LOADED VESSEL FOR CIF PROCEDURE,2000000barrels bonny light crude oil
A) Seller and Buyer execute this Agreement by Facsimile transmission and Hard copies shall be sent within 48 hours. Facsimile transmissions shall be deemed as originals, bearing the same force and function. Buyer and Seller will lodge the Agreement with their respective banks.
B) Within seven to ten (7 to 10) banking days after receipt and verification of the sellerâ€™s laycan info, the Buyer, via Bank-to-Bank SWIFT communications procedure, shall issue their operative, confirmed, once-transferable letter of credit, issued by a top 25 rated USA/Europe, in an amount sufficient to cover the estimated purchase cost of the first delivery of the commodity. The letter of credit is issued to the Sellerâ€™s Bank account.
C) Seller shall provide the Buyer the confirmed charter party agreement for the vessel and notification of estimated time of arrival (ETA) to the Buyerâ€™s Designated Discharge Port. Loading takes place as per laycan date. Shipping documents formalities completed.
D)Vessel inward /outward clearance and captains operation allowance is $492,000USD through the vessel local agent( point of payment to agreed upon). After vessel has sailed and received by the buyer at his Port of discharge or cargo transshipped into buyerâ€™s vessel. The vessel carrying cargo will be bunkered by the buyer in agreement with seller to refund all logistics expenses after delivery and allowances.
E) Buyer is under routine condition of our sales procedure to raise a financial instrument to our bank (Bank of Seller ) for the quantity of cargo on board our loaded vessel, valued at 2,000,000 barrels of Bonny Light Crude Oil. The value of financial instrument to cover the sale of the entire cargo is about $120,000,000 (120million USDollars)
F) Buyer signs voyage Agreement
G) Seller provides and assigns the following documents to the buyer after loading
i)Sub-charter Party Agreement
ii)Bill of Lading
iii)Certificate of Origin
iv)Certificate of Quality
vi)Masterâ€™s Receipt for Samples
vii)Masterâ€™s Receipt for Documents
H) Buyer re-confirms loading details with Captain through the Ship Handlers
I) Upon verification and confirmation, buyer applies for certificate of ownership and issuance of Letter of Credit (L/C) to the Sellerâ€™s mandate
J) The sellerâ€™s vessel sails and deliverâ€™s crude oil to buyer nominated discharge port and Tank(s)
k) Buyer shall on behalf of J.V. Operators pay a logistics expense subject negotiable to the JV Operators nominated account as regards Bunkering of the vessel and other cost of vessel Handling and Loading Expenses before loading or before or after the vessel has sailed out of loading before sailing to discharge of Buyer Port. This amount shall be deducted from the proceeds by buyer before posting as the cargo is shipped on DELIVERY DUTIES UNPAID.
L)A mandatory fee of N35,000,000 (thirty five million Naira) must be paid by the
Consignee( TO BE PAID BY CHARONE ;REIMBURSED TO CHARONE ON DELIVERY OF PRODUCT TO THE SELLER BY THE SELLER) for security clearance and the mooring of vessel out of the loading Platform..to enhance prompt operation and all local expenses, including bunker of vessel and insuring original ship documents (hard copies).
m)Upon discharge at the destination port, inspection and issuance of clean
report of findings stating quality and quantity ;payment is made within five(5)
All commissions due to the facilitators and brokers shall be paid at the same time and by the same method as for the invoice paid to the Seller.
The Seller and the Buyer each shall be responsible individually for their banking charges relating to this Contract Agreement.
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