Blco Loaded Vessel

2 MILLION BARRELS (SPOT) WITH POSSIBLE CONTRACT

BLCO TRANSACTION PROCEDURE FOR TTO DELIVERY:

1. Seller and Buyer sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable.

2. Buyer returns the signed copy with the ATB format (supercargo/inspector full boarding details).

3. Sellerâ??s vessel captain issues Marine ATB from his vessel domain according to buyerâ??s format via e-mail to buyer

4. Buyer issues Notarised/Confirmed Corporate Cheque of N200million which is cashable upon receipt of Attestation

5. Seller issues navy clearance through NNPC.

6. Upon both receipt and confirmation of ATB and Clearance by Buyer, Seller positions the vessel for Quantity and Quality analysis/test (QnQ).

7. Buyerâ??s Supercargo (must be NNPC registered) and a second Buyerâ??s Representative designatedsupercargo/Inspector go on board the sellerâ??s loaded vessel. If Buyerâ??s Supercargo/s is not NNPC Registered, Seller will pay the fees necessary to obtain temporary accreditation for the supercargo, on behalf of the Buyer.

8. Buyerâ??s supercargo confirms product and the vessel captain sends a confirmation/Attestation letter endorsed by the supercargo.

9. Upon receipt of Attestation, Buyer promptly wires N200,000,000.00 into Sellerâ??s Account

10. The Buyers Representative designated as supercargo/inspector, takes samples (total of 4 to 7 litres or as the Captain may allow), and disembarks from the vessel while the first supercargo remains on board until the completion of the TTO transaction.
11. Samples are sent to the laboratory (SGS OR INTERTEK) and Q&Q Report generated and sent to both Buyer and seller. Buyer issues a BG for total cargo, assuming a total volume of 2 million barrels.
12. Seller confirms the BG for total cargo.
.
13. Final Q n Q Report is generated
14. Seller sends final commercial invoice (CI) to Buyer based on quantity of cargo.
15. Seller issues the full list of original copies of cargo documents** in the name of the off-taker nominated by the buyer.
16. Upon receipt of the cargo documents, Buyer makes payment for total cargo via MT103 less the N200,000,000 ($600,000).
17. Seller arranges for Buyer to talk to shipping company and take over vessel via charter party agreement.
18. Seller confirms payment for cargo made by swift via MT103 and pays commissions to all mandates & agents. Cost of payment transfer is borne by each individual/entity or Corporation
19. Buyer takes over vessel and sails to destination.