CIF PROCEDURE

1. The Seller issue to buyer SPA and both sign and deposit same in their respective banks
2. Buyer issue through swift DLC (Documentary Letter of Credit) to seller’s bank (see verbiage attached).
3. Seller’s bank confirms buyers DLC.
4. Seller nominates and calls in vessel into the terminal and load.
5. Seller programs vessel unto shell screen trade desk and provides shipping documents in buyer’s name; which shall include the following:

a. Clean Ocean Bill of Lading.
b. Authority to Sell (ATS)
c. Say bolt Certificate of Quality and Quantity.
d. Certificate of Origin issued by NNPC.
e. Master’s receipt for Samples
f. Master’s receipt for Documents
g. Cargo Manifest.

6. Upon receipt and confirmation of the loaded vessel documents and ATS above as POP, buyer swifts SBLC (see verbiage attached) to seller’s bank.
7. Seller’s bank confirms the SBLC and vessels sails to buyers Port of discharge.
8. The captain shall issue NOR 72, 48, 24,12 and 6 hourly ad upon the receipt of the last NOR buyer immediately receive the vessel. However any additional delay, the cost shall be the buyer’s responsibility.
9. Vessel arrive buyers port of discharge, Q&Q is done by buyers Inspectors at buyer’s expense

10. Upon successful Q&Q and Vessel discharge into buyer’s Storage Tank.

11. Buyer make payment through MT-103/wire transfer to sellers bank account within Three (3) banking days.

PRICE:

Price is gross $8.00 net to buyer is $5 and $3 to both side’s agents and facilitators’ brokers, $1.50 to Seller’s agent/facilitators and $1.50 to buyer’s agent/facilitators.