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"Leading the way in Bulk Commodity Supplies"


Dear Sir, We, JAR Global Resources, Inc. on behalf of our Buyer; we confirm that our Buyer is ready willing and able to purchase the following commodity as per terms and conditions below:


BLCO an / or FORCADOS or AQUA Light Nigeria, Africa CIF Spain

4. SPECIFICATION: as per Annex in SPA 5. QUANTITY: 6. DURATION: 7. PRICE: 8. COMMISSION: 9. INSPECTION: 2,000,000 up to 10,000,000 Barrels, +/- 5 % 12 - 36 Months TBA TBA SGS Inspection Report at Sellers cost at Loading; SGS at Buyer cost at Discharge Port (Certificate of Quality &
Quantity will only be accepted from Societe Generale de Surveillance) or SAYBOLT. (Not older than 5-days)


BY - MT 103 / Non-Transferable L/C 1

86 Irving Place, New Rochelle, NY 10801

"Leading the way in Bulk Commodity Supplies"

PROCEDURE 1) Seller and Buyer Sign and Seal the Sales/Purchase Agreement and copies are sent to both Parties bankers. The electronic signed copy by both Parties is considered legally binding and enforceable. 2) Seller appoints SGS or SAYBOLT to perform Q&Q examination on the cargo (while vessel is at the terminal in the process of being loaded) and presents the SGS or SAYBOLT Inspection Report together with the CPA to Buyer. 3) After positive verification of the above documentation, Buyers bank issues via SWIFT, a Non-Operative Letter of Credit to sellers bank in favour of seller. 4) Sellers bank issues a 2% PB to buyers bank which automatically activates the Buyers LC and the Buyers LC becomes Operative.

5) After confirmation of Letter of Credit, under 24 hours Seller issues (NOR) Estimated time of arrival (ETA) to buyers harbour master and shipping agent at port of discharge. 6) Re-assignment of cargo is done in buyers name. 7) Sellers bank lodges valid shipping documents which shall include the following: A). Notarized Commercial Receipt naming Buyer, contract number, goods and quality indicating transfer of the title. B). Shipping advice indicating, designated vessel name, loading port, estimated loading time, estimated time of departure, estimated time of arrival in destination port (FULL ETA). C). Signed commercial invoice indicating the contract number and the name of the carrying vessel. (3 originals and 3 copies) D). Quality and Quantity certificate issued at the loading port. 2
86 Irving Place, New Rochelle, NY 10801

"Leading the way in Bulk Commodity Supplies"

E). Charter party agreement and Full set (3 originals and 3 copies) of clean on-board Bills of lading made out to order; bank endorsed and marked freight pre-paid, indicating the name of the carrying vessel with the Buyer as the Notifying party. 8) After satisfactory Q&Q inspection buyer gives permission for vessel to discharge. 9) Buyer pays by SWIFT Letter of Credit to sellers account and to accounts of intermediaries in respect of commissions within 72 hours after discharge and receipt of all relevant cargo documentation from the Captain.

The Buyer shall be responsible for all duties and taxes levied on cargo by the authorities of the country of discharge. Title shall pass from Seller to Buyer when the complete discharge of cargo is made to the Buyer.
VALIDITY: This LOI is valid 21 days from this dayConditions may change at any time

We look forward to your prompt response.

Best regards,


86 Irving Place, New Rochelle, NY 10801