The product offered by the Seller and accepted by the Buyer is Bonny Light Crude Oil that shall be lifted from seller equity agentâ€™s share.
Shipment of 2 Million US barrels +/-05% with possible rolls and extension at both parties discretion.
The price for each Barrel of Bonny Light Crude Oil delivered out-turned barrels shall be Dated Brentâ€ on the date of Bill of Lading as published by McGraw Hill market wire less discount of $11.00USD par barrel. $7.00 Net to buyer
1. Seller signs and seals the contract and dispatches to the Buyer in form of email.
2. Buyer countersigns the contract and dispatches a duplicate copy to the Seller in form of e-mail.
3. Buyer and Seller deposit same at their respective Banks.
4. Seller gives buyer loaded vessel documents for buyerâ€™s confirmation not by SWIFT.
5. Buyerâ€™s Bank writes to Sellerâ€™s bank demanding issuance of a 2% NON-OPERATIVE Performance Bond (PB) to buyerâ€™s bank. Sellerâ€˜s Bank places the Performance Bond.
6. Buyerâ€™s bank issues via SWIFT, an Irrevocable, Non-Transferable, Non-Divisible and Confirmed Standby Letter of Credit (SBLC), to Sellerâ€™s bank in favor of Seller.
7. After confirmation of SBLC, under 24 hours Seller issues Marine ATB to Buyerâ€™s inspectors for Q & Q at Cotonou Green Waters / Togo Waters.
8. Re-assignment of cargo is done in buyerâ€™s name.
9. Buyer releases full payment by SWIFT to Seller & intermediaries.
10. Vessel sails to buyerâ€™s port of discharge.