PROCEDURE FOR TTO.
1. Buyer and sellers agent finalize contract terms
. 2. Seller issues draft contract with commercial invoice to Buyer,Buyer Signs And returns to Seller for final endorsement
. 3. Sellers bank Contact Buyers Bank To Confirm Sellers Funds.Seller Will Then pre-advices buyers bank with Performance guarantee and buyers bank responds stating stating instrument availability for performance guarantee to be issued.(Bank to Bank communication before pre-advice).
4. Seller issues 5% performance guarantee and buyer issues banking instrument of one million usd to cover logistics cost.
5. Seller nominates and loads vessel for bunkering to 10-12 Nautical miles off Tema Ghana waters.Seller instruct vessel captain to issues ETA.
6. Buyer issues clearance to vessel into 10-12NM Tema Ghana waters for boarding and QnQ analysis.
7. Seller instructs vessel captain to issue ATB to buyers supercargo and inspectors to conduct QnQ analysis.
8. After successful QnQ,buyers logistics BG crystallizes into cash for documentation and Title transfer. buyer issues full instrument to seller for total cargo less 1/one million usd BG.
9. Seller re-assigns cargo documents in buyers name and introduces buyer to vessel handlers for charter
. 10. Buyer recharters vessels and instructs bank to make final payment to seller and agents.