PROCEDURES. 1) Buyer and Seller sign the Sales and Purchase contract with bank coordinates and lodges in respective banks. 2) Buyer’s bank send email to seller's bank requesting for 1%Performance Bond. 3) Seller’s bank issues 1%PB and sends copy of telex swift by email to buyer. 4) Buyers bank swift an operative, irrevocable, once transferable, confirmed Letter of Credit for the total cargo of 2,000,000bbl in favor of the seller. Captain of the vessel issues marine ATB to the buyer’s inspection agency. Captain switches GPS system in order for inspectors to ascertain true position of the vessel. Seller provides logistical assistance to get the inspectors and supercargo on board the vessel, vessel sails to Cotonou waters. 5) While on board, after SGS, buyer re-charters the vessel and pay with MT103/23 to sellers account against agreed shipping documents and cargo documents submitted by the seller through his bank. 6) Vessel sails to destination port.
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Trade Leads Directory -> All Trade Leads -> Chemicals -> Petroleum Products: Crude Oil -> Bonny Light Crude Oil TTO @ $8/5
