BLCO NIGERIA WATERS TTO

1. BOTH PARTIES SIGN AND LODGE SPA WITH RESPECTIVE BANKS.

2. BUYER RETURNS SPA WITH NOR/ATB FORMAT, SUPERCARGO AND
INSPECTORS PASSPORT COPIES.

3. BUYER'S BANK ISSUES A BANK DRAFT/BG/BLOCKED FUNDS FOR N10,000,000.00 (TEN MILLION NAIRA) TO SELLER FOR LOGISTICS (ORIGINAL COPY COLLECTED AT POINT OF BOARDING)

4.SELLER ISSUES ATB AND CLEARANCE TO BUYER'S SUPER CARGO AND INSPECTOR.


5. VESSEL CAPTAIN BOARDS SUPER CARGO AND INSPECTORS FOR ATTESTATION AND CONFIRMATION.

6. UPON CONFIRMATION AND ATTESTATION OF PRODUCT, BUYER'S BANK DRAFT/BLOCKED FUNDS FOR N10MILLION IS CASHED AND INSPECTORS TAKE SAMPLES FOR Q&Q.

7. THE Q&Q IS CONDUCTED AND THE RESULT IS RELEASED TO BUYER AND SELLER. BUYER MAKES FULL PAYMENT FOR CARGO TO SELLER LESS THE N10 MILLION PAID FOR LOGISTICS VIA MT103/TT AND PAYS ALL AGENTS/FACILITATORS' COMMISSIONS.

8. SELLER CONFIRMS PAYMENT AND VESSEL SAIL TO BUYER'S POD.


BLCO GHANA WATERS TTO


1. BUYER AND SELLER SIGN SPA.

2. BUYER RETURNS SIGNED SPA WITH ATB/NOR FORMAT, SUPER CARGO AND INSPECTOR DETAILS.

3. BUYER'S BANK ISSUE EITHER A BANK DRAFT/BG OR BLOCKED FUNDS OF N100,000,000.00 (ONE HUNDRED MILLION NAIRA ONLY) OR $500,000 (FIVE HUNDRED THOUSAND DOLLARS) IN SELLER'S NAME, AND SWIFT IT TO SELLER'S BANK. BANK DRAFT/BG/BLOCKED FUNDS MUST STATE THAT LOGISTICS OF ONE HUNDRED MILLION NAIRA (OR FIVE HUNDRED THOUSAND DOLLARS AS THE CASE MIGHT BE) WILL BE PAID TO SELLER AFTER ATTESTATION BY THE BUYER'S SUPERCARGO.

4. SELLER VERIFIES BUYER'S BANK DRAFT/BG/BLOCKED FUNDS AND ISSUE NOR/ETA TO BUYER AND MOVE CARGO VESSEL TO GHANA WATERS, THE VESSEL CAPTAIN MAKES ANNOUNCEMENT AT 10-12 NAUTICAL MILES, AND ISSUES MARINE ATB TO BUYER'S SUPERCARGO AND INSPECTOR.

5. BUYER'S SUPER CARGO AND INSPECTOR BOARDS THE VESSEL TO CONFIRM PRODUCT AND GET ATTESTATION OF CARGO AVAILABILITY SIGNED BY VESSEL CAPTAIN AND THE SUPER CARGO. BUYER'S BANK DRAFT/BG/BLOCKED OF N100,000,000.00 (OR $500,000) IS RELEASED TO SELLER AND SELLER STARTS DOCUMENTATIONS OF TRANSACTIONS. INSPECTOR BRINGS DOWN PRODUCT SAMPLE FOR Q&Q. WHILE SUPER CARGO REMAINS ON BOARD.

6. UPON SUCCESSFUL Q&Q, THE INSPECTOR RELEASES RESULTS TO BUYER AND SELLER.

7. BUYER UPON RECEIPT OF Q&Q RESULT SHALL PLACE MT103 FOR TOTAL CARGO DEDUCTING N100,000,000.00 ($500,000) ALREADY PAID TO THE SELLER, AND BUYER PAYS ALL BUYER' S / SELLER'S AGENTS AND TRANSACTION CONSULTANTS COMMISSION.

8. SELLER INTRODUCES BUYER TO VESSEL OWNERS TO COMPLETE RE-CHARTERING OF VESSEL AND HANDS OVER ALL DOCUMENTS TO THE BUYER.


SELLER'S SIMPLE BLCO CIF PROCEDURE (WITH 2%PB)

FULL PROCEDURE

1. Seller issue SPA, Buyer Sign & Seal the Contract and Exchange the Signed Copy by Electronic Mail. The Electronic Signed Copy By Both Parties Is Considered Legally Binding. Buyer return signed copy with International Passport, CIS, Company Certificate, POD/Harbor Agent Details and ETA/NOR Format. Seller also issues his international passport and company's registration certificate.

2 Within 48 hours of signing this contract, buyer’s prime Bank issues pre-advice stating RWA to issue SBLC. Then within 48 hours, the issuing bank will issue the SBLC via MT760 for $120million according to seller's verbiage on last page of the SPA

3 Seller’s Bank validates the SBLC, and issues 2% cash backed performance bond after successful validation of the SBLC.

4. Seller loads or assigns exclusive vessels in Buyer’s name; issues full
set of vessel and cargo documents to the Buyer in the name of Buyer as the
Consignee of record and authorizes Vessel Captain to move vessel to Buyer’s
port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge
Harbor/Tank Agent.

5. At the Buyer’s discharge port, Buyer clears the vessel while the
Captain Issues Authority To Board (ATB) to enable Buyer’s independent
inspectors to perform Q/Q at mutually agreed location.

6. Upon successful conclusion of Q/Q analysis, Inspectors release report
to both parties while Seller Issue Commercial Invoice to the Buyer with
exact Q/Q report figures.

7. Buyer releases full payment for cargo to Seller's nominated bank within 48 hours after inspection against Q/Q Report, Commercial Invoice and Cargo Documents by MT-103 (cash wire).

8. Seller confirms payment & authorize Captain to discharge cargo into Buyer’s storage tank.

9. Seller pays commission to all agents involved in the transaction per
the contract.

10. Seller commence subsequent shipments on simple DIP/CI/PAY basis.

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