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TTO Purchase Procedure:
1. Buyer and Seller execute and seal this Agreement, and exchange a facsimile (EDT) copy by FAX or electronic mail. The electronically transmitted copy, signed by both Parties, shall be considered legally binding and enforceable. These signed electronic copies are lodged in their respective banks.
2. Buyer verifies Proof of Product (NNPC Allocation Number, Export License Number, and Authority Number) from the Seller. Within three (3) banking days, the Buyer provides to the Seller’s Fiduciary bank a MT799 POF issued through a Prime World Bank as a proof of capability. Buyer provides their ATB format to the Seller including the passport and telephone numbers of the Supercargoes.
3. Within five (5) banking days upon verification of the Buyer’s MT799, Seller nominates vessel{s} and makes preparations to load cargo{s} in Buyer’s name as the Consignee. Seller releases AIS Transponder, CPA and SGS report and all loaded vessel{s} documentation to the Buyer directly via e-mail.
4. Upon completion of loading, the vessel is escorted out to Cotonou International Waters (10-15 nautical miles).
5. The Captain shall issue a marine ATB to Buyer’s Supercargo and Inspectors inviting them to board for inspection.
6. Within three (3) banking days after satisfactory inspection, Buyer negotiates the CPA take over and pays for product via Wire Transfer / Swift MT-103 into the Seller’s account, based on the verification of the SGS report, and upon the Seller's presentation at the counters of the Buyer's bank of documents as specified in the executed contract.
7. Vessel sails.
