TTO PROCEDURES NAIRA DEAL

1. BUYER & SELLER SIGN SPA & DEPOSIT AT THEIR RESPECTIVE BANKS.
2. SELLER’S BANK CONTACTS BUYER’S BANK OF ITS READINESS TO ESCROL N10,000,000 AS INDEMNITY IF THE BUYER’S BANK CAN ASSURE THAT A N100,000,000 BG THAT IS CASHABLE WITHIN 24 HRS AFTER Q&Q RESULT WILL BE ISSUED UPON THE ESCROL ACCOUNT.

3. BUYER‘S BANK REPLIES THAT ON RECEIPT OF THE INDEMNITY OF N10,000,000, A N100,000,000 BG WILL BE ISSUED IN FAVOUR OF THE SELLER. NOTE: THE INDEMNITY AND BG MUST BE FROM ONE OF THE TOP 25 BANKS IN THE WORLD or a Nigeria bank with corresponding bank in one of the TOP 25 BANKS IN THE WORLD.

4. SELLER’S BANK ESCROL N10,000,000 AS INDEMNITY TO THE BUYER’S BANK FOR A N100,000,000 BG THAT
WILL BE RAISED FOR THE SELLER IN CASE OF ANY DEFAULT BY THE SELLER. that



5 BUYER SENDS ATB FORMAT, S/CARGO SCAN COPY PASSPORT, INSPECTORS SCAN COPY PASSPORT FOR BOARDING OF BUYER’S INSPECTOR AND SUPERCARGO.
6 SELLER MOVE THE VESSEL TO COTONOU WATER FOR Q&Q INSPECTION.
7 SELLER ISSUE ATB & CLEARANCE. AND SELLER TAKES BUYER S/CARGO & INSPECTOR ONBOARD, AS S/CARGO CONFIRMS CARGO, CAPTAIN ISSUES CONFIRMATION OF BOARDING, S/CARGO REMAINS ONBOARD, INSPECTOR COMES DOWN WITH SAMPLE.
8 AFTER SUCCESSFUL Q&Q ANALYSIS<INSPECTION COMPANY SENDS A COPY OF REPORT TO BUYER’S,SELLER’S INDICATED E-MAIL ACCOUNTS.
9 UPON CONFIRMATION OF PRODUCT, BUYER PLACES AN INSTRUMENT FOR FULL VALUE OF CARGO VIA AN IRREVOCABLE,TRANSFERABLE,DIVISIBLE,ASSIGNABLE AND CALLABLE BANK GUARANTEE IN THE FORM OF AN SBLC/BG/ MT 103 TO SELLER’S NOMINATED BANK.
10 BUYER PLACES CHARTER ON THE VESSEL
11 SELLER PREPARE ORIGINAL CARGO/SHIPPING DOCUMENTS IN BUYER’S NAME ARE HANDED OVER TO BUYER’S BANK, PAYMENTIS MADE TO SELLLER’S BANK AND ALL THE AGENTS..
12 VESSEL SAILS TO BUYER’S DESTINATION.
13 PROCESS IS REPEATED ON EACH CARGO THEREAFTER FOR FULL DURATION OF THE CONTRACT.



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