STANDARD BANKING/OPERATIONAL PROCEDURE (TTT in West Africa Waters)
- Buyer sends an ACCEPTANCE LETTER of this offer to Seller and Seller sends an INDEMNITY AGREEMENT of N50 million for Buyer to sign, NOTARIZE in court and return to Seller as a caution against failure from any party.
- Buyer counter-signs Seller’s draft contact (SPA) and returns with their (a). VESSELS particulars (CPA, Charter Invoice and Q88) to Seller. (b). Passport ID of Buyer’s Supercargo & Inspector onboard Buyer’s Vessel and their phone numbers.
- Buyer’s Bank issues their Ready, Willing and Able Letter (RWA) for the entire cargo to the Seller’s Bank STRICTLY according to the specified format OR a N200 million Naira BLOCKED FUNDS for logistics.
- Seller instruct the Captain of the cargo laden vessel to send ‘NOTE OF READINESS’ to Buyer’s receiving Vessel.
- Buyer’s vessels longsides with Seller’s mother OR NNPC Shuttle vessel for trans-shipment of product into Buyer’s vessel. (Buyer’s Bank Officer releases the Bank draft to Seller if applicable). Buyer must ensure that Fenders and hoses are available on their vessel for this operation.
- Buyer’s Bank SWIFT payment for the entire cargo into Seller’s Account and all commissioned Agents/Facilitators are paid according to IMFPA. Buyer’s vessel is FREE to sail away with the cargo hard copy of any cargo document.
- Trans-shipment of product on Buyer’s Vessel takes place immediately. Buyer’s Inspector on board conducts Q&Q test and send the report via email to the Bank officers of both parties within 12 hours.
- Buyer’s Bank SWIFT payment for the entire cargo into Seller’s Account and all commissioned Agents/Facilitators are paid according to IMFPA. Buyer’s vessel is FREE to sail away with the cargo hard copy of any cargo document.
STANDARD BANKING/OPERATIONAL PROCEDURE (TTO in West Africa Waters)
- Buyer sends an ACCEPTANCE LETTER of this offer to Seller and Seller sends an INDEMNITY AGREEMENT of N50 million for Buyer to sign, NOTARIZE in court and return to Seller as a caution against failure from any party.
- Buyer counter-signs and returns Seller’s draft SPA with their (a). ATB format (b). Supercargo/Inspector’s Passport ID with their phone numbers.
- Buyer’s Supercargo & Inspector onboard Buyer’s Vessel and their phone numbers.
- Buyer’s Bank issues their Ready, Willing and Able Letter (RWA) for the entire cargo to the Seller’s Bank STRICTLY according to the specified format OR a N200 million Naira Blockfunds for logistics.
- Seller confirms loads a vessel and instructs the Captain of the cargo laden vessel to issue Marine ATB to Buyer’s Supercargo/Inspector board for physical inspection of cargo and Q&Q test.
- Buyer’s Inspector email the Q&Q report to the Account Officers of both parties within 6 hours.
- Seller sends their final Commercial Invoice, available cargo documents and Warrantee of Title in favour of Buyer to Buyer’s Bank.
- Buyer’s Bank SWIFT payment into Seller’s Nominated Account immediately and that commission Agents.
- Seller introduces Buyer to the vessel handler, Buyer re-charters vessel and take over cargo.
STANDARD BANKING/OPERATIONAL PROCEDURE (CIF to Storage)
- Buyer counter-signs SPA and return with their (a) NOMINATED Tank farm details. (b). NOR format (c). Storage Manager, Supercargo and Q&Q Inspector ID with their phone numbers.
- Buyer’s Bank issue their irrevocable, transferable and confirmed cash back BANK GUARANTEE covering the entire cargo in favour of Seller STRICTLY according to the specified verbiage.
- Seller confirms Buyer’s BANK GUARANTEE, loads their daughter vessel and instructs the Captain of the cargo laden vessel to send ‘marine NOR’ to Buyer’s tank farm.
- Buyer confirm the ‘marine NOR’, hires their tank farm and sends the Tank farm Lease Agreement/Invoice to Seller. Buyer’s Tank farm Manager respond to the ‘marine NOR’ by sending a certified invitation Letter for the cargo laden vessel from the Tank farm Jetty Authorities for easy clearance on arrival.
- Seller moves cargo to Buyer’s discharge port and anchors the vessel for Q&Q test. Buyer clears cargo on arrival and Buyer’s Inspector conducts Q&Q and submits the report to both parties via email within 6 hours.
- Buyer’s receives soft copy of Seller’s Commercial Invoice and the product is discharged into Buyer’s storage.
- Buyer’s BG crystallizes into cash immediately and Buyer’s Bank SWIFT payment for the full cargo into Seller’s Account and all commissioned Agents/Facilitators are paid according to signed IMFPA.
