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Procedures
1. Seller issues completely filled out and signed draft SPA plus Seller Company Registration Certificate to buyer. Buyer signs and seals the SPA within βforty eight (48) hoursβ and returns the SPA together with Buyerβs NOR/ATB format to the Seller. The electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable. The SPA is lodged with the Buyerβs and Sellerβs banks respectively.
2. Within Seventy Two (72) hours, Seller provides the Account Nomination Letter and the following POP/shipping documents copies to Buyer as follows:
Β· Certificate of Origin issued by NNPC;
Β· Certificate of Quality Report;
Β· Certificate of Quantity Report;
Β· Masterβs Receipt for Documents;
Β· Certificate of Authenticity issued by NNPC;
Β· Cargo Manifest;
Β· Masterβs Receipt for Samples;
Β· Authority to Sell (ATS);
Β· Clean Ocean Bill of Lading;
Β· TANKER ULLAGE REPORT.
3. Upon verification of the POP/shipping documents, Buyer within Forty Eight (48) hours, issues SWIFT MT799 Blocked Funds for total cargo value. Please note that upon receipt of the Seller's Commercial Invoice, along with the Inspectors Q&Q/CIP Report, the Buyer will deliver MT103 TT of the total cargo value, including fees/commissions payable under this SPA.
4. Upon confirmation by Seller and Sellerβs bank of Buyerβs instrument, the nominated vessel sails on its voyage from Nigeria/or already in China Waters to Buyerβs China Seaport and Seller issues full POP in Buyerβs name and NOR-ETA to the Buyer/Buyer shipping agent to open communication between the vessel Captain and Buyerβs shipping agent.
5. Within twenty four (24) hours of vessel arrival at Buyerβs Port of Discharge (POD), Seller shall instruct the vessel Captain to issue the MATB to the Buyerβs inspection team. The Buyerβs inspector shall within forty eight (48) hours, board the loaded vessel for Q&Q inspection at Buyerβs POD and conduct
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