Seller must with the following procedures - no exceptions:
14.1 PURCHASE PROCEDURE.
a. Seller shall issue Sales & Purchase Agreement with Seller's Full Banking Co-ordinates.
b. Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.
c. Within 72 hours, the Sellers bank sends by swift a non-operative 2% PERFORMANCE BOND to the buyers bank in the form of a STAND BY LETTER OF CREDIT from a top 25 world bank.
d. Within (10) ten banking days of 14.c above, Buyers bank shall issue per Annex D a Documentary Letter of Credit value for ONE month cargo shipment to Seller that activates Sellers PERFORMANCE BOND.
e. Within 5 days of 14.d above, Seller shall provide The Charter Party Agreement for the designated vessel marked "Freight Prepaid" to Buyers destination. Failure of Seller to do so shall be a default event and Buyer shall collect the PB.
f. Within 48 hrs of 14.e above, the Seller will give the Buyer verifiable Vessel name, call letters, and Captains name of the Vessel that is to load for CIF delivery and Buyer signs a copy of the) Charter Party Agreement with the Shipping Agency.
g. After the vessel has discharged its cargo at Buyers destination port and Buyer has received the Post Discharge Q & Q Report from SGS and after all documents are presented by the Seller after the time of cargo delivery as required by the DLC, Buyer shall make payment by Telegraphic Transfer to Sellers Bank Account for oil and by separate DLC to Seller.
h. Payments are made by swift wire transfer directly to the Sellers bank account as stipulated in the SPA contract within three (3) international banking days after product delivery to Buyers nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyers bank.
crude oil
Bonny Light Crude Oil Available On ...
We are Buying Bonny Light Crude Oil
Metals And Crude Oil Required
Need MESA30 and NILE BLEND crude oil
Oil Wanted
Buy Blco, Crude Oil
Crude Oil
