STANDARD BANKING/OPERATIONAL PROCEDURE (CIF) Seller introduces Buyer to the vessel handler’s, Buyer re-charters vessel and take over cargo.Buyer’s Bank SWIFT payment into Seller’s Nominated Account immediately and Commission Agents are paid according to IMFPA. Seller sends their final Commercial Invoice to Buyer and shipping documents in BUYER’S NAME to Buyer’s Bank.Buyer’s Inspector conduct Q&Q test and email the report to the Account Officers of both parties within 12 hours.Seller loads vessel and moves cargo to LAGOS, COTONOU OR GHANA International Waters for Q&Q test at Buyer’s expense.Buyer’s Bank issues their irrevocable, transferable, divisible and confirmed cash backed STANBY LETTER OF CREDIT (SBLC) OR BANK GUARANTEE (BG) in favour of Seller STRICTLY according the verbiage specified.Seller confirms Buyer’s Bank RWA Letter sends the Proof of Products to Buyer for verification.Buyer’s Bank SWIFT their READY, WILLING AND ABLE (RWA) LETTER to Seller’s Bank STRICTLY according the verbiage specified.The electronically exchanged copy of the signed and sealed SPA which shall be deposited at the Bank of both is a legal binding and enforceable. Buyer signs and returns SPA with their ATB format and Supercargo/Inspector’s Passport ID.STANDARD BANKING/OPERATIONAL PROCEDURE (TTO in West Africa Waters) Buyer moves their cargo away with Hard copies of the cargo/shipping documents.Buyer’s Bank SWIFT payment into Seller’s Account and commission Agents immediately according to IMFPA.Seller sends their commercial invoice and softcopies of all official cargo/shipping documents issued by NNPC in BUYER’S NAME and warrantee of title in favour of Buyer to Buyer’s Bank for payment.Buyer’s Inspector to conducts Q&Q test and releases the report to the Bank of both parties within 12 hours. The product is pumped into Buyer’s Vessel immediately.Buyer’s Bank issues their irrevocable, transferable and divisible and confirmed cash back MT-103 in favour of Seller STRICTLY according the verbiage specified.The vessel arrive NNPC Terminal, Buyer conduct the inward clearance for their vessel and NNPC shuttle vessel longs-sides with Buyer’s Vessel.NNPC creates a “loading berth”, concludes all arrangement to load Buyer’s vessels at Bonny Terminal and sends ‘NOTE OF READINESS’ to Buyer’s receiving Vessel. Passport ID of Buyer’s Supercargo & Inspector onboard Buyer’s Vessel and their phone numbers. VESSELS particulars (CPA, Charter Invoice and Q88) to Seller. Buyer signs Seller’s SPA and returns with their (a).Seller sends their SPA with Proof of product (POP) to Buyer.
Buyer’s Bank S.W.I.F.T via Mt-199 their Ready, Willing and Able Letter (RWA) to the Seller’s Bank STRICTLY according to the specified format.
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