Contact me if your buyer can follow the procedure.
PROCEDURE.
i Buyer and Seller sign and seal Sales and Purchase Agreement with full banking details and forward same to their respective banks. (Electronic copies are binding) BUYER FORWARDS ATB DETAILS.
ii. Seller instructs the vessel captain to issue a marine ATB, and open’s up communication with buyers SGS inspectors and shipping agent to facilitate boarding. No further communications would be allowed.
Iii Buyer establishes an escrow account in buyers account of $300,000.00 naming seller “ xxxxxxxxxxxxxxxx†and or assignee as the beneficiary, stipulating that upon ascertaining an acceptable SGS report in accordance to the product under contract buyer releases escrow funds to buyers assigned or nominated bank account should the full cargo instrument not be placed on the product. Escrow must be verifiable, authentic and acceptable by seller.
iv. Buyers inspectors, supercargo board for inspection, while communication is opened to the buyer, buyers bank and the local vessel handling company and vessel captain to facilitate tanker take over.
v. Within 3 banking days( before the SGS report is forwarded to buyer /seller respectively), Seller will collate official cargo documents and transfer of ownership (title) into buyers name.
vi. Buyer issues an MT103/23 for the full cargo
vii. Buyer re-charters the vessel, releases payment to Seller, in accordance to the quantity ascertained by the sgs report.
viii. Original documentations are released to Buyer
ix. Buyer sets sail to its discharge port.
anyibekee@yahoo.co.ukskype :anyibekee
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