BLCO CIF TRANSACTION PROCEDURE (Selling).

 Procedure of Transaction CIF

CIF GHANA  12/4

1. Seller issues contract (SPA)

2. Buyer and Seller sign and seal contract (SPA) including banking coordinates and buyer shall return the said contract within 48hrs. The electronic signed copy by both parties is considered legally binding and enforceable and must not be changed. The executed SPA is lodged in their respective banks. Buyer returns SPA with ATB/NOR format as the case may be.

3. Within 48hrs of signing of the SPA by Buyer and Seller, Buyer’s Bank shall issue by swift to Seller’s Bank, POF MT799 Block Fund in favour of Seller (A copy of the swift shall be sent to the seller). Upon confirmation of the Buyer's POF MT799 Seller release full cargo document to buyer. 3.1.  OR Buyer nominates his super cargo/inspector for physical confirmation and inspection all at buyer’s cost amounting to N10m (TEN Million Naira) only.  This covers inspection activities inside Nigerian waters only.

4. Upon confirmation of Seller's loaded vessel by buyer’s representative, Buyer's bank issues via SWIFT fully Unconditional, Irrevocable, Confirmable, Callable and Transferable Standby Letter of Credit (SBLC) from a first class Western European or North American bank to the Seller’s bank while retiring the Swift MT799 and advanced transmission copy to Seller by e-mail for cross-verification/confirmation with his bank,

5. Upon confirmation of buyer’s payment instrument, Seller gives to the Buyer all Loading Documents. Vessel’s captain will provide NOR to the Buyer’s POD.

7. The Harbor Master shall acknowledge the receipt of the NOR from Captain of the seller’s vessel. The harbor Master shall send a confirmed POD to the vessel Captain for issuance of ETA.

8. The Seller shall establish full communication and control between the Buyer and the Captain of the vessel.

9. The Seller shall prepare the Logistics, obtain security clearance and cause Vessel Master to proceed for Q&Q Inspection by any nominated independent inspector of the buyer at a preferred location. (Where applicable).

10. The Captain of the vessel shall issue a confirmed ETA after a successful Q&Q report.

11. The terminal shall then; (a). Register all documentation in Buyers name. Such documentation shall be Confirm at the Terminal. (The documentation shall include valid BOL, Warrant of Title, and inspection report. (b). Clear the vessel out of Nigeria waters and sail to buyer’s POD with required documentation upon full authentication/reconfirmation of buyer’s Instrument.

12. Within 24hrs after berthing at POD, buyer’s Inspectors shall again carry out final Q&Q Inspection of cargo and issue the report to the Seller, Buyer, Captain, Seller’s Bank and Buyer’s Bank respectively.

13. The Seller shall collect all stipulated cargo/marine documents, Invoice and forward same to Buyer /Buyer’s Bank for payment. Buyer’s Bank shall within three (3) banking days after receipt of all the transaction documents as enumerated in this SPA, make SWIFT cash payments for cargo and commissions.

14. Vessel discharges into Buyer's shore tanks.

Inquiries:

Tel: +234 803 887 7166

Email: kingsolkem@gmail.com

Skype: kemka.ibeji