To all serious sellers:
I have buyers who need total of 23,000 MT (2 X 10,000 MT and 1 x 3,000 MT) AGO to tank farms in Lagos, as per procedure below. SPAs already signed but seller failed.

Procedure:
1) Buyer and seller sign and seal contract (SPA) and submit same at their respective banks.
2) Buyer returns signed SPA with full details of Tank-Farm, Super cargo and inspector details.
3) Seller’s vessel issues NOR to buyer’s Tank-Farm
4) Buyer confirms NOR and raises a non disclaimer BCL (Bank Confirmation Letter), IBPU (Irrevocable Bank Payment Undertaking) or BG (Bank Guarantee) for seller and facilitators covering total product cost and commission.
5) On vessel arrival at buyers Tank Farm, Q & Q inspection is conducted by buyer’s inspectors with buyer’s supercargo on seller’s vessel and transshipment commence.
6) After transshipment, payment is made by buyer within 24 hours to all bank coordinates on this SPA.

I have signed SPA's from 2 buyers for 100,000 MT (2 x 50,000 MT) as per TTT procedure below. Seller failed as buyer was raising N5m bank-endorsed indemnity.

TTT Procedure:
1) Buyer and seller sign and seal contract (SPA) and submit same at their respective banks.
2) Buyer provides details of super cargo and/or inspector & tugboat to use for Q&Q.
3) Buyer and Seller obtain bank-endorsed indemnity of N5m in favour of the other party.
4) Seller issues ATB and Clearance to buyer’s inspector and/or supercargo.
5) Buyer’s inspector and/or supercargo board seller’s vessel to conduct Q&Q.
6) If Q&Q is unsuccessful because Seller has no product or product is not of NNPC standard, Buyer gets the N5m indemnity Seller issued in his favour.
7) Upon successful Q&Q, if buyer is unable to place BG or mobilize vessel within 48 hrs of Seller’s Q&Q completion, then Seller gets the N5m indemnity Buyer issued in his favour
If no issues from both seller and buyer as covered in steps 5 and 6, then buyer places BG covering entire cargo and facilitators/agents commission.
9) Buyer vessel longsides Seller’s vessel at agreed location for transshipment.
10) After transshipment, Buyer pays outright via ktt wire transfer into the various accounts of Seller and facilitators stated in the SPA within 24 hours.

Any serious sellers or agents, please contact admin@living-smart.biz or 0809-505-3281