PROCEDURE


1. SELLER ISSUES SALES PURCHASE AGREEMENT TO BE EXECUTED BY BOTH PARTIES DEPOSITED TO BOTH BANKS.
2. BUYER FORWARD SIGN SPA, VALID VESSEL DETAILS, Q88, CPA, INVOICE, RECEIPT AND CORPORATE ATL, NOR FORMAT
3. BUYER GIVES SELLER BANK ASSURANCE LETTER OR ALTERNATIVELY BUYER’S ACCOUNT OFFICER WRITES SELLER’S ACCOUNT OFFICER OF THE BANK’S AWARENESS OF THE CONTRACT AND OF BUYER’S ABILITY TO MEET THEIR OBLIGATION
4. SELLER CONFIRMS AND INSTRUCTS CAPTAIN TO SEND MNOR TO BUYER VESSEL AND LONGSIDES
5. BUYER’S CAPTAIN SENDS ATTESTATION TO BUYER CONFIRMING THE MOTHER VESSEL.
6. UPON CONFIRMATION OF NOTICE OF READINESS (NOR) AND ATTESTATION AND COMPLETE Q&Q RESULT BUYER PAY N30M INTO SELLER ACCOUNT FOR LOGISTICS. BUYER ALSO PLACES BANK GUARANTEE FOR THE ENTIRE CARGO.
8. BUYER MAKES FINAL PAYMENT FOR THE ENTIRE CARGO MINUS N30M IN FAVOUR OF SELLER/AGENT AND FACILITATORS BANK.
9. SELLER COLLATES A FULL SET OF THE CARGO DOCUMENTS AND APPROPRIATE COPIES IN BUYER’S NAME ANDDISPATCHES SAME TO THE BUYER’SBANK FOR CONFIRMATION, INCLUDINGTHE OUT-TURNED REPORT WHICH WILL CONFIRM THE ACTUAL GROSS AMOUNTS TO BE PAID OUT TO THE SELLER AND OTHER INTERMEDIARIES AS CONTAINED IN THIS CONTRACT
10. SELLER CONFIRMS PAYMENT AS CONTAINED IN THE CONTRACT AND VESSEL IS CLEARED TO SAIL TO BUYER’S PORT OF DISCHARGE.
11. TRANSACTION ENDS

NOTE PLEASE
• YOU MUST HAVE A VESSEL
• NO DOUBLE BUYERS
• NO LONG CHAINS
• NO RE-NEGOTIATION
• NO TIME WASTERS