Section 2: Procedure
 

1. Buyer’s Consultant and Buyer sign and return the MOU with Buyer’s vessel details, Proof of funds (LPO, BG, etc) and Paymaster Contacts.
 

2. Buyer sends an inspector to Seller’s depot to confirm the availability of the product (Not compulsory)
3. Seller’s vessel sails to meet Buyer’s vessel at a nautical point towards Lagos outside bar for transshipment as agreed by the two captains.  
 

4. Buyer’s Inspector comes on board for Q&Q inspection, confirms the product and notifies Buyer’s Paymaster and Bank to effect payment immediately and simultaneously to all beneficiaries.  
 

5. Payment is confirmed and Buyer’s Vessel is cleared and allowed to sail away with the Product   
 

Section 3: Payment term

2.1 After Q&Q inspection, the Buyer’s Paymaster shall immediately and simultaneously pay the Seller

N103 per Litre as net cost, Seller’s Consultant/Facilitator

N1.50 per Litre and Buyer’s Agent/facilitator

N1.50    
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