.png)
By 
3:34 PM
STANDARD TTO PROCEDURE
2. SELLER SENDS TERMINAL AUTHORITY TO SELL (ATS) AND ONRECEIPT OF THE ATS , BUYER SENDS MT103/23 CONDITIONAL PAYMENT TOSELLER’S BANK.
3. SELLER ON RECEIPT OF SWIFT MT103/23 CONDITIONAL PAYMENTISSUES BANK GUARANTEE FROM SELLER’S BANK WHICH MUST BE A PRIME BANK INEUROPE VIA MT 760 IN FAVOR OF THE BUYER.
4. BUYER ON RECEIPTAND CONFIRMATION OF SELLER’S BANKGUARANTEE TRANSFERS 85% OF THE BG VALUE IN CASH TO SELLER’S BANK ACCOUNT VIAMT103 SWIFT WIRE TRANSFER TO GUARANTEE BUYER’S FUNDS.
5. SELLER WITHIN 7DAYS OF RECEIPT OF BUYER’S FUNDS CHARTERS 2MILLION BARRELSVESSEL IN THE NAME OF THE BUYER AND HANDS OVER THE ORIGINAL COPY OF THE CHARTERPARTY AGREEMENT TO BUYER.
6. BUYER SENDS REPRESENTATIVES ON BOARD THE VESSEL TO HAVE ACQUAINTANCE WITH THE CAPTAIN.
7. SELLER LOADS VESSEL BY TRANSHIPMENT FROM THE LOADED VESSEL AND SENDS ATB TO BUYER’SINSPECTORS FOR Q&Q INSPECTION ON BOARD.
8. UPON COMPLETION OFQ&Q INSPECTION AND FULLDOCUMENTATION OF CARGO IN BUYER’S NAME,VESSEL SAILS TO BUYER’S DESIGNATED PORT OF DISCHARGE.
9. BUYER RETURNS SELLER’S BANK GUARANTEE ALONG WITH BALANCE OF PAYMENT WITHIN 20 DAYS AFTER DISCHARGING CARGO AT BUYER’S PORT OF DISCHARGE. COPY OFTHE DISCHARGE CERTIFICATE WILL BE SENT TO THE SELLER WITHIN 72HOURS OF DISCHARGING CARGO.THIS PROCEDURE CONTINUES MONTHLY FORTHE PERIOD OF THE CONTRACT BERTH CHARGES, DUTIESAND TAXES AT DISPORT
The Buyer shall be responsible for all duties and taxeslevied on cargo by the authorities of the country of discharge. Title shallpass from Seller to Buyer when Tanker Take over
TRANSACTION PROCEDURE : (CIF)Nominations, Shipment &Procedures
1. Buyer and Seller sign and seal this Contract includingbanking co-ordinates and exchange the signed copy by electronic mail. Theelectronic signed copy by both Parties is considered legally binding andenforceable. Buyer must return the signed SPA with the discharge port detailsand the approved ATB format to the seller.
2 Upon signing of the electronic copies of the spa anddeposited at each bank respectively seller and buyer shall send hard copies ofthe spa via courier to each other
3. Buyers bank writes to Seller‘s bank stating buyer’sreadiness to place instrument if Seller’s bank is ready to reply with a 2%performance bond Seller‘s bank signs letter and returns to seller’s bank.
4.Upon the receipt of the signed letter and confirmation ofbuyer's bank readiness to deal,sellers bank sends 2% PB to buyers bank, uponreceipt of 2% PB from sellers bank, buyers bank shall send by swift irrevocableopen letter of credit in sellers name to seller’s bank
5.Upon Seller‘s bank receipt of Irrevocable, Confirmed, BankComfort Letter (BCL) or MT799 or Irrevocable Bank Payment Undertaking (IBPU)from Buyers bank, shall within (5) banking days issue verifiable CPA,Q88 andProgrammed Provisional Lifting Details in Buyer’s name for one way voyage charter to Buyer’s port of destination. This LiftingRights (in buyer’s name) would be manifested on NNPC screen worldwide forbuyer’s verification and due diligence.
