a. Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.
b. Buyer Bank account officer sends a letter to Seller Walenship Nigeria limited, stating his client is ready willing and able(RWA) to purchase the BLCO and has sufficient funds in his account at the time and hour the instrument will be put in place. Seller sends the letter to his Bank account officer to enable his Bank account officer to contact Buyers Bank account officer to verify the letter by establishing relationship
c. After confirm the availability of funds, Seller provides ATS/POP, via Sellers bank to Buyers bank;
d. Buyers bank sends a BG VIA MT760 or SBLC as a Payment Guarantee to the amount of one months shipment to the Sellers bank revolving for one year one month.
e. Seller will post a 2% performance bond to the Buyers bank.
f. Within (14) banking days the Seller issues the confirmable POP and PROVISIONAL LIFTING RIGHT and NOMINATED VESSEL details in Buyers name for one way voyage charter or full charter to Buyers port of dis-charge.
g. Within the next sixteen (16) banking days, Seller furnishes Buyer with CPA & Q88 and the following documents are provided to Buyer and/or Buyers bank:
i) Clean on Board Ocean Bill of Lading ii) Certificate of Quantity (SGS or equivalent) iii) Certificate of Analysis (optional) iv) Certificate of Origin v) Certificate of Quality vi) Sellers Commercial Invoice vii) Vessel Ullage Report {optional} viii) Receipt of Samples (optional) ix) Cargo Manifest
h. After the vessel has discharged its cargo at Buyers designated port outlined above and Buyer has received the Port Discharge Q & Q Report from SGS Inspectors, including all relevant documents presented by the Seller after the time of cargo delivery as required by the payment instrument, Buyer must make the payment by MT103 OR SWIFT Wire Transfer to Sellers Bank Account for this transaction and to all Payees named herein.
i. Payments are made by MT103 OR Swift Wire Transfer directly to the Sellers bank accounts and all parties as stipulated in this agreement within three (3) international banking days after product delivery and discharge at Buyers nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyers bank.
i. The signatures on this contract by the Buyer and by Seller mean both parties accept all the contents as for Quantity, Price and Procedure