1. Seller sends SPA
2. Buyer signs and returns with his ATB format, TUG BOAT, SHIPPING AGENT with supercargo and inspector details.
3. Buyer sends his CIS to seller to enable seller to get a Nominated Fiduciary account that will receive the Instrument.
(Note: if buyer will use instrument provider, then CIS will come from provider)
3a. Buyer’s bank issue Pre-advise to Seller’s Nominated fiduciary account. Fiduciary bank acknowledge.
4. Buyer issues Instrument SBLC minimum of $xxx.xx(xxx) from any prime bank
5. Seller Confirm the Instrument and LOAD VESSEL. Order Captain to issue NOR/ETA, with Cargo/Vessel documents as follows.
Q88, BILL OF LADING, CERTIFICATE OF ORIGIN, CARGO MANIFEST, PRODUCT SPECIFICATION CERTIFICATE, CREW LIST, SANITATION REPORT, LAST PORT OF CALL/ DISCHARGE
6. Buyer or buyer’s shipping agent acknowledge the NOR/ETA.
7. Captain move VESSEL to Lome when arrived, Captain issue NOA in buyer’s name and Harbour master and shipping agent acknowledge.
8. Buyer, at his expense, shall do e-booking at Lome Port Authority and forward a copy of the E-Booking Declaration to Seller and Seller’s vessel captain.
9. Upon seller’s Vessel Captain receiving E-Booking Declaration, at the position in LOME waters the Seller’s captain shall make the announcement in buyer’s name by radio to the LOME HARBOUR Master and the Buyer’s Shipping Agent to allow the Buyer to secure the vessel by the Navy or port Authority.
10. After successful announcement and securing of the vessel in LOME Port.
11. Seller/Captain issues MATB and CLEARANCE to enable buyer to board his inspector and Supercargo for physical confirmation and Q&Q analysis and after Attestation signed by Captain and supercargo, Buyer will pay $1,000,000. USD for documentations.
12. Upon Q&Q result coming positive, Seller issues all the cargo documents and his commercial INVOICE in Buyer’s name to be paid via Mt 103 less $1,000,000. Simultaneously pays all commissions of all intermediaries.
13. Seller confirms payment and handover complete cargo documents to Buyer and introduce Buyer to vessel handler for discharge or recharger.
14. Next shipment commence.
1. Sign SPA: Buyer Sign & Seal the Contract and return Copy by Electronic Mail. The Electronic Signed Copy by Both Parties Is Considered Legally Binding.
2. Buyer returns signed copy with International Passport, COMPANY PROFILE, CIS of the BUYER/OFFTAKER, Company Certificate, POD/Harbor Agent Details and ETA/NOR Format.
3. Buyer’s Issuing bank will issue RWA to issue SBLC of $xxx.xx to the buyer, which buyer will copy to seller.
3a. If buyer uses an Instrument provider, the provider’s bank issue RWA to the provider, which will be copied to seller through buyer with provider’s CIS.
3b. Buyer has to send both RWA and CIS to seller to enable seller get nominated account that will receive instrument.
4. Issuing bank will issue Pre-advise to Seller’s Nominated fiduciary account. Receiving bank acknowledge and state their readiness to receive the SBLC.
5. Buyer issues Instrument SBLC of $xxx.xx, from any top 25 TO 50 prime Bank.
6. Seller confirm the instrument. Seller Load vessel or nominate a loaded vessel and release full set of Documents in buyer’s name and move the vessels to Buyer’s Port of Discharge with periodic NOR/ETA to the Buyer and to Buyer’s Port of discharge.
7. At Buyer’s port of discharge, Buyer’s Shipping Agent clears vessels and pay all port and custom charges with copies released to the Seller.
8. Sellers’ Captain Issues Authority to Board (ATB) to enable Buyer’s independent inspection to board the loaded vessels for Quality and Quantity (Q&Q) analysis at Buyer’s discharge port.
9. After QNQ/CIQ, Inspector’s release report to both parties while Seller provides commercial invoice, and nominate account to receive full cargo payment
10. Buyer’s bank within 48hrs after Successful QnQ results, pays via cash wire transfer for the entire cargo to Seller’s bank accounts based on QnQ result and Seller’s commercial invoice only.
11. Seller confirms payment and authorizes Captain to discharges cargo into Buyer’s tank storage. Seller Pays Commission to all BENEFICIARY according signed contract and IMPFA.
12. Seller issue title documents to the Buyer and pay agents fees as agreed.
1. Seller issues SPA while Buyer/ Refinery signs and returns SPA with port of discharge agent details, ATB/NOR/ETA formats.
