including fees/commissions payable under this SPA. 4. Upon confirmation by Seller and Sellerâ??s bank of Buyerâ??s instrument, the nominated vessel sails on its voyage from Nigeria/or already in China Waters to Buyerâ??s China Seaport and Seller issues full POP in Buyerâ??s name and NOR-ETA to the Buyer/Buyer shipping agent to open communication between the vessel Captain and Buyerâ??s shipping agent. 5. Within twenty four (24) hours of vessel arrival at Buyerâ??s Port of Discharge (POD), Seller shall instruct the vessel Captain to issue the MATB to the Buyerâ??s inspection team. The Buyerâ??s inspector shall within forty eight (48) hours, board the loaded vessel for Q&Q inspection at Buyerâ??s POD and conduct Quality and Quantity inspections for analysis, at Buyers own expense, and the ready Q&Q/CIQ report is sent to both Buyer and Seller immediately. 6. Within two (2) international banking days of confirming that the Buyer and Seller are in receipt of the Buyer Inspector's Q&Q/CIQ Report, the Buyerâ??s bank shall issue SWIFT MT 103TT to the Sellerâ??s bank upon receipt of the Sellerâ??s commercial invoice based on the Q&Q/CIQ Inspection Report results as payment for the product and simultaneously payments to all fee/commission agents and facilitators listed in this SPA. 7. Vessel discharge product into Buyerâ??s ready storage tanks. Buyer & Seller execute fresh twelve (12) month contract SPA with R&E under the terms & conditions of this contract. Any monthly quantity increases shall be at Buyerâ??s option and subject to availability.