₦airaland Forum

Thanks kindly read our procedure and if it is workable send us an LOI ASAP so we can proceed.
CIF PROCEDURES: 10/5
1. Seller releases necessary documents to buyer for buyer’s pre-verification.

2. Seller and buyer sign this Purchase Agreement (SPA) via electronic mail.

3. Buyer provides all details to receive the NOR. The electronic copy of this Sales and Purchase Agreement duly executed by both parties is legally binding and enforceable. Both parties deposit copies of the Agreement with their respective banks.

4. Within 24 hours after signature of this contract by the buyer, Seller shall make the captain of the vessel to issue a NOR (Notice of Readiness) directly to buyer’s storage, port master and clearing agents and copy to buyer. (ANNEX C “text to be agreed by both parties”).)

5. The buyer will verify and confirm the NOR, then within Five (5) banking days of date of receipt, issues a bank instrument by NON-TRANSFERABLE SWIFT, CONFIRMED, IRREVOCABLE OPERATIVE to the Seller’s nominated bank for the full value of the cargo. (ANNEX D “verbiage to be agreed between buyer and seller”).

6. After verification and authentication of buyer’s bank instrument, the vessel sails to buyer’s port and ETA will be issued to buyer’s storage.
7. Within Five (5) banking days of receipt and confirmation of the bank instrument of Clause 4 above, the cargo will be officially reassigned in Buyer’s name as the consignee with original cargo (Proof of Product) and full set of the shipping documents, including:
i. Bill of Lading
ii. Certificate of Origin
iii. Certificate of Quantity and Quality
iv. Certificate of Ownership / Warranty of Title
v. Master’s Receipt for Samples
vi. Cargo Manifest
vii. Tanker Ullage Report
viii. Tanker Time Sheet
ix. Charter Party Agreement (CPA)
x. Valid Q88
xi. Seller’s Commercial Invoice

8. After the vessel has discharged its cargo at Buyer’s designated port outlined above and Buyer has received the Discharge Report as shall be confirmed by the captain of the vessel, including all relevant documents presented by the Seller after the time of cargo delivery, Buyer must make payment by KTT Wire Transfer to Seller’s Bank Account payable at it’s counter for this transaction and to beneficiaries named in Master Fee Protection Agreement in the contract for fees.

9. Payments are made by Swift Wire Transfer directly to the Seller’s bank accounts and commission agents as stipulated in the MFPA in this contract within three (3) international banking days after product delivery and discharge at Buyer’s nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyer’s bank.

10. The signatures on this contract by the Buyer and by Seller means both accept all the content as for Quantity, Discount and Procedures

Contact
Hon Chief L L Iyere
Dinga Ferdinand
Email: ferdinanddinga@gmail.com
Skype: dingaferd