Product: BLCO
BLCO TTO Ghana
PROCEDURE
1. Seller and Buyer sign SPA. Buyer return signed SPA to Seller with storage facility, CIS of the buyer and the format for NOR/MATB.
2. Buyer provides logistics amounting to N45m (Forty-Five Million Naira) only after signing the Sales and Purchase Agreement for the seller's vessel to commence voyage to Ghana Port (West Coast) for the Q&Q and payment.
3. Upon arrival of the vessel at Ghana Port 18 -15 Nautical miles, the vessel master announces arrival to port control on behalf of the buyer.
4. Upon confirmation of announcement, Sellerâ??s vessel issues a marine ATB (MATB) to Buyerâ??s inspectors to board and conduct Q & Q for payment.
5. Upon receipt and confirmation of the inspection report, Buyer instructs their bank to issue Standby Letter of Credit (SBLC) in conformity with the Q&Q report to the seller's nominated bank according to the verbiage in Appendix A and B. Buyer advances the swift copy by email to the seller for confirmation.
6. Upon confirmation of buyers payment instrument by sellerâ??s nominated bank, Seller hands over all cargo documents to buyer for a complete take-over of vessel and cargo and introduces buyer to vessel handlers for a re-charter.
7. Buyer takes over control of the vessel and instructs his captain forthwith.
8. Upon arrival of the vessel at the final port of destination, and upon final Q&Q at POD, and submission of final report, buyerâ??s bank effect payment via MT103 Wire Transfer based on outturned barrels including commissions within 72 hours of delivery of product.
9. Seller hands over to buyer Title of Warranty/Certificate of Ownership.
Price: $14.00/bls Gross below dated Brent
