BONNY LIGHT CRUDE OIL (BLCO)- China

Product Description

  QUANTITY : Four Million (4,**0,**0) US barrels +/**5% SPOT
  DELIVERY: SPOT DEAL
  PRICE: $*0.*0USD per barrel, $6.*0 Net TO BUYER
  SPOT DEAL PROCEDURE:

NOTE: BUYERS BANK MUST TO BE ONE OF THE WORLD PRIME BANKS.
 1.Seller sends SPA with verifiable cargo documents to Buyer. The signed Electronic Data Transmission copy is considered as original, enforceable and binding on both parties. Buyer returns the signed SPA with his Tank farm details NOR and ATB format. (Note : Buyer provides Seller with Buyers full discharge port details including port agent. Also Buyer shall give Seller all authority needed by Seller to enable vessel enter Buyers port of discharge.


2. Buyers Bank within 3 Bank days shall swiftMT**0/SBLC/BG/MT**9 (Blocked Funds) for the total cargo to Sellers Bank through Buyers paying Bank and a copy to Seller and Associates. OR DLC WITH 2% PERFORMANCE BOND. The performance bond is to be issued by both parties.
 3. Seller upon verification of the Bank Instrument from his Bank asks his Captain to issue Marine NOR/ETA/ATB/DTA to Buyer and Inspector in China for Q&Q.

 4.  Buyer Supercargo and Inspector board at Buyers expenses and carry out dip test or Q&Q.

 5. Upon a satisfactory Q and Q analysis and result conveyed to both parties. Buyer's bank places a full
 payment instrument (BG or> MT**3/*3) for the total cargo.

 6.Seller issues commercial invoice to buyers bank with full set original POP and cargo documents, which the Title of Ownership in the name of buyer, and the CIQ report.

 7.Buyers bank authenticates cargo documents and releases full payment by swift MT**3/TT wire   
    for the cargo. Buyers bank makes payments simultaneously to Seller and all intermediaries (Mandate, Agent, Facilitators, etc in respect of commissions) and in accordance with the banking details given below in this Sales and Purchase Agreement (SPA).