A.....TRANSACTION PROCEDURE OF AGO ON TANK FARM DELIVERY BASIS. N182/2

1. SELLER ISSUES HIS CONTRACT TO BUYER. BUYER SIGNS AND RETURNS WITH A VALID TANKFARM DETAILS WHICH INCLUDE: THROUGH-PUT AGREEMENT, NOR/ETA.
2. BUYER’S BANK PRE-ADVICE SELLER’S BANK, HIS WILLINGNESS TO PLACE BG FOR TOTAL CARGO, UPON REPLY OF SELLER’S WILLINGNESS TO PLACE 1% PB.
3. SELLER RESPONDS VIA PRE-ADVICE WILLINGNESS TO PLACE 1% PB.
4. BUYER PLACE BG FOR TOTAL CARGO, AND SELLER PLACE 1% PB.
5. SELLER INSTRUCT HIS CAPTAIN TO ISSUE MNOR/ETA AND MOVE TO BUYER’S JETTY.
6. SELLER BOARD BUYER’S INSPECTOR TO CONDUCT Q&Q.
7. UPON SUCCESSFUL Q&Q, BUYER MAKES FULL PAYMENT.
8. SELLER DISCHARGE PRODUCT INTO BUYER’S STORAGE, AND GIVE DOCUMENTS TO BUYER.


B.... PROCEDURE.....N185/2

1.Buyer/seller sign spa and return with NOR format and Throughput agreement with Tank farm.
2.Buyer’s bank issues a preadvise stating that upon receipt of 1% Performance Bond from Seller’s bank, he will issue block funds of N200Million into seller’s account.
3.Seller’s bank confirms the preadvise and issues 1% Performance Bond to Buyer’s bank. Buyer’s bank upon receipt and confirmation of Performance Bond issues the block fund of N200Million into seller’s account.
4.Seller confirms the block fund and within 24 hours issue NOR to Buyer’s tank farm.
5.Tank farm Manager acknowledges the NOR and vessel sails to the tank farm.
6.Upon arrival at the jetty, Inspector boards to collect sample for Q&Q, and the block funds clears into the seller’s account.
7.Upon successful Q&Q, Buyer pays 50% of the total cargo less block funds of N200Million into seller’s account and discharge starts. After discharge, the balance of 50% drops into seller’s account and all agents are paid.
8.Seller confirms full payment and hands over original documents to buyer and business closes.


C....TRANSACTION PROCEDURE N185/2

1) SELLER AND BUYER SIGN AND SEAL THIS CONTRACT INCLUDES BANKING COORDINATES AND EXCHANGE THE SIGNED COPIES BY ELECTRONIC MAIL. THE ELECTRONIC SIGNED COPIES BY BOTH ARE CONSIDERED LEGALLY ENFORCEABLE AND CAN NOT BE CHANGED.
2) BUYER RETURN SIGNED CONTRACT WITH TANK FARM THRUPUT AGREEMENT, NOR FORMAT, BUYER'S BANK ISSUE LETTER OF UNDERTAKEN TO SELLER BANK, STATE UPON RECEIVE AND CONFIRMATION OF NOR/ETA BUYER BANK WILL BLOCK HUNDRED MILLION NAIRA (N100M) IN SELLER`S ACCOUNT FOR LOGISTICS.
3. SELLER INSTRUCT CAPTAIN TO ISSUE NOR/ETA, TANK FARM MANAGER ACKNOWLEDGE NOR, BUYER'S BANK BLOCK HUNDRED MILLION NAIRA FOR LOGISTICS (N100M) LOASED VESSEL SAIL TO BUYER'S TANK FARM FOR DELIVERY.
6) UPON ARRIVAL, SELLER INVITE BUYER'S INSPECTOR TEAM TO CONDUCT Q&Q, UPON SUCCESSFUL Q&Q REPORT, HUNDRED MILLION NAIRA BECOME CASHABLE FOR LOGISTICS, BUYER PLACE MT103 FOR THE TOTAL CARGO, VESSEL DISCHARGE, BUYER PAY WITHIN 72 HOURS, PAY ALL FACILITATORS AND AGENTS ON THE SPA. SELLER HAND OVER CARCARGO DOCUMENTS TO BUYER.


D......PROCEDURE......N178/2

1. SELLER AND BUYER SIGNS SPA
2. BUYER RETURN SIGNED SPA WITH VALID INFORMATION OF THE TANK FARM DETAILS THRUPUT AGREEMENT.
3. BUYER’S BANK SENDS PREADVICE TO SELLER’S FIDUCIARY BANK STATING THEIR READINESS TO ISSUE BG AND SELLER’S FIDUCIARY BANK RESPONDS WITH PREADVICE STATING THEIR READINESS TO RECEIVE BG AND ISSUE 2% PERFORMANCE BOND.
4. BUYER’S BANK ISSUE CONFIRMABLE, TRANSFERABLE, DIVISIBLE, CALLABLE AND CASHED BACK BANK GUARANTEE AND SELLER’S FIDUCIARY BANK CONFIRMS AND ISSUE 2% PB AND HARD COPY FOLLOWS.
5. SELLER SENDS MNOR TO THE TANK FARM.
6. BUYER'S TANK FARM MANAGER ACKNOWLEDGED NOR.
7. SELLER MOVES VESSEL TO THE TANK FARM FOR Q&Q ANALYSIS.
8. UPON SUCCESSFUL Q & Q, BUYER RELEASES THE SUM OF N100,000,000 AS LOGISTICS AND VEVESSEL DISCHARGES INTO THE TANKFARM.
9. BUYER EFFECTS PAYMENT INTO ALL THE NOMINATED ACCOUNTS LESS N100,000,000.
10. CARGO DOCUMENTS ARE RELEASED TO THE BUYER.


DIRECT TO SELLER......
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