TTO TRANSACTION PROCEDURES TO GHANA

PRICE #67/4

1) Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.

2) Buyer's issued conditional bank draft of N50m stating that draft can only be cashed after certified Q and Q,

3) Buyer forward the hard copy to seller account officer,

4) Upon confirmation of the bank draft, Seller authorizes Vessel Captain to give Notice of Readiness (N.O.R/ETA) to Ghana port, shipping agents and copy buyer.

5) Upon acknowledgement of the NOR /ETA by buyer's shipping agents, vessel announces to the port, captain moves loaded vessel to 10-12 knots off Tema port for confirmation andORIGQINA L COP Y &Q inspection.

6) Seller issues Authority to Board (MATB) to enable buyer’s independent inspector’s board for Quality and Quantity (Q&Q) analysis at agreed designated location (GHANA).

7) On successful conclusion of Q&Q analysis, seller cashes the bank draft and buyer issues MT-103/72 to Seller’s Bank upon confirmation of cargo documents in buyer's name including seller's commercial invoice.

Seller introduces the buyer to the vessel handlers and buyer re-charter the vessel and vessel sails to port of discharge.

9) All intermediaries are paid according to out-turn quantity.

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