6. within seven (7)banking days of the above, NNPC furnish buyer / buyer’s bank with CPA & Q88in Buyers name:
7 Buyer confirms the vessel nomination, NNPC lifting Rightprogramming on NNPC Screen in Buyer's name
8. BUYER or BUYERS BANK sends to Seller SWIFT Confirmationfor Swift Verification by email.
9 SELLER Provides cargo documents to Buyer’s Bank forverification.
i. Clean–on–boardocean Bills of Lading
ii. Certificate of Quantity (SGS or equivalent)iii.Certificate of Analysis (optional)
iv. Certificate of Origin
v. Certificate ofQuantities
vi. Seller’s commercial invoice
vii. Vessel ullage report (optional)
viii. Receipt of samples (optional)
ix. Cargo Manifest
10. Captain Issues NOR / ETA to buyer’s shipping agents andthe buyer’s harbour master: shipping advice indicating, designated vessel name,loading port, estimated loading time, estimated time of departure, estimatedtime of arrival in destination port (full ETA).
11. Vessel(s) sails to Buyer’s discharge port. Upon arrivalat Buyer’s discharge port, Captain shall issue ATB to buyer’s supper cargo andinspectors inviting them to board the loaded vessel for Q and Q inspection.
12. Upon successful Q and Q including Dip Test BUYER pays for product by Wire Transfer /Swift MT-103 into the Seller’s account and Buyer’s / Seller’s agents’ commissions,within 72 hours of cargo discharge, based on out-turned barrel, transfer ofownership and presentation of relevant shipping documents at Buyer’s bankcounter.
NOTE BELOW:After the vessel has discharged its cargo atBuyer’s designated port outlined above , Buyer must make payment by KTT WireTransfer to Seller’s Bank Account for this transaction and to beneficiariesnamed in Master Fee Protection Agreement in the contract for fees. Such paymentmust be made’ within three (3) international banking days after productdelivery and discharge at Buyer’s nominated port of discharge againstpresentation of stated shipping documents (non-negotiable copies) at Buyer’sbank.
OUR STRONG POINTS.SELLER ONLY NEED A STRONG FINANCIALBACKING OF THE BUYER'SBANK AS POF VIA IBCL, OR MT799 TO GO ON SPENDING MONEY TONOMINATE A VESSEL IN BUYER'S NAME, PROGRAMME HER FOR LIFTING AND TURN THEM OVERTO THE BUYER FOR VERIFICATION BEFORE ESTABLISHING A LETTER OF CREDIT IN FAVOROF SELLER.
STANDARD TTT PROCEDURES.
1.The Buyer and Seller sign the Sales/ Purchase ContractAgreement with Banking co-ordinates.
2. Buyer’s bank writes Seller’s bank pre-advising that whenthe Buyer through his bank confirms Seller’s 2%PB,Buyer’s bank will issue andpost operative LC or operative BG in favour of Seller through his bank.
3.Seller issues 2% performance bond to buyer’s bank.
4.Buyer’s bank confirms 2%PB and issues operative LC oroperative BG to Seller’s bank.
5.Buyer forwards comprehensive vessel details which includesCPA,Q88 and Invoice of charter with ATL for seller’s attention andverification.
6. Seller upon verification of vessel details,loads vesselat the terminal and issues NOR/ETA to buyer’s vessel master.
7. Buyer’s inspectors and super cargo board seller’s vesselat the point of STS to conduct QnQ analysis on the loaded vessel.
8. Buyer and Seller’s vessel long side for transhipmentafter satisfactory Q n Q analysis.
9. Buyer pays for cargo and all agents fee.
10. Vessel sails to buyers port of discharge
DOCUMENTS:
1. Bill of lading with copies
2.Commercial Invoices
3. Certificate of Origin
4. Certificate of quality and quantity (issued at the portdischarge)
5. Cargo Manifest
6.Certificate of insurance
7. SGS report after discharge
0 comments