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Details - Information last confirmed on September 4, 2020
1) Seller and buyer sign the contract. Buyer returns the signed SPA along with his valid ATB/NOR/ETA Format, supercargo and inspector's scanned I.D.
2) Within 72hrs of signing the SPA, buyer's bank shall issue a Pre-Advice stating willingness to issue an SBLC covering the entire cargo.
3) Within 72hrs of receipt of buyer's pre-advice, seller's bank shall response via Pre-advice stating readiness to issue 2% Performance Bond in favor of the buyer when they receive buyer's SBLC.
4) Within 48-72hrs of receipt of seller's Pre-advice, the buyer's bank shall issue the Standby Letter of Credit (SBLC) in favor of the seller covering the entire cost of cargo.
5) Within 72hrs of receipt and confirmation of the buyer's SBLC, the seller's bank issues the 2%PB in the buyer's favor.
6) NNPC shall send to the buyer directly, all Original Cargo shipping documents in buyer's name as CONSIGNEE. Pls, note here that all original shipping cargo documents including the WARRANTY/TRANSFER OF TITLE shall be sent to the buyer by NNPC directly.
7) The loaded vessel shall issue a Marine NOR/ETA to the buyer's discharge port and loaded vessel sails to the buyer's port of discharge.
8) Loaded vessel arrives at the buyer's discharge port and shall announce her presence. Loaded vessel issues a Marine ATB in favor of the buyer's inspection team for calibration purposes.
9) Buyer's inspector boards loaded vessel and conduct Q&Q analysis. The buyer's inspection company releases the Q&Q reports.
10) Seller issues a Commercial Invoice to the buyer for payment based on Q&Q results. The buyer's bank issues MT 103/23 in favor of the seller as payment instruction assurance.
11) Upon confirmation of the buyer's payment instructions, loaded vessel proceeds to tranship into buyer's storage tanks. Upon completion of discharge, a Storage Certificate shall be issued to the buyer as proof of discharge into his storage.
12) Upon confirmation of discharge, the buyer's bank pays cash via Telex Transfer the cost of entire cargo and commissions as agreed.
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