2. Buyer/ Refinery will give Irrevocable Corporate Purchase Order (ICPO) bank endorsed to seller, and refinery’s bank will issue Irrevocable bank payment Undertaking (IBPU) to Seller’s bank, Seller verify the ICPO, and IBPU, if it’s CONFIRMED.
3. Seller load or assign exclusive Loaded vessel in Buyer’s name, and issues full set of cargo documents to the Buyer, in the name of Buyer as the Consignee of record.
4. Seller authorizes Vessel Captain to Issue NOR/ETA, Then buyer/ Refinery agent acknowledge the NOR. Captain move vessel to Buyer’s port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent.
5. At the Buyer’s discharge port, Captain give notice of arrival. Buyer clears the vessel while the Captain Issues Authority To Board (ATB) to enable Buyer’s inspectors to perform Q/Q at mutually agreed location.
6. Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties. Seller Issue Commercial Invoice to Buyer with exact Q/Q report figures.
7. Buyer Issue MT103 for full cargo to Seller’s nominated bank Account within 48 hours after inspection /Q/Q Report.
8. Seller confirms the payment and authorize Captain to discharge cargo into Buyer’s storage tank. And seller give full set of cargo documents to buyer. As full payment is made.
9. Seller pays commission to all agents involved in the transaction per the contract.
10. Seller commence subsequent shipments on simple DIP/CI/PAY basis.
PROCEDURE FOR FOB DELIVERY BLCO TRANSACTION
1. Seller Issues Sales Purchase Agreement. (S.P.A) Buyer And Seller
Sign And Lodge In Their Banks. The Electronic Signed Copy Of Spa By Both Parties Is Considered Legally Binding And Enforceable.
1a. Buyer Issues Their Cis/Kyc
2. Buyer’s Bank Will Send Rwa To The Buyer, Which Will Be Copied To the Seller.
2a. If Buyer Uses Instrument Provider, The Provider’s Bank Issue Rwa To The Provider, Which Will Be Copied To Seller Through Buyer With Provider’s Cis/Kyc
3. Buyer Has To Send Both Rwa And Cis/Kyc To Seller To Enable Seller Get Nominated Account That Will Receive Instrument.
3a Pre-Advise From Issuing Bank To Seller’S Nominated Fiduciary Account.
4. Buyer Issues Instrument (Sblc Minimum Of $xxx.xx From Any Prime Bank According To Seller’s Verbiage).
5. Seller Confirms Instrument And Give Laycan Date Within 05–10 Days Window
6. Buyer Charter Vessel And Send Vessel Documents And The Cpa To Seller
7. Sellers Confirms And Program Empty Vessel And Terminal Issue Nor To Vessel, Captain Acknowledge.
8. Vessel Captain Issue Terminal Eta. Estimated Time Of Arrival
9. The Vessel Arrives In Terminal Custody To Get Loaded.
10. After loading, Inspectors Conducts Qnq And Send Results To Buyer And Seller.
11. Seller Issue Commercial Invoice To Seller Based On Qnq Result, And Payment Made To Seller’s Nominated Account, And Title And Product Documents Exchanged
12. Vessel Excursion By Navy To Safe Location And Vessel Sails To Pod.
Payments Are Made By Mt103/Swift Wire Transfer Directly To The Seller’s Authorized Beneficiary Nominated Bank Accounts And Commission Agents As Stipulated In The Imfpa
1. Seller issues SPA while Buyer/ Refinery signs and returns SPA with port of discharge agent details, ATB/NOR/ETA formats.
2. Buyer/ Refinery will give Irrevocable Corporate Purchase Order (ICPO) bank endorsed to seller, and refinery’s bank will issue Irrevocable bank payment Undertaking (IBPU) to Seller’s bank, Seller verify the ICPO, and IBPU, if it’s CONFIRMED.
3. Seller load or assign exclusive Loaded vessel in Buyer’s name, and issues full set of cargo documents to the Buyer, in the name of Buyer as the Consignee of record.
4. Seller authorizes Vessel Captain to Issue NOR/ETA, Then buyer/ Refinery agent acknowledge the NOR. Captain move vessel to Buyer’s port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent.
5. At the Buyer’s discharge port, Captain give notice of arrival. Buyer clears the vessel while the Captain Issues Authority To Board (ATB) to enable Buyer’s inspectors to perform Q/Q at mutually agreed location.
6. Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties. Seller Issue Commercial Invoice to Buyer with exact Q/Q report figures.
7. Buyer Issue MT103 for full cargo to Seller’s nominated bank Account within 48 hours after inspection /Q/Q Report.
8. Seller confirms the payment and authorize Captain to discharge cargo into Buyer’s storage tank. And seller give full set of cargo documents to buyer. As full payment is made.
9. Seller pays commission to all agents involved in the transaction per the contract.
10. Seller commence subsequent shipments on simple DIP/CI/PAY basis.