Please let you or your buyer know that we don't do CIF for now until atfter 4mbls to 6mbls and we can not transfer or reassign our allocation to buyer's name.
Below is our procedures @ $10/4:
A. TRANSACTION PROCEDURES FOR TTO:
1. Buyer and Seller execute, sign and seal the agreement and exchange copies via facsimile or electronic mail. The electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable.
2. Buyer issues Marine ATB Fomat with supercargo/ inspector scan copy and seaman identification from NNPC approved list of supercargo.
3. Buyer opens standby letter of credit MT760 in favor of seller.
4. Seller Load Vessel and issue marine ATB in favor of the buyer, also seller board buyer's supercargo for product confirmation.
5. Buyer's inspector conducts Q and Q to ascertain the Quality and the Quantity of the product.
6. After Q and Q, seller introduce buyer to the vessel handler, buyer recharter vessel from the owner.
7. Seller transfer title to the buyer with full cargo documents
8. Buyer pays for the entire cargo and to all agents and facilitators.
9. Buyer's captain sails to buyer's port of discharge.
B. TRANSACTION PROCEDURES FOR TTT
1.Buyer and seller sign contract and deposit same to their respective banks.
2. Buyer return contract with valid vessel details, these include, Charter Party Agreement (C.P.A), Charter Receipt (C.R), Authority to Load (ATL) and Notice of Readiness (NOR) Format.
3. Buyer opens Standby Letter of Credit MT760 in favor of the seller.
4. Seller programmed and Load vessel and issue NOR to the buyer captain.
5. Buyer captain return ETA to the seller's port.
6 Buyer‘s captain long side with the seller's captain for transshipment.
7. After transshipment, buyer inspector conduct Quality and Quantity Analysis (Q and Q)
8. After Q and Q Result has been ascertain, seller transfer title to the buyers bank for payment.
9. Buyer confirmed from his captain the position of the cargo, and make payment by MT103 direct transfer to the seller and to all Agents and Facilitators.
10. Seller provide security to see the buyer's captain to a save zone. Buyer's captain sailed to the buyer's port of discharged.
11. Contract closed to be renewed by further understanding.
C. TRANSACTION PROCEDURES FOR TTO
1. Buyer and Seller sign contract and deposit same to their respective banks.
2 Buyer return contract with valid ATB Format, the Super cargo must be on the NNPC approved list.
3. Buyer places MT760 for the entire cargo or pay $200,000 logistics for cargo to be bunker to Ghana or Cotonou waters' for Q and Q.
4. Seller places a POST-DATED CHEQUE as an advance payment guarantee ( APG) in favour of buyer.
5.Seller instructs captain of loaded vessel to issue to buyer's inspector within 24 hours ATB/ETA.
6. Seller instruct captain to move cargo to Ghana or Cotonou waters within 48 hours for final inspection.
7. Upon arrival in Ghana or Cotonou waters, Captain issues Marine ATB to buyer's inspector and super cargo for boarding.
8. After Q & Q, Seller introduce buyer to vessel handler for vessel charter.
9. With buyers super cargo on board, buyer takes over loaded vessel.
10. Seller hand over to buyer the complete cargo documents within 48 hours of Q & Q.
11.Buyer makes payment via MT103 to seller.
NOTE:
If seller will be at NNPC TOWER with buyer for verification, buyer will pay #1.5m cash into seller's account for logistics to Abuja.
Seller issues him postdated cheque of #1.5m.
That when they get to NNPC tower for verification and find out that seller do not have OPEC ALLOCATION, buyer goes to the bank and withdraw back his #1.5m which he gave to seller.
Best Regards,