ARTICLE 3: APPROVED PROCEDURE FOR THIS CIF-ANY SAFE WORLD PORT (CHANGES VOIDS SPA)
3.1. Buyer sends LOI to NNPC-JVOPS/King David Global Corporation (Seller) while Seller gives SPA.

3.2. Buyer signs and returns SPA with the following details; NOR/ETA, MATB format, Inspection location and Inspection team identities, Buyer’s passport copy and company registration certificate.

3.3. For Trial Shipment: Buyer's bank issue IBPO via MT799 for $100m to Seller nominated account valid for 90 days from world top 25 banks while seller issue 2% P/Bond after validation of IBPO.

3.4. Seller loads 2m barrel vessel with BLCO in buyer's name and issue POP documents to the Buyer.

3.5. Vessel captain issues NOR/ETA to Buyer and sails to Buyer’s Port Of Discharge on CIF terms.

3.6.At the port of discharge, Buyer’s shipping agent clears the vessel while Vessel captain issue MATB to Buyer's inspection team who boards vessel and performs inspection at buyer's expense.

3.7. Inspectors release results to both the Buyer and the Seller.

3.8. Seller issues commercial invoice and inspection result to the Buyer's bank.

3.9. Buyer's bank pays for shipment by SWIFT MT103 cash wire transfer into Seller’s account.

3.10. Seller confirms payment and authorize Captain to discharge cargo into Buyer’s Storage Tank .

311. Within 5 Banking days after payment of the first cargo, the Buyer issues SBLC via M760 for $100m while the Seller issue 2% P/Bond and make subsequent 11 shipments on Dip/Ci/Pay basis. 08134